Global Wood-Based Panels Market Surges to $165.2 Billion in 2022, Driven by Construction and Furniture Sectors

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Sep 11, 2023, 19:30 ET

DUBLIN, Sept. 11, 2023 /PRNewswire/ -- The "Wood Based Panels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global wood-based panels market has witnessed significant growth, reaching US$ 165.2 billion in 2022, with further expansion projected. By 2028, the market is expected to soar to US$ 236.8 billion, showcasing a robust compound annual growth rate (CAGR) of 6% during the forecast period from 2023 to 2028.

Wood-based panels, including particleboard, medium-density fiberboard (MDF), high-density fiberboard (HDF), plywood, softboard, hardboard, and oriented strand board (OSB), are made from various wood materials such as chips, strips, veneers, strands, or fibers.

These panels offer cost-efficiency and durability, making them indispensable in the construction, packaging, and shipping industries globally. Their moisture and temperature resistance, along with enhanced shape stability compared to solid wood furniture, have fueled their demand.

Market Trends and Growth Drivers:

Several key trends and growth drivers are shaping the wood-based panels market:

Structural Applications: Wood-based panels are increasingly used to enhance structural durability in roofs, floors, walls, beams, doors, and staircases, driving market growth.
Oriented Strand Board (OSB) Demand: OSB, known for its cost-effectiveness in home construction, is witnessing rising demand, further boosting the market.
Infrastructure Development: Government investments in infrastructure development, including residential and commercial sectors, coupled with a thriving construction industry, are driving market expansion.
Aesthetic Furniture Demand: Growing consumer preference for aesthetically appealing furniture has opened lucrative opportunities for industry investors.
Research and Development (R&D): Key market players are focusing on R&D to innovate production processes, expand capacities, and cater to the increasing consumer demand for wood-based panels.
Mechanical Innovation: Mechanical advancements in fixing, assembling, and remodeling activities involving wood-based panels are supporting market growth.
Urbanization and Population Growth: Rapid urbanization, a growing global population, and rising income levels are driving demand for wood-based panels.

Market Segmentation:

The report offers a comprehensive analysis of the global wood-based panels market, including segmentation by product type, distribution channel, application, and region.

Product Types:

Medium Density Fiberboard (MDF)/High Density Fiberboard (HDF)
Oriented Strand Board (OSB)
Particleboard
Softboard and Hardboard
Plywood
Others

Distribution Channels:

Direct Sales
Online Stores
Specialty Stores
Others

Applications:

Furniture
Construction
Packaging
Others

Regional Insights:

The report provides regional insights for key markets, including:

North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

Competitive Landscape:

The competitive landscape of the wood-based panels industry has been analyzed, featuring profiles of key players. Leading companies in the market 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.

Key Questions Addressed:

What was the global wood-based panels market size in 2022?
What is the projected growth rate for the market from 2023 to 2028?
What factors are driving the growth of the global wood-based panels market?
What impact has COVID-19 had on the market?
How is the market segmented by product type and application?
Which regions are key contributors to the wood-based panels market?
Who are the prominent players in the industry?

For more information about this report visit https://www.researchandmarkets.com/r/d6yhge

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