Plywood Market Analysis

Plywood Wood Market Analysis

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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.