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The Global Plywood Market size is estimated to grow by USD 13,585.71 million and the size of the market is forecast to increase at a CAGR of 4.55% between 2022 and 2027. The growth of the market depends on several factors, including the increasing residential and commercial construction activities, the increasing consumption of softwood in furniture manufacturing, and the emergence of resilient structures.
This report extensively covers market segmentation by type (hardwood and softwood), sector (new construction and replacement), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing residential and commercial construction activities are the key factors driving the global plywood market growth. The rising focus on infrastructural and real estate development, as well as the construction of new residences and offices, is expected to increase the sales of new plywood products and furnishings. In addition to new construction, the rising demand for wood products is complemented by the increase in the number of renovation and modification projects across key countries such as the US, China, and India.
The rise in the number of multinational and global companies, as well as technology and business parks due to favourable trade relations between countries and government policies, such as FDI relaxation, is estimated to increase the demand for office and commercial plywood products during the forecast period.
The rising wages in manufacturing hubs will fuel the global plywood market growth. The primary factor contributing to the rising wages are rapid urbanization and industrialization in emerging economies, especially in countries such as China, India, the Philippines, Vietnam, and Indonesia. The growth of the global economy driven by the increase in the GDP of countries such as China and India increases wages. In addition, urbanization is a key factor for rising wages.
With the onset of urbanization, people in low-income counties are increasingly opting for a high quality of life, which is driving the trend of an increase in wages in these countries. Furthermore, several government initiatives across emerging countries have encouraged urbanization, thereby directly impacting wage growth. As such, the increase in wages, especially in manufacturing hubs, is expected to be a negative trend in the global plywood market during the forecast period.
The moisture and humidity concern is a major challenge to the global plywood market growth. The area that is considered for flooring with plywood must be conditioned based on the guidelines set by manufacturers. The guidelines usually specify 35%-55% ambient relative humidity but can vary significantly depending on manufacturers. Some manufacturers may suggest 40%-60% relative humidity, while others may suggest 30%-50% relative humidity. Failure to maintain the prescribed ranges can damage the wood.
Moreover, the wood products imbibe moisture from the air as humidity in the environment increases. Therefore, the moisture content of wood must be allowed to reach equilibrium with the prescribed conditions. Furthermore, some plywood is produced using a combination of many types of woods, each with its own distinct moisture content characteristics. Failing to meet such conditions might hamper the growth of the market in focus during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Plywood Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bc- The company offers plywood such as softwood construction plywood and concrete forming plywood.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the hardwood segment will be significant during the forecast period. The hardwood segments show a gradual increase in the market share of USD 34,741.52 million in 2017 and continue to grow by 2023 Hardwood is a type of plywood that is significantly used for furniture, cabinets, and other decorative applications owing to its strength, stability, and convenience. Hardwood plywood majorly comprises a core made from either softwood or hardwood, which is faced and backed with a veneer of finish or stain-grade hardwood.
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The rising demand for wooden furniture for home decor applications and the growing need for cost-effective wooden furniture, such as wardrobes, living room furniture, and residential home decor, are significantly driving the hardwood plywood segment. Moreover, the growth of the real-estate sector, especially the growing demand for residential housing units, is boosting the growth of the hardwood plywood segment. Such factors are expected to fuel the demand for the hardwood plywood segment during the forecast period.
The global plywood market is expected to grow during the forecast period. The growth can be attributed to the growing infrastructural and housing construction projects in countries such as the US, China, and India. The US is one of the largest construction markets globally. According to the US Census Bureau (USCB), construction spending in the country during April 2022 was estimated at a seasonally adjusted annual rate of USD1,744.8 billion, an increase of 12.3% from the April 2021 estimate of USD 1,553.5 billion. The replacement segment of the global plywood market consists of replaced damaged plywood, and when hardwood is replaced with softwood and vice-versa. Growing demand for boatbuilding with reused plywood and rising demand for sustainable plywood in the furnishing homes and offices are driving the segment. There is a growing demand for softwood in US and Asia, particularly China and India, due to increasing residential and commercial construction and rising disposable income by consumers.
APAC is projected to contribute 67% of market growth by 2023. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in APAC is expected to grow at a faster rate than other regions during the forecast period. APAC accounts for approximately 11% of wood product imports in the global market. Singapore, Japan, and Australia are the major importers of office furniture. In Southern Asia, India and China are the major consumers of wood products. With the overall development in several emerging economies of APAC, as well as the growing number of economic corridors and special economic zones (SEZs), the demand for office furniture is estimated to be on the rise. This is estimated to drive the growth of the plywood market in APAC during the forecast period.
The implementation of vaccination drives across the region in the first quarter of 2021 has also led to the resumption of normal activities. This has led to the resumption of residential and commercial activities in the region. For instance, Greenply resumed its operation with 50% capacity during the 1Q of 2021. Also, the lifting of lockdown restrictions and the reopening of commercial space and offices are driving the growth of the market in focus during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Plywood Market Scope |
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Report Coverage |
Details |
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Page number |
159 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.55% |
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Market growth 2023-2027 |
USD 13,585.71 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
2.92 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 67% |
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Key countries |
US, Canada, China, Japan, and South Korea |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Austral Plywoods Pty. Ltd., Boise Cascade Co., Caledonian Plywood Co. Ltd., Eksons Corp. Berhad, Ets Guy JOUBERT SAS, Georgia Pacific LLC, Greenply Industries Ltd., Hefei Sinoply Wood Co. Ltd., HOXAN Corp., METSA GROUP, PotlatchDeltic Corp., Richard Russell Panels Ltd., Roseburg Forest Products Co., Subur Tiasa Holdings Berhad, Sunchang Corp., The Western India Plywoods Ltd., Uniply Industries Ltd., UPM Kymmene Corp., West Fraser Timber Co. Ltd., and Weyerhaeuser Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Sector
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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