Wood-Based Panel Market

Wood Based Panels Market is expected to witness a CAGR of approximately 6.2% during the forecast period, 2023-2030.

Wood Based Panels Market Overview

A wood-based panel is a generic term used for a wide variety of various board products that have a different range of engineering properties. Wood-based panel products are majorly used in furniture, construction, and packaging. The wood-based panel products are sheet materials consisting of a substantial amount of wood in the form of strips, strands, veneers, chips, and fibers. The wood-based panel is classified into various product segments, including medium density fiberboard, high density fiberboard, particleboard, oriented strand board (OSB), softboard, hardboard, and plywood.

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Major Wood Based Panels Market Drivers

The increasing population size has resulted in the growth of construction and building sectors, which is supporting the growing demand of the global wood-based panel market. The other key factors contributing to the market growth including its superior properties, such as durability, strength, and low cost, is increasing the demand for wood-based panel across the globe. Moreover, the rising investment in commercial and residential construction activities will boost the global wood-based panel market.

The growing usage of wood-based panels in different applications is creating new growth opportunities in the market. Technological advancements and innovation, along with the increasing efficiency in repair, manufacturing, and renovation activities, will further energize the growth of the market. Furthermore, the growing public-private partnerships for the development of the construction industry, especially in developing economies such as India, Saudi Arabia, and China, will catalyze unprecedented growth in the market. On the other end of the spectrum, fluctuation in the prices of raw material and inconsistency in the supply is likely to hinder the global wood-based panel market in upcoming years.

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Based on the product type, the Plywood type segment is projected to grow at a higher CAGR over the forecast period. The plywood is the most popular product owing to its exceptional properties, such as durability, high strength, fire, chemical, and moisture resistance. The Medium density fiberboard (MDF) type is anticipated to dominate the market during the forecast period. The growing demand for this wood-based panel in cabinetry, manufacturing, flooring, furniture, and other types of construction, will drive the demand for medium density fibreboard segment.

Based on the application, the furniture application is expected to lead the global wood-based panel market due to the rising consumer spending on various wood-based furniture products and increasing preference for traditional furniture for living rooms and bedrooms among consumers. The wood-based panel is used in the packaging application owing to the significant shift in the consumer’s preference for environment-friendly packaging materials and the growing demand from the food & beverage packaging industry.

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Regional – Segment Analysis

Based on the region, the Asia-Pacific region is projected to grow at a higher CAGR during the forecast period. This is attributed to the increasing usage of wood-based panels in various applications driven by its remarkable benefits. Moreover, rising population size, along with increasing purchasing power of consumers, will boost the wood-based panel market in this region. The increasing investments in various construction activities in developing countries, including India, Indonesia, Malaysia, and Vietnam, will further energize the demand for the wood-based panel market in the Asia-Pacific region.

Top Market Players

Various notable players operating in the market include Dongwha Malaysia Holdings Sdn. Bhd., Kronospan Limited, Dare Panel Group Co., Ltd., Starbank Panel Products Ltd, Egger Group, Norbord Inc., Green River Holding Co., Ltd., Timber Products Company, Pfeifer Group, and Sonae Industria, among others.

 Key Developments:

• • In 2019, Kronospan Limited panned entered into plywood business under its Kronobuild® brand in Belarus to increase its annual production of plywood in the market.
  • In 2018, Pfeifer Group planned to invest about 100 million euros in expanding its existing and new production facilities panel in Chanovice, Schlitz, and Lauterbach.
  • In 2017, Egger Group planned to invest USD 700 million to increase its particleboard plant in Lexington, North Carolina.

Segments covered in the Report:

The global wood-based panel market has been segmented on the basis of product type, application, and regions. Based on product type, the market is segmented into medium density fiberboard, high density fiberboard, particleboard, oriented strand board, softboard, hardboard and plywood. Based on application, the market is segmented into hard coated and soft coated. Based on application, the market is segmented into furniture, construction and packaging. Based on construction, the market is segmented into windows & doors, flooring & decking, siding and others.

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Market Segmentation

Global Wood-Based Panel Market by Product Type

• • Medium Density Fiberboard (MDF)
  • High Density Fiberboard (HDF)
  • Particleboard
  • Oriented Strand Board (OSB)
  • Softboard
  • Hardboard
  • Plywood

Global Wood-Based Panel Market by Application

• • Furniture
  • Construction
    • Windows & Doors
    • Flooring & Decking
    • Siding
    • Others
  • Packaging

Global Wood-Based Panel Market by Region

• • North America Wood-Based Panel Market (Option 1: As a part of the free 25% customization)

• • • By Product Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up

• • Europe Wood-Based Panel Market (Option 2: As a part of the free 25% customization)

• • • By Product Type
    • By Application
    • UK Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Wood-Based Panel Market (Option 3: As a part of the free 25% customization)

• • • By Product Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

• • RoW Wood-Based Panel Market (Option 4: As a part of the free 25% customization)

• • • By Product Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Wood-Based Panel Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Dongwha Malaysia Holdings Sdn. Bhd.
  • Kronospan Limited
  • Dare Panel Group Co., Ltd.
  • Starbank Panel Products Ltd
  • Egger Group
  • Norbord Inc.
  • Green River Holding Co., Ltd.
  • Timber Products Company
  • Pfeifer Group
  • Sonae Industria