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Plywood Global Market To Grow At Rate Of 10% Through 2026

The Marine Plywood Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Marine Plywood Market:

https://www.thebusinessresearchcompany.com/report/marine-plywood-global-market-report

According to The Business Research Company’s Marine Plywood Global Market Report 2024, The marine plywood market size has grown strongly in recent years. It will grow from $11.82 billion in 2023 to $13 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to shipbuilding industry growth, marine infrastructure development, waterfront property construction, marine safety regulations, recreational boating, architectural applications.

The marine plywood market size is expected to see rapid growth in the next few years. It will grow to $19.46 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to demand for renewable energy, demand for tourism, rising demand for luxury yachts, climate resilience, global shipping and trade. Major trends in the forecast period include eco-friendly materials, innovative plywood technologies, coastal protection, digital transformation, innovative bonding agents.

The growing popularity of high-speed and luxurious recreational boats is the key factor driving the growth of the marine plywood market. The marine tourism sector has grown globally. With anticipated global growth rates of more than 3.5%, coastal and marine tourism is projected to be the largest value-adding segment of the ocean economy by 2030, at 26%. The demand in applications such as stringers, floor, transom and boat cabinetry, walls, and seating has also increased. All these factors combined are expected to drive the marine plywood market significantly.

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The marine plywood market covered in this report is segmented –

1) By Application: Marine Applications, Non-Marine Applications

2) By Marine Applications: Deck, Dock, Boat, Other Marine Applications

The advancement of marine plywood in rooftops and doors is the key trend being followed by companies in the marine plywood market. Marine plywood performs well in humid and wet conditions which can often result in increasing the durability as well as the structural strength of any construction. This is why the presence of marine plywood in building rooftops and doors in residential spaces is continuously increasing. Marine plywood is characterized by improved structural strength, lightweight nature, enhanced durability, and excellent resistance to warping, bending, and delamination. It is an excellent material to perform amidst humid and wet conditions. It is not treated with chemicals and is composed of several faces and core veneers that further aid in minimizing the gaps between the sheets. As a result, it is commonly utilized for building boats and ships. Apart from this, it can also be employed in the production of outdoor furniture in coastal regions and multiple residential and commercial applications.

The marine plywood market report table of contents includes: