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Plywood Market Size
Plywood Market size was valued at around USD 57.12 billion in 2023 and is estimated to register at a CAGR of over 6.4% from 2024 to 2032. Plywood is widely used for structural framing, flooring, roofing, and wall sheathing in residential buildings. Plywood finds applications in commercial buildings, offices, schools, and other non-residential structures.
Plywood is a preferred material for cabinets, shelves, and storage units due to its stability and ease of finishing. Plywood is used to manufacture various types of furniture, from tables and chairs to beds and sofas.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 57.12 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 6.4% |
| 2032 Value Projection: | USD 100.1 Billion |
| Historical Data for: | 2018 to 2023 |
| No. of Pages: | 150 |
| Tables, Charts & Figures: | 191 |
| Segments covered: | Type, Grade, End Use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The plywood market relies on timber, and unsustainable logging practices can lead to deforestation and ecosystem disruption. Engineered wood products like oriented strand board (OSB) and medium-density fiberboard (MDF) compete with plywood in some applications. Market demand for plywood can be cyclical, influenced by factors such as economic conditions, housing starts, and consumer spending. Thus, the risks associated with plywood may drive down the acceptance rate, further hampering the business growth.
COVID-19 Impact
Construction projects were halted or delayed due to lockdowns and labor shortages, affecting the demand for plywood used in building and infrastructure. Reduced consumer spending on non-essential items led to decreased demand for plywood in furniture and interior applications. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to boost the market developmant.
Plywood Market Trends
Increased demand for sustainable and responsibly sourced plywood due to growing environmental awareness and regulations. Focus on reducing carbon footprint and promoting circular economy practices in the plywood production process. Growing interest in engineered wood products like plywood due to their consistent quality, versatility, and potential cost savings. Specialty plywood products developed for specific applications, such as marine-grade plywood for water-resistant properties.
Plywood Wood Market Analysis
The soft wood segment accounted for USD 32.5 billion in 2022. Softwood plywood is widely used in construction for structural framing, sheathing, and roofing due to its strength and availability. Softwood plywood is often more affordable compared to hardwood alternatives, making it suitable for large-scale projects. Thus, the growing prevalence is expected to expedite the plywood market growth.
The other grade segment acquired around 34% market share in 2022 and is likely to grow at a lucrative pace by 2032. Structural grade plywood is used when a smooth and high-quality finish is desired, making it suitable for visible surfaces in furniture and cabinetry.
The construction and building application held a dominant market share in 2022 and is set to grow at a 7.3 % CAGR through 2032. Plywood is used in construction for its strength and stability in structural applications like roofing, walls, floors, and formwork. Thus, the high-quality services and growing usage of plywood are estimated to expedite the plywood market growth.
U.S. dominated the North American region with majority market share and a revenue of USD 10.66 billion in 2022 and is anticipated to expand at a significant pace from 2023 to 2032. Population growth and urbanization drive the demand for residential construction, including single-family homes, apartments, and condominiums. Thus, the above-mentioned variables would augment the plywood business growth in the North America positively.
Plywood Market Share
Some of the major market players operating in the plywood market are
- Boise Cascade Company
- Georgia-Pacific LLC
- Weyerhaeuser Company
- UFP Industries, Inc.
- West Fraser Timber Co. Ltd.
- PotlatchDeltic Corporation
- Columbia Forest Products
- Roseburg Forest Products
- Louisiana-Pacific Corporation (LP)
- Martco LLC (RoyOMartin)
- Swanson Group
- Plyco Corporation
- Timber Products Company
- Jamestown Mills, Inc.
- Plywood Express
These participants focus on strategic partnerships, new product launch & commercialization for market expansion.
Plywood Industry News:
- In September 2022, Potlatch Deltic Corporation, a major integrated timber REIT was formed as a result of the previously disclosed merger between PotlatchDeltic Corporation and CatchMark Timber Trust, Inc. in an all-stock deal.
This plywood market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments:
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Market, By Wood Type
- Soft wood
- Hard wood
Market, By Grade
- Structural Grade
- MR Grade
- Fire Resistant Grade
- BWR Grade
- Others
Market, By Application
- Construction and Building
- Furniture
- Interior Decor
- Automotive
- Marine
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Egypt
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