With the emergence and long-term Impact of COVID-19, the Global Wood-based Panel Market is to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Wood-based Panel Market is poised to raise up to USD XX Billion by 2030. Wood-based panels are engineered wood products made from wood fibers, particles, or veneers that are bonded together with adhesives under heat and pressure. These panels are versatile and widely used in construction and furniture manufacturing due to their various advantages, such as cost-effectiveness, structural stability, and the ability to utilize wood resources efficiently. Some common types of wood-based panels include plywood, particleboard, medium-density fiberboard (MDF), and oriented strand board (OSB).
Moreover, growing furniture manufacturing, rise in building construction and surge in the focus on affordable homes are anticipated to create lucrative demand for the market growth during forecast period 2023-2030. Additionally, the expansion of construction activities plays a pivotal role in supporting the growth of the wood-based panel market. Growing construction activities lead to a surge in demand for various building materials, including wood-based panels. These panels are commonly used in construction for applications such as flooring, roofing, walls, and structural components.
According to Statista, in 2016 the value of construction work done by Hochtief a global provider of construction-related services was USD 25.82 billion and in 2021 the number reached USD 23.15 billion. As a result, rising construction activities is anticipated to create the lucrative demand for the market during forecast period 2023-2030. Moreover, the rise in home remodeling market, and growing urbanization is anticipated to create the lucrative opportunity for the market. However, the fluctuation prices of raw materials, and increase in threat of substitutes stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Wood-based Panel Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to the growing construction and real estate development, increasing awareness of environmental sustainability, growing renovation and remodeling activities, and presence of key market players. Whereas, the Asia Pacific region is expected to grow with the fastest growth rate during the forecast period, owing to factors such as the increasing demand in furniture manufacturing, growing infrastructure development, increasing popularity of engineered wood products, and growing rapid urbanization and construction boom.
The global Wood-based Panel Market is highly competitive owing to the presence of several key manufacturers such as Dare Panel Group Co., Ltd., Sonae Arauco, Evergreen Fibreboard Berhad, Egger Holzwerkstoffe GmbH, Louisiana-Pacific Corporation, Weyerhaeuser Company, and others.
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Key findings of the study suggest:
- Global Wood-based Panel Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the product type segment, plywood emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to growing construction and real estate development.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Product Type:
- Particleboards
- Plywood
- Oriented Strand Board
- Medium Density Fiberboard
- Others
By Application:
- Construction
- Furniture
- Packaging
- Others
By End User:
- Residential
- Non-residential
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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