According to a new report by Expert Market Research titled, “Global Plywood Market Price, Size, Share, Report and Forecast 2024-2032″, the global plywood market reached a value of nearly USD 47.41 billion in 2023. Aided by escalating construction activities and the expanding furniture sector, the market is projected to further grow at a CAGR of 5% between 2024 and 2032 to reach a value of around USD 63.5 billion by 2032.
Plywood, an engineered wood product, is crafted by bonding together multiple thin layers of wood veneers. Its versatile nature makes it indispensable in various applications like furniture, flooring, roofing, and wall panelling. The inherent strength of plywood, derived from the cross-graining pattern of its layers, provides resistance to splitting, cracking, and twisting, boosting its desirability in construction and furniture industries.
The plywood market trends suggest a noteworthy shift towards sustainable construction materials. In the contemporary era, environmental considerations are paramount, and plywood, being a renewable resource, stands tall as an eco-friendly alternative to plastic and metals. Additionally, advancements in plywood treatments to enhance resistance against termites, fungi, and fire have broadened its applicability, supporting the market growth.
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Furthermore, the rise in urbanisation, along with the expanding middle-class demographic, has ushered in a wave of infrastructure development and home renovations. This has boosted the plywood market demand, especially in burgeoning economies where there’s a nexus between economic growth and infrastructure advancements.
Moreover, innovations by key market players are accelerating the market development. The emergence of specialised plywood variants tailored to specific needs like marine plywood resistant to water or flexible plywood for intricate designs, signals the plywood market growth in terms of product diversity.
Additionally, improving technology supports the plywood segment, from production automation to digital supply chain management, setting new standards of efficiency and productivity. This technological infusion is poised to enhance product quality while optimising costs.
With its foundational role in the construction and furniture sectors and the growing technological advances and product innovations, the plywood market size is set to grow in the coming years. As urban landscapes continue to evolve, the demand for this versatile wood product is anticipated to remain robust, cementing its role in modern infrastructure and design.
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Market Segmentation
The market can be divided based on sector, end use, and region.
Market Breakup by Sector
• New Construction
• Replacement
Market Breakup by End Use
• Residential
• Commercial
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global plywood market. Some of the major players explored in the report by Expert Market Research are as follows:
• Georgia-Pacific LLC
• PotlatchDeltic Corporation
• Weyerhaeuser Company
• Boise Cascade
• UPM-Kymmene Corporation
• Sveza
• Others
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