The Global Market for Wood Panels is Projected to Reach 620 Million Cubic Meters by 2024

Growing Demand for High Performance & Affordable OSB and MDF Panels with Excellent Shear Strength to Drive the Wood Panels Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Wood Panels market. The global market for Wood Panels is projected to reach 620 million cubic meters by 2024, driven by growing demand for Oriented Strand Board (OSB) and Medium Density Fiberboard (MDF) supported by their superiority over plywood and other substitutes, and positive outlook for new construction and renovation activity globally.

Wood panels represent a conventional material used in the construction and furniture sectors. New housing construction along with activities related to repair and remodeling are the primary drivers of the wood panels demand globally. Superior attributes of Oriented Strand Board (OSB) and Medium Density Fiberboard (MDF) over plywood, laminate, luxury vinyl, etc., that are driving strong market adoption in home improvement and interior design applications include moisture resistance, superior performance and quality, versatility, consistency, affordability, excellent shear strength, longer lengths and sustainability. Innovations such as high-performance, flame-retardant and formaldehyde free MDFs are also contributing to faster growth in demand for the segment. Mega growth drivers favoring demand for wood panels include demographic evolution in emerging countries; urbanization growing at the rate of over 65 million per year; and growing global concern towards sustainable development and promotion of green products.

Future growth in the market will be driven by the growing prominence of Wooden ‘Plyscrapers’, which are wooden skyscrapers where cross-laminated timber (CLT) panels are sliced to desirable dimensions in factories, enabling construction within hours and environmental benefits in terms of significant reduction in carbon emissions caused by steel and concrete. Cross-laminated timber (CLT) panels are up to 6 meter wide and 20 inch thick, enabling constructors to use them whole to create entire floors, walls or a part of the roof. Market is also expected to benefit further from numerous researches underway to improve the various aspects of the forest products industry starting from raising sustainable forests for raw materials and using recovered wood for wooden products; to developing innovative bio-based treatments to improve wood’s durability. Growth spurt in commercial real-estate sector coupled with rising expenditure on home upgrades/renovation is revitalizing the global housing industry and in turn invigorating the demand for wood panels. Other important factors fueling demand include the recovery of the global construction industry, and growing number of residential apartments in developing countries that are redefining the urban landscapes.

As stated by the new market research report on Wood Panels, Asia-Pacific represents the largest and the fastest growing market worldwide with a projected CAGR of 7.2% over the analysis period. Strengthening residential construction activity, focus on infrastructure improvement projects, burgeoning economies such as China and India transitioning from primarily rural-based societies to modernized urban-based global economies, growing need for improved accommodation, exponential increase in urbanization, improving disposable income levels, expanding middle class and their changing attitude towards interior and exterior design and decoration represent primary growth drivers in the region.

Key players in the market include Boise Cascade Company, Caledonian Plywood Company Ltd., Canfor Corporation, Duratex SA, FRITZ EGGER GmbH & Co. OG, Fletcher Building Limited, Gascogne SA, Georgia-Pacific LLC, Kastamonu Entegre Agaç Sanayi ve Ticaret A.S., Kronospan Limited, Mohawk Industries, Inc., Norbord Inc., Ainsworth Lumber Co. Ltd., Pfleiderer Group Spólka Akcyjna, PotlatchDeltic Corporation, Rougier S.A., Svenska Cellulosa Aktiebolaget, Sonae Indústria, S.G.P.S., S.A., Tolko Industries Ltd., UPM-Kymmene Oyj, West Fraser Timber Co. Ltd., and Weyerhaeuser NR Company, among others.

The research report titled “Wood Panels: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in terms of volume for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America) and Rest of World. Product markets analyzed in the report include Plywood, Particleboard (including Oriented Strand Board), Medium Density Fiberboard, and Other Wood Panels.

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