Wood-based Panel Market Size

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Wood-based Panel Market Analysis, Regional Outlook,
Competitive Strategies and Forecast to 2025 | Hexa Research
“Global wood-based panel market is projected to
witness tremendous growth, driven primarily by surge
in new commercial and residential constructions in
developed as well as developing countries.”
The Global Wood-Based Panel Market is projected to witness tremendous growth over the forecast period,
driven primarily by surge in new commercial and residential constructions in developed as well as developing
countries.
Repair and renovation activities across the world have also had a positive impact on the market. Stringent
rules and regulations implemented on deforestation activities has encouraged the need for efficient timber
utilization, which in turn, is driving demand for wood-based panels.
These panels are of various types; they can be particle board, plywood (softwood and hardwood), fiberboard
(MDF and hardboard), laminated veneer lumber (LVL), oriented strand board (OSB), block board, wafer
board, and other composite structural panels.
Asia Pacific is a prominent market, primarily owing to rapid industrialization and increasing infrastructural
activities in the region. Demand is also triggered by need for structural panels in the construction industry.
The region is projected to exhibit a strong CAGR during the forecast period on account of increasing
construction and infrastructural activities in countries such as China, India, and South Korea. Thailand,
Malaysia, and Indonesia, among others, are observing rapid growth in demand for Medium Density
Fiberboard (MDF) and particleboard panels, which can be attributed to increasing demand for high-quality
furniture.
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Countries such as U.S., Netherlands, Germany, and South Korea have been leading importers of wood -based
panels, accounting for around half the global imports. China and Indonesia, on the other hand, were leading
exporters of these products.
Increasing application in the manufacture of sidings, flooring and decking, and windows and doors in the
construction sector is expected to impact market growth. Moreover, rising demand for furniture su ch as
cabinets, shelves, cupboards, and desks is anticipated to drive this market. Wood-based panels are also used
in the packaging industry for the manufacture of boxes, crates, and containers used in shipping and logistics.
Countries with maximum production and consumption are China and U.S. Demand in European countries is
also projected to increase on account of favorable government policies. The European Commission has
invested significant amounts in R&D activities to come up with processes that can eas e production of woodbased panels. Manufacturing companies in Europe are opting for vertical integrations to establish control
over their value chain.
Eastern Europe is projected to exhibit a high CAGR on account of rising production facilities in Russia a nd
Turkey. Russia is expected to overtake Germany to become the largest particleboard market in Europe.
The European market has shown tremendous profitability on account of increased consumption in
application sectors such as construction, furniture, and packaging. However, rising cost of inputs such as
wood, resins, adhesives, and timber will have an adverse impact on panel makers across the region as it
reduces their profit margins to a great extent.
Stringent disposal regulations and increasing raw material prices are expected to be the major restraining
factors for the global wood-based panel market. According to EU, plywood generates around 300 kilo tons of
waste, which is disposed into landfills every year. Plywood contains toxic resins and adhesives, which can
seep through the soil and damage the environment. Therefore, the EU aims at reducing production of
plywood and increasing production of other wood-based panels such as OSB and MDF.
Major product manufacturers across the world include Kronospan Worldwide, Weyerhaeuser, Georgia Pacific,
Sierra Pacific, West Fraser Timber Company Limited, Canfor, Tolco Industries Limited, Hampton Affiliates,
Resolute Forest Products, Interfor, Timber Products Company, Shanghai Jechen Group Company,
Schweighofer, Stora Enso, Arauco, Sodra Timber, Klausner-Group, Pheifer Gruppe, Idaho Forest Group, AnteHalz gmbH, Rettenmeier Group, Klenk Holz AG, and Linyi Guangsha Wood Industry Company Limited.
Noranda Forest Inc. (Canada), which is engaged in the production of OSB, entered into joint ventures and
acquisitions to increase its production capacity, product portfolio, and expand into emerging markets.
Mergers are also a key expansion tactic, mainly to increase market share and gain access to up and coming
markets. For instance, Kronospan Ltd. (Austria) acquired Clarion Boards Inc. (U.S.), which manufactures MDF,
high-density fiberboard, and laminated veneer lumber. This strategy was undertaken to enter the North
American market and supplement the company’s European facilities.
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The global wood-based panel market is projected to witness tremendous growth over the forecast period