Plywood Market Size to grow by USD 13.47 billion between 2024-2028
The Plywood Market is segmented by Type (Hardwood and Softwood), Sector (New construction and Replacement), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 13.47 billion, at a CAGR of 4.36% during the forecast period. There are several companies that are contributing to the market as per this report. Rising wages in manufacturing hubs .
By Type, the Hardwood segment is projected to dominate the market size in 2024
In the realm of plywood, hardwood variants hold a prominent position due to their extensive usage in furniture production, cabinetry, and decorative applications. The primary composition of hardwood plywood includes a core constructed from either hardwood or softwood, which is subsequently faced and backed with premium finish or stain-grade hardwood veneers. The Decorative Hardwood Association (DHA) sets the grading standards for hardwood plywood, with faces of veneer categorized as AA, B, C, D, or E, reflecting varying degrees of quality. AA denotes the highest standard, while E represents the lowest. Hardwood plywood is frequently preferred by designers for its affordability, making it a popular choice for creating custom cabinets and furniture.
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By Sector, New construction segment is expected to hold the largest market size for the year 2024
The global plywood market is poised for expansion over the forecast period, driven primarily by escalating infrastructure and residential construction activities in key markets such as the United States, China, and India. Notably, the US, which is among the largest construction markets worldwide, reported a seasonally adjusted annual construction spending rate of USD1,744.8 billion in April 2022, representing a significant 12.3% increase from the previous year's estimate of USD1,553.5 billion. Within this figure, residential construction spending stood at USD891.5 billion, while non-residential construction spending amounted to USD503 billion. These trends underscore the robust demand for plywood in the construction sector.
Why is APAC forecasted to hold the largest regional market size in 2024?
The APAC plywood market is projected to experience significant growth in sales during the forecast period, driven by the escalating urbanization and increasing disposable incomes in emerging economies, particularly in India. Factors such as government initiatives like the Smart Cities Mission, Swachh Bharat Mission (SBM), Sardar Patel National Urban Housing Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), and the Heritage City Development, and Augmentation Yojana (HRIDAY), are significantly contributing to this growth. China, as a major global producer and exporter of wood products, is focused on export-driven industrial production and high foreign investments.
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Research Analysis Overview
The plywood market is witnessing significant growth due to its versatility as a construction material and its use in various high-performance applications. Sustainable manufacturing practices and adherence to environmental standards are key trends in the industry. Online platforms have made it easier for buyers to access specialized plywood varieties, including hardwood and softwood, wood veneer, and innovative products. Infrastructure projects and urbanization are major drivers of demand for plywood in the construction sector. Product differentiation is achieved through the use of advanced technologies and unique features, such as improved durability and moisture resistance. Plywood is also widely used in floor coverings, walls, furniture, and other applications. Recycling and reuse of plywood waste is a focus area for sustainability in the industry. Feedstock prices and availability are important factors influencing the market. The market for plywood is diverse, with applications ranging from residential and commercial construction to industrial and transportation sectors. Overall, the future looks bright for the plywood industry, with continued innovation and a focus on sustainability.
Market Research Overview
The global plywood market is a significant segment of the broader forest products industry, according to Technavio's market research. This market category encompasses various product types, including industrial roundwood, sawn wood, wood-based panels, fiber furnishings, wood fuel, charcoal, and pellets. The market size is determined by the collective revenue generated by manufacturers of forest and paper products. Key growth drivers for the global forest products market include the expanding adoption of wooden pallets and boxes. These pallets and boxes are favored by distribution centers, manufacturing units, and production facilities due to their cost-effectiveness and reusability. The food and beverage sector is also increasingly utilizing wooden pallets for their natural bacteria-absorbing properties during product transportation. - The Plywood Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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