Increasing Investments and Initiatives Towards Construction Activities drive the Demand for Wood Based Panel Market

A wood-based panel is a term which is normally used for a variety of different board products. These panels are mainly used in packaging, shipping and construction. Wood-based panels' high strength and impact resistance make them perfect packaging material, mainly for long-distance transportation. Therefore, the global wood based panel market is estimated to increase rapidly in the near future.

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Data Bridge Market Research analyses that the wood based panel market is expected to reach USD 165,867.40 million by 2029 from USD 127,356.49 million in 2021, growing at a CAGR of 3.5% in the forecast period of 2022 to 2029. The high adoption of sustainable and ecofriendly panel is projected to propel the growth of the wood-based panel market because these panels use renewable and biodegradable resources and do not pollute the environment. 

Growing investments and initiatives toward construction activities for both commercial and residential are expected to drive the market's growth rate

The construction industry has become an efficient and robust manufacturing sector globally. Across the countries, growing demand for real estate and construction projects are driven by macro-economic and disruptive megatrends, such as expanding trade, growing urbanization, demographic trends such as increasing income levels, and developing technology and sustainable environments. Along with this, several projects have been started to create socially inclusive, sustainable communities because the economic growth of any country is mainly dependent on the growth of its infrastructure.

Report Scope and Market Segmentation

Segment Analysis:

The wood based panel market is segmented on the basis of product, thickness, distribution channel, application and end-user.

• On the basis of product, the global wood based panels market is segmented plywood, fiberboard, cement-bonded particleboard, oriented strand board, lumber panels, t-beam panels, stress-skin panels and others.

In 2022, the plywood segment of product segment is anticipated to dominate the wood based panel market

Plywood segment is expected to dominate the global wood based panels market with 23.16% market share. The excellent properties of plywood such as high durability, strength and moisture, chemical and fire resistance are anticipated to drive the wood-based panel market's growth.

• On the basis of distribution channel, the global wood based panels market is segmented into e-commerce, OEMs, b2b, specialty stores and others. In 2022, the b2b segment is expected to dominate the global wood based panels market with 35.91% market share
• On the basis of thickness, the global wood based panels market is segmented into 9 MM, 10 MM, 18 MM, 20 MM, 40 MM, 50 MM, and others. In 2022, the 18 MM segment is expected to dominate the global wood based panels market with 29.20% market share
• On the basis of applications, the global wood based panels market is segmented into outdoor door, window trim, ceiling wall, mantel, floor, and others.

In 2022, the floor segment is projected to hold the largest share of application segment in the wood based panel market

The floor segment is expected to dominate the global wood based panels market with 31.75% market share because wood panel is highly resistant and durable to every day wear and tear. Wood panel based floor holds warmth much better than any other man-made laminates, stone or tiles floors. The wood panel based floors are very comfortable, specifically in colder months of the year.

• On the basis of end-users, the global wood based panels market is segmented into residential building, commercial building, hotels, villa, hospitals, school, malls, and others. In 2022, residential building segment is expected to dominate the global wood based panels market with 22.97% market share because wood panel is eco-friendly, easy to install and energy efficient. Wood panel makes room more comfortable both by reflecting radiant heat from wood fires and insulating the room from the stone.

Major Players

Data Bridge Market Research recognizes the following companies as the major wood based panel market players in wood based panel 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 (U.S.).

Market Development

• In November 2020, Green River Holding Co., Ltd. collaborated  with Regional Comprehensive Economic Partnership Agreement (RCEP) along with other ten ASEAN countries to manufacture  a wood panel furniture base across the market
• In May 2021, ARAUCO and Valmet signed an agreement to construct Arauco Mill Line 3 in Chile, the world's most autonomous pulp mill. Valmet's Industrial Internet Solutions (VII Solutions), including Mill Wide Optimization apps which had advanced monitoring and prediction applications and expert services to increase the mill's overall profitability and efficiency
• In July 2021, Bois (Groupe ISB), an Innovation Solutions, entered into a sales partnership with Metsä Group in France on 1st July to increase the timber range for the construction industry. This will aided the companies to increase their production of planed-goods in the coming timeframe
• In November 2020, West Fraser acquired Norbord created a Diversified Global Wood Products Leader. This acquisition has augmented the credibility of company in the market and thus will support the company to diversify its business.

Regional Analysis

Geographically, the countries covered in the wood based panel market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America..

As per Data Bridge Market Research analysis:

North America is the dominant region in wood based panel market during the forecast period 2022 - 2029

North America dominates the wood based panel market due to growing furniture industry in this region. Moreover, increasing R&D activities by regional market players to develop high-performance and cost-effective wood based panels are estimated to boost growth of the market in this region.

Asia-Pacific is estimated to be the fastest growing region in wood based panel market the forecast period 2022 - 2029

Asia-Pacific is expected to grow during the forecast period of 2022-2029 due to increasing consumer spending on wood-based panels to renovate homes and furniture. Furthermore, growing initiatives and investments towards residential and commercial construction activities propel the demand for wood-based panels in this region.

COVID-19 Impact Analysis

The outbreak of COVID-19 has impacted several manufacturing industries as it led to the disruption of supply chains, closure of workplaces and restrictions on transportation. The wood based panel has experienced a substantial impact on the export and import of wood panels in last few years.

However, the growth of the market is attributed to many people working from home. This has led to the augmented demand for the furnishing. The major market players are taking several strategic decisions to bounce back post-COVID-19. The market players are conducting several R&D activities to increase their offerings. They are improving its market share by expanding their business into new regions and exploring different retail channels.

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