Streetinsider – A new research report published by Fior Markets with the title Wood-Based Panel Market by Product (HDF, Plywood, MDF, OSB, Hardboard, Particleboard), Application (Construction, Packaging, Furniture), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The wood-based panel market is expected to grow from USD 135.61 billion in 2019 to USD 247.23 billion by 2027, at a CAGR of 6.9% during the forecast period 2020-2027. Asia- Pacific holds the largest market share in developing economies like India, Japan, and China. In the region, China is the largest producer of the wood-based panel, owing to higher increasing industrial exports from the country. Europe is expected to witness significant growth in Germany, which is the leading furniture market in the region. The Middle East and Africa are expected to develop cost-effective and high-performance wood-based panels.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the notable players in the market are West Fraser Timber Co. Ltd., Georgia-Pacific LLC, Norbord Inc., Timber Products Company, Dongwha Enterprise Co., Ltd., Freres Lumber Co., Inc., Sonae Indústria, Louisiana-Pacific Corporation, Hampton Affiliates, Weyerhaeuser Company, Kronospan Limited, Duratex, spol. s r.o. (Ltd.), Bucina DDD, and Kastamonu Entegre.
The product segment includes HDF, plywood, MDF, OSB, hardboard, and particleboard. The plywood segment holds the largest market share, owing to its superior properties like high strength, chemical, fire, durability and impact, and moisture resistant. Particleboard segment is expected to witness significant growth, as they are available in various grades and are gaining high demand in various applications like flooring, roofing, furniture, and as an insulation material. Based on application, the market is segmented into construction, packaging and furniture. The packaging segment holds the largest market share, owing to rising product utilisation, rising preference for traditional furniture, and increasing product demand for manufacturing small accent pieces. The construction segment is anticipated to witness moderate growth, owing to the availability of wood-based panel products in a wide range of grades, colors, and sizes. The construction segment is expected to grow, owing to increasing consumer purchasing power and increasing investments in the construction of new commercial spaces.
The factors driving the market are advancement in production technology, online measuring, and adhesive formulations accompanied by control techniques are transforming the production of wood-based panels. Other factors like increasing investments in commercial and residential construction activities and increasing public-private partnerships for the development of the construction sector. The factor creating opportunities in the market is the development of advanced technologies. Strict government regulations, high cost and variabilities in raw material quality are the factors hampering the market growth.
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About the report:The global Wood-Based Panel market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.