Plywood Market Growth Outlook Through 2024-2033

Overview and Scope
Plywood refers to a type of wooden product in which thin layers of wood are bonded and pressed together to create a construction material due to its high structural strength and flexibility. It also works better against moisture, and the grains of the wood are often at right angles to one another. Plywood is widely used in interior design and furniture work. Apart from being economical and durable, it is also a more eco-friendly option than normal wood.

Sizing and Forecast
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.

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Segmentation & Regional Insights
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

Asia-Pacific was the largest region in the plywood market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plywood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
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

Key Industry Players
Major companies operating in the plywood market report are UPM-Kymmene Oyj, Boise Cascade Company, Metsä Group, West Fraser Timber Co. Ltd, Weyerhaeuser Company,Potlatch Deltic Corporation, Georgia-Pacific, LLC, Greenply Industries Limited, Sveza-Les LLC, Austal Plywoods Private Limited, Century Plyboards India Ltd, Kitply, Sarda Plywood, National Plywood, Kamdhenu Plywood, Oriental Veneer Products Ltd, Luli Group, Yingang Wood Based Panel Co Ltd, CNSIC, Shandong Xingang Group, Xinle Plywood Group, Jiangsu Shengyang Industrial Joint Stock Co Ltd, Specialized Panel Products Ltd, Ply-Tek, Caledonian Plywood Company, Holdex Plywood Ltd, Stonebridge UK Ltd, Sydenhams Plywood & Panel Products, Viking Plywood & Timber Ltd, Timb Ply Ltd, Stora Enso, Russia Forest Products, Wotan Forest a.s, UNILES Inc, Segezha Group, KPPD-Szczecinek SA, Ilim Timber LLC, West Fraser Allendale, Canfor Corporation, Hancock Timber Resource Group, RSH Forest Products, PotlatchDeltic Corporation, Sierra Pacific, Berneck, Araupel, Linea Parana Madeiras Ltda, Imaribo, Middle East Wood, Mazi Orman Urunleri Ltd, Dastas Demircioglu Agac AS, Daco Parquet Factory AS, Gabon Veneer, Merensky, Miro Forestry, Timber Products, United Forest Products, Afeefa Overseas Sarl Gabon, Okoume Face Veneer, Brick Plyboards, Boschetto Timbers

The plywood market report table of contents includes:

1. Executive Summary
2. Plywood Market Characteristics
3. Plywood Market Trends And Strategies
4. Plywood Market – Macro Economic Scenario
5. Global Plywood Market Size and Growth
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32. Global Plywood Market Competitive Benchmarking
33. Global Plywood Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Plywood Market
35. Plywood Market Future Outlook and Potential Analysis
36. Appendix

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