Global MDF Market to Reach $96.5 Bn, Globally, by 2031 at 6.0% CAGR: Allied Market Research

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Dec 02, 2022, 11:31 ET

PORTLAND, Ore., Dec. 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Medium Density Fiberboard (MDF) Market by Product type (Standard MDF, Moisture_Resistant MDF, Fire-Resistant MDF), by Application (Cabinet, Flooring, Furniture, Molding, Door, and Millwork, Packaging System, Others), by End-User (Residential, Commercial, Institutional): Global Opportunity Analysis and Industry Forecast, 2021- 2031." According to the report, the global MDF industry was estimated at $53.9 billion in 2021, and is anticipated to hit $96.5 billion by 2031, registering a CAGR of 6.0% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.

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Determinants of growth-

Rise in global population, increasing urbanization, and surge in tourism across the world have significantly increased the demand for residential and non-residential buildings, which in turn has fueled the use of medium density fiberboard (MDF), as it is majorly used in flooring, door and windows, and in interior designing of buildings. These factors drive the growth of the global MDF market. Moreover, rising standards of living and increasing expenditure on home remodeling projects, especially in high income countries have supplemented the market growth even more.

Covid-19 scenario-

The lockdown measures across the world and significant delay in the production and manufacturing of MDF products which are utilized in commercial and residential spaces impacted the global MDF market negatively, especially during the initial period.
However, the market has now got back on track.

The standard MDF segment to rule the roost-

By product type, the standard MDF segment aaccounted for the highest share in 2021, contributing to nearly four-fifths of the global MDF market revenue. This is because standard MDF is vastly available in the market, as it is used in many kinds of application such as furniture, cabinets, doors and windows, and others. In addition, it is relatively inexpensive, and better than the plywood when it comes to cracking and bending; thereby, making it a superior to the ordinary hardwood. The fire-resistant MDF segment, simultaneously, would cite the fastest CAGR of 7.8% during the forecast period. This is attributed to the fact that typically building regulation codes in many countries, requires several places and spaces such as stairwell, emergency assembly area in a building, generator rooms, and other egresses to be fire resistant.

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The furniture segment to maintain the highest share-

By application, the furniture segment held more than half of the global MDF market share in 2021, and is expected to dominate by 2031. MDF is a popular choice of material to build furniture owing to its elegance, customizability, easy workability, and relative inexpensiveness as compared to solid wood. The cabinet segment, however, would portray the fastest CAGR of 9.3% by 2031. This is due to the fact that cabinets are widely used in kitchens, washrooms, bedrooms, and offices for storing items such as medicines, toiletries, utensils, stationary, and other similar daily use items. In addition, it is also used in retail stores and showrooms to show off items that are to be sold.

The residential segment garnered the major share in 2021-

By end-user, the residential segment garnered more than two-fifths of the global MDF market share in 2021, and is projected to maintain the lion's share by 2031. The commercial segment, on the other hand, would showcase the fastest CAGR of 7.0% from 2022 to 2031, due to rise in the number of commercial buildings across the world. For instance, according to the UN, as of 2018, around 55% of the world population lived in the cities and around 68% of the total world population, is estimated to live in urban areas by 2050.

Asia-Pacific grabbed the lion's share-

By region, the Asia-Pacific region garnered the major share in 2021, accounting for nearly three-fourths of the global MDF market revenue. The same region is also expected to portray the fastest CAGR of 6.5% during the forecast period. This is attributed to the large population and the growing disposable income of people across the region.
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Key players in the industry-

Century Plyboards (India) Limited (Century Prowud)
Dare Panel Group Co., Ltd.
West Fraser Timber Co. Ltd.
Arauco and Constitution Pulp Inc.
Egger Holzwerkstoffe GmbH
Greenpanel Industries Limited
Kastamonu Entegre
Korosten MDF manufacture
Kronospan Limited
Uniboard Canada Inc.

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