It will grow to $162.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.Market Growth Trajectory Through 2024-2033

The Plywood 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).

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According to The Business Research Company’s Plywood, The plywood market size has grown strongly in recent years. It will grow from $121.13 billion in 2023 to $128.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to emerging markets growth, a growth in world population, a growth in residential construction activity and the low interest rates.

The plywood market size is expected to see strong growth in the next few years. It will grow to $162.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to the government support, the rising renovation activities, the rising urbanization and an increasing demand for wooden furniture. Major trends in the forecast period include technological advancements, product innovations, use of biodegradable chemicals for wood preservation, development of termite-free and waterproof plywood, development of zero-emission plywood, development of fire-resistant plywood, new plant expansions and collaborations and acquisitions.

Increasing construction activities is expected to propel the growth of the plywood market going forward. Construction refers to an activity of putting together various elements to create a structure for a specific location, using a detailed design and plan. Plywood plays a crucial role in construction activities, offering structural support, versatility, and cost-effective solutions. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3 percent compared to 2020. Additionally, according to the US Census Bureau, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 with a growth rate of 10.2 percent. Therefore, the increasing construction activities are driving the growth of the plywood market

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The plywood market covered in this report is segmented –

1) By Type: Softwood, Hardwood
2) By Application: Furniture, Building And Construction, Transportation, Packaging, Other Applications
3) By End-User: Residential, Commercial

Fire-resistant plywood development is a key trend gaining popularity in the plywood market. Fireproof plywood is a type of plywood that is treated with special fire-retardant chemicals in the manufacturing process, thus making it excellent in fire resistance. This is also known as FR-grade plywood. The implementation of these types of plywood is predominantly done in public places, where the risk of fire has to be reduced such as in the making of woodwork for the kitchens of large restaurants, or for the interior woodwork done in public theatres and halls, and the wood used in the railway compartments of our trains. It can also be used in homes and offices, for car interiors, and any other such places where the risk and spread of the fire have to be reduced. For instance, in July 2022, Greenply Industries Limited, an India-based interior infrastructure company launched its new product named ‘Green Platinum’. It is a fire-resistant plywood with E-0 compliance, which is twice as effective in fire-resistance and waterproof properties as other available plywood in its range. The product comes with PEN Tech technology which adds a protective mesh between the layers as well as on the surface of the plywood, rendering it two times more fire resistant.

The plywood market report table of contents includes:

1. Executive Summary
2.Plywood  Market Characteristics
3.Plywood  Market Trends And Strategies
4. Plywood Market analysis

5.Plywood  Market Size And Growth
6.Plywood  Segmentation
7.Plywood  Regional And Country Analysis
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27. Plywood Competitive Landscape And Company Profiles
28. Plywood Key Mergers And Acquisitions
29. Plywood Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• UPM-Kymmene Oyj
• Boise Cascade Company
• Metsä Group
• West Fraser Timber Co. Ltd.
• Weyerhaeuser Company

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