Wood-based panels, such as plywood, particleboard, and MDF (medium-density fiberboard), play a crucial role in the construction and furniture industries. These panels are engineered from wood fibers, chips, or veneers, providing a cost-effective and environmentally friendly alternative to solid wood. They offer enhanced structural stability, durability, and versatility in various applications, contributing significantly to the development of sustainable and efficient building materials. It helps to minimize waste by utilizing smaller or lower-grade wood pieces, making them essential for responsible and resource-efficient construction practices.
According to Data Bridge Market Research analyses the Global Wood Based Panel Market is growing with a CAGR of 3.6% from 2023 to 2030 and is expected to reach USD 1,71,637.90 million by 2030.
"Rise in renovation projects boosts the market growth"
The global wood-based panel market is driven by the rising popularity of renovation projects worldwide. Renovations emphasize sustainability, and wood-based panels, sourced responsibly, meet environmental concerns. Their aesthetic appeal, versatility, and adaptability make them a preferred choice for various applications in renovated spaces. Easy installation and ongoing innovation in product development contribute to their popularity. Furthermore, the cost-effectiveness of wood-based panels aligns with the budget considerations of homeowners and businesses engaged in renovation activities.
What restraints the growth of the global wood based panel market?
“Scarcity of lumber the market growth”
The scarcity of lumber serves as a significant constraint for the wood based panel market. With timber as a primary raw material, factors such as deforestation and over-harvesting limit wood availability, impacting panel production. The resulting increase in timber demand and reduced supply escalates raw material costs, imposing financial strain on the woodworking industry, thereby restraining profit margins and overall economic viability.
Segmentation: Global Wood Based Panel Market
The global wood based panel market is categorized based on product, thickness, distribution channel, application, and end-user.
- On the basis of product, the global wood based panel market is segmented into plywood, fiberboard, oriented strand board, cement-bonded particleboard, lumber panels, t-beam panels, stress-skin panels, and others
- On the basis of thickness, the global wood based panel market is segmented into 9 mm, 10 mm, 18 mm, 20 mm, 40 mm, 50 mm, and others
- On the basis of application, the global wood based panel market is segmented into outdoor door, window trim, ceiling wall, mantel, floor, and others
- On the basis of end-user, the global wood based panel market is segmented into residential building, commercial building, hotels, villa, hospitals, school, malls, and others
- On the basis of distribution channel, the global wood based panel market is segmented into B2B, OEMs, specialty stores, E-commerce and others
Regional Insights: Europe dominates the Global Wood Based Panel Market
In the Europe region, Germany dominates the market due to its effective import and export processes, fostering a balanced trade of wood panels among European countries. The nation's strategic position and efficient procedures contribute to its dominance and influence in the European wood panel industry.
In the North America region, U.S. dominates the market, propelled by heightened investments and initiatives in construction for both commercial and residential purposes. The nation's robust focus on infrastructure development solidifies its dominance in shaping the regional wood-based materials landscape.
In the Asia-Pacific region, China, is expected to dominate the global wood-based panel market due to increased consumer spending on panels for home renovations and furniture. China's market growth is notably attributed to technological advancements, enhancing production processes and product quality, making the region a key influencer in the global wood-based panel industry
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-wood-based-panel-market
Recent Developments in Global Wood Based Panel Market
- In December 2022, EGGER successfully secured a 60% stake in SAIB, an Italian wood-based materials manufacturer, significantly enhancing market access, bolstering production capacity, and diversifying the product portfolio. This strategic acquisition positions EGGER for substantial growth and synergies in the wood-based materials sector
- In May 2022, Weyerhaeuser Company (NYSE: WY) expanded its foothold by acquiring 80,800 acres of premium timberlands in North and South Carolina. This move bolstered Weyerhaeuser's total timberland ownership and management to over 900,000 acres in the Carolinas, complemented by the operation of four mills, a distribution center, and a tree nursery. The acquisition strengthens Weyerhaeuser's market presence and significantly boosts its production capacity
The Prominent Key Players Operating in the Global Wood Based Panel Market Include:
- EGGER Group (Austria)
- Boise Cascade (U.S.)
- West Fraser (Canada)
- Starbank Panel Products Ltd (U.K.)
- Dongwha Group (South Korea)
- Kronoplus Limited (U.K.)
- BinderHolz GmbH (Austria)
- DARE panel group co., ltd. (China)
- Georgia-Pacific (U.S.)
- ARAUCO (Chile)
- Canfor (Canada)
- Sonae Industria (Portugal)
- EVERGREEN FIBREBOARD BERHAD (Malaysia)
- Mieco Chipboard Berhad (Malaysia)
- Green River Holding Co., Ltd. (China)
- Kastamonu Entegre (Turkey)
- PFEIFER GROUP (Germany)
- Weyerhaeuser Company (U.S.)
- Timber Products (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global wood based panel market companies contact, https//www.databridgemarketresearch.com/contact
Research Methodology Global Wood Based Panel Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
