The global wood based panels market size reached a value of US$ 155.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 225.1 Billion by 2027, exhibiting a CAGR of 6.15% during 2022-2027.
Wood based panels are manufactured from strips, chips, veneers and strands. They consist of particleboard, medium density fireboard (MDF), high-density fiberboard (HDF), softboard, plywood, hardboard and oriented strand board (OSB). Wood-based panels are widely used in the packaging, construction and shipping industries as they are economical due to the use of surface veneering technology of particleboard and moderate density fireboard in their manufacturing. These panels also exhibit temperature and moisture resistance along with enhanced shape stability s compared to solid wood furniture.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Important Attribute and highlights of the Report:
Wood Based Panels Market Trends and Drivers:
One of the key factors driving the market is the rising usage of wood-based panels to provide high structural durability to walls, roofs, floors, staircases and beams. Besides this, the rising demand for oriented strand board (OSB) due to its cost-effective solution for home construction, is also contributing to the market growth.
The rapid growth of the construction industry activities and the extensive investments by the governments of various nations in the infrastructural development has escalated the demand for wood based panels. Moreover, with the improving living standards, individuals are opting for aesthetically appealing furniture. This, along with the extensive research and development activities by the key players, is bolstering the growth of the market.
Additionally, the expanding production in redesigning exercises, assembling, and fixing of wood based panels is also creating a positive market outlook. Some of the other factors resulting in the exponential market growth are rapid urbanization, the growing population and the inflating incomes of individuals.
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Global Wood Based Panels Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key players include:
Binderholz GmbH, Dongwha Enterprise, EGGER Group, Evergreen Fibreboard Berhad, Georgia-Pacific LLC (Koch Industries Inc.), Green River Holding Co. Ltd., Kastamonu Entegre, Louisiana-Pacific Corporation, Sonae Arauco, Starbank Panel Products Ltd., West Fraser Timber Co. Ltd. and Weyerhaeuser Company.
The report has segmented the market on the basis of region, product type, distribution channel and application.
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Key highlights of the report:
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