New York, United States, Nov. 09, 2023 (GLOBE NEWSWIRE) -- The Global Plywood Market Size is to grow from USD 73.9 Billion in 2022 to USD 138.7 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.5% during the projected period.
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Plywood is a flat sheet produced from glued-together wood veneers. While it can be altered for a wide range of applications, the basic product consists of at least three plies, with the grooves in the alternate plies crossing at right angles. Plywood is a versatile material used for structural, interior, and exterior applications ranging from framework to internal paneling. Plywood is used in a range of applications that demand high-quality, high-strength sheet material. Plywood is widely used to create curved surfaces since it bends easily with grain. One of the most significant changes that may increase the market for plywood products is the construction boom. Plywood can be classified in a variety of ways, and these classifications are based on many different characteristics of plywood, such as the type of wood used, the number of plies, the degree to which it can be used indoors or outdoors, whether it meets quality standards, and the functions for which it is intended. Plywood is a popular building material due to its multiple favorable characteristics. Globally, rising population density has increased the number of construction projects. Furthermore, increased remodeling and infrastructure building activities among residents, as well as people's growing desire to include unique features in their interior designs, are driving up demand for plywood.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Plywood Market Size, Share, and COVID-19 Impact Analysis, By Type (Hardwood, Softwood), By Grade (Fire Resistant Grade, MR Grade, BWR Grade, BWP Grade, Structural Grade, Others), By Thickness (Less than 8mm, 8mm-18mm, and Greater than 18mm), By End-Use Application (Building & Construction, Industrial, Furniture, Packaging, Transportation, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The softwood segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global plywood market is segmented into the hardwood and softwood. Among these, the softwood segment is dominating the market with the largest revenue share of 38.6% over the forecast period. Soft plywood is made from softwoods including pine, redwood, cedar, and others. They are suitable for exterior framing, roof sheathing, and subflooring. Softwood can also be used to construct sheds, temporary flooring, and shelving. As a result, it is largely used in the building industry for structural applications. The best grades are frequently used for decorative purposes such as furniture and cabinetry.
The MR grade segment is witnessing significant CAGR growth over the forecast period.
On the basis of grade, the global plywood market is segmented into fire resistant grade, MR grade, BWR grade, BWP grade, structural grade, and others. Among these, the MR grade segment is witnessing significant CAGR growth over the forecast period. Internal grade plywood, such as MR grade plywood, is appropriate for indoor applications such as structures, kitchen roofs, wardrobes, and doors.
The greater than 18mm segment is expected to hold the largest share of the global plywood market during the forecast period.
Based on the Thickness, the global plywood market is divided into less than 8mm, 8mm-18mm, and greater than 18mm. Among these, the greater than 18mm segment is expected to hold the largest share of the global plywood market during the forecast period. The most notable advantage of utilizing plywood thicker than 18mm is its durability. Plywood thicker than 18mm is substantially lighter than solid lumber, despite its strength.
The building & construction segment accounted for the largest revenue share of more than 36.2% over the forecast period.
On the basis of end-use application, the global plywood market is segmented into building & construction, industrial, furniture, packaging, transportation, and others. Among these, the building & construction segment is dominating the market with the largest revenue share of 36.2% over the forecast period. Because of its exceptional durability, high panel impact, adaptability, moisture, chemical, and fire resistance, and superior thermal and acoustic insulation, plywood is a popular building material. Because of these characteristics, plywood is used in architecture and construction, particularly for walls, floors, roofs, doors, exterior siding, and interior finishing.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 47.2% market share over the forecast period. Rapid economic growth, increasing manufacturing sectors, low-cost labor, and a global movement of commodities and manufacturing capacity from developed to emerging countries in the region are driving the expansion of the Asia Pacific plywood market. The Chinese market accounts for a sizable portion of the global market and is likely to maintain its dominance during the forecast period. On the other hand, North America is predicted to expand the fastest during the forecast period. There are several manufacturing firms in North America, which has a wide market. These businesses are primarily concerned with developing new items to meet the growing demand from end users. During the forecast period, the Europe market is expected to rise at a significant CAGR.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Plywood Market include Boise Cascade Company, Latvijas Fineries AS, Weyerhaeuser Company Ltd, Upm-Kymmene Oyj, Sveza Forest Ltd., Austral Plywoods Pty Ltd., Potlatchdeltic Corporation, Greenply Industries, Metsä Wood, Centuryply, Austin Plywood, Jaya Tiasa Holdings Berhad, LIXIL Corporation, and many others.
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Recent Developments
- On June 2023, HG Industries Ltd, a subsidiary of Greenlam Industries Ltd, announced the establishment of a greenfield project to produce plywood and related goods in Tindivanam, Tamil Nadu, with an anticipated investment of 125 crore. The aforementioned manufacturing facility, with an installed capacity of 18.9 million square meters per year, began commercial production on June 9, 2023, and can produce income of Rs. 400 Crores per year at full capacity utilization. The overall capital expenditure for the project is estimated to be Rs. 130 crores until commercial production begins.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Plywood Market based on the below-mentioned segments:
Plywood Market, Type Analysis
- Hardwood
- Softwood
Plywood Market, Grade Analysis
- Fire Resistant Grade
- MR Grade
- BWR Grade
- BWP Grade
- Structural Grade
- Others
Plywood Market, Thickness Analysis
- Less than 8mm
- 8mm-18mm
- Greater than 18mm
Plywood Market, End-Use Application Analysis
- Building & Construction
- Industrial
- Furniture
- Packaging
- Transportation
- Others
Plywood Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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