Rockville, MD, Aug. 05, 2024 (GLOBE NEWSWIRE) -- The global Fiberboard Market is set to reach a size of US$ 31.04 billion in 2024 and thereafter advance at a CAR of 8.1% from 2024 to 2034. This updated study by Fact.MR has projected the market to climb to a value of US$ 67.63 billion by 2034.
Fiberboard sales are rising at a remarkable pace, driven by increased utilization in the construction, furniture, and interior decoration sectors. Factors such as low production costs and the availability of a diverse range of application-specific panels are expected to incentivize producers to integrate these products into building and furniture applications.
Throughout the forecasted period, demand for MDF products is projected to rise owing to their exceptional attributes, including high strength, durability, as well as resistance to moisture and fire. In contrast to wood, which often presents surface flaws, knots, and other imperfections, MDF boasts a uniform structure due to its engineered composition.
Technological advancements and enhancements in the manufacturing process have led to the development of products with enhanced durability and extended lifespans. Advanced adhesion techniques utilizing low-emission formaldehyde-based resins have catalyzed product innovation within the sector.
The global demand for durable and cost-effective wood products is exerting a positive influence on the market. The increasing number of environmentally conscious consumers presents lucrative growth opportunities for industry investors.
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Key Takeaways from Market Study:
- The fiberboard market in East Asia is forecasted to expand at 8% CAGR from 2024 to 2034.
- South Asia & Pacific is projected to occupy 21.9% market share by 2034.
- Medium/hard-density fiberboards are estimated to account for 52.6% market share in 2024.
- The market in Japan is forecasted to reach a valuation of US$ 4.48 billion by the end of 2034.
- The construction segment is forecasted to occupy 63.8% share by 2034.
- The market in India is forecasted to expand at 8.1% CAGR from 2024 to 2034.
“Use of fiberboards is projected to increase at a significant pace due to rising global tourism and urbanization, growing demand for residential and commercial spaces, and increased furniture production, coupled with government initiatives supporting the use of sustainable construction materials,” says a Fact.MR analyst.
Leading Players Driving Innovation in Fiberboard Market:
Leading fiberboard manufacturers are Evergreen Fibreboard Berhad, KRONOSPAN Verwaltungs-und mbH, Kastamonu Entegre Agac Sanayi ve Ticaaret A.S., UAB Grigeo Baltwood, and Georgia Pacific Building Products LLC.
Country-wise Insights:
The East Asian region, particularly China, commands a significant share of the global fiberboard market. China's dominance is fueled by increasing construction activities, rising demand for furniture, and advancements in manufacturing processes.
The growth of the real estate sector, alongside interior design and renovation projects, has bolstered the use of fiberboard panels for laminates and decorative finishes. A steady supply of raw materials like wood chips and fibers, combined with favorable government policies promoting sustainable construction and environmental protection, supports the widespread adoption of medium-density fiberboard (MDF). Additionally, these policies encourage the use of environmentally friendly materials, further propelling the market's expansion.
In the South Asia & Pacific region, India plays a pivotal role, driven by its burgeoning construction and furniture industries. The demand for both MDF and high-density fiberboard (HDF) is rising due to their cost-effectiveness and eco-friendly nature compared to solid wood. These materials are increasingly used in furniture manufacturing and interior applications such as cabinetry, paneling, and partitions. Government initiatives like "Housing for All" have opened new avenues for high-quality building materials like HDF boards. The availability of advanced technology and equipment has enhanced production capacities, making the sector more cost-effective. Although challenges such as affordability persist, the Indian fiberboard market continues to thrive and maintain its leading position in the South Asia & Pacific region.
Market Developments:
Kronoplus spent EUR 400 million (US$ 473.26 million) in 2022 to establish a new wood-based panel manufacturing facility in Tortosa. The facility will encompass 25 hectares and produce 720,000 m³/year. This increases the company's business in the medium-density fiberboard (MDF) segment.
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Key Segments of Fiberboard Market Research:
1. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
1. Board Type
2. Application
2. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Board Type
1. Hardboards
2. Medium/Hard-Density Fiberboards (MDF/HDF)
3. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Application
1. Construction
2. Others
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the fiberboard market for 2019 to 2023 and forecast market statistics for 2024 to 2034.
The study divulges essential insights into the market based on board type (hardboards, medium/hard-density fiberboards MDF/HDF) and application (construction, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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