Plywood is a type of wood panel manufactured from thin sheets of wood veneer. It is used as a beat substitute to the wood boards due to its durability to shrinkage, cracking and twisting. Different plywood types are available in the market, designed with low toxicity, enhanced durability, aesthetics and environmental sustainability. Due to these properties plywood’s are used in construction and flooring applications for enhanced mechanical strength. It also provides enhanced insulation properties to the final product and is mostly weather and waterproof. According to the Renub Research report, the Global Plywood Market is projected to reach US$ 64.4 Billion by 2027.
Regional Analysis of Plywood Market
The United States, Japan, France, Germany and the United Kingdom are among the leading importers of plywood worldwide. India and China are significant plywood producers because of their forest wealth, a variety of deciduous, coniferous, tropical and evergreen trees, which is an essential resource for the wood panel industry. As per our research findings, Worldwide Plywood Market was US$ 55.2 Billion in 2020.
Factors Driving the Plywood Industry
• Globally, the rising demand for office spaces has propelled the market of plywood in the construction sector, like light partition or external walls.
• Skyscrapers' rapid growth in cities fuels the demand for furniture, particularly in cupboards, kitchen cabinets, and light doors and shuttles.
• In the marine sector, plywood’s are used in the construction of the decks.
• Growth in urbanization is increasing demand for easy to install and ready-made furniture since urban consumers prefer to buy durable, lightweight furniture, thus driving the plywood industry.
Besides this, the leading companies' technological advancements have reduced manufacturing costs and increased profitability and enhanced plywood products' quality. In 2016, manufacturers' go-green strategy acted as another significant factor that has bolstered the market's growth. In contrast to this, Boise Cascade Company announced an agreement to acquire American Lumber Distributors and Brokers, Inc. in 2019. Our report has covered companies such as Boise Cascade Company, Century Plyboard(India) Ltd, Greenply Industries, Georgia Pacific LLC, Weyerhaeuser. As per this market research report, Global Plywood Industry is expected to grow with a CAGR of 2.23% from 2020 to 2027.
Renub Research new report titled "Global Plywood Market & Volume" By Consuming Country (China, Japan, France, Germany, Italy, Spain, United Kingdom, United States of America, India, Mexico, Rest of World), Producing Country (China, Japan, France, Poland, Spain, United States of America, India, Indonesia, Malaysia, Brazil, Rest of World), Importing Country (Japan, Republic of Korea, France, Germany, Netherlands, Poland, United Kingdom, United States of America, Malaysia, Mexico, Rest of World), Exporting Country(China, France, Germany, Italy, Poland, Spain, United States of America, Indonesia, Malaysia, Brazil, Rest of World), Company Analysis (Boise Cascade Company, Century Ply board(India) Ltd., Greenply Industries, Georgia Pacific LLC, Weyerhaeuser) provides current trends of Worldwide Plywood Industry.
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