SEATTLE, May 22, 2020 (GLOBE NEWSWIRE) -- The global plywood market was estimated at 105.9 million cubic meter in 2018, and is expected to exhibit a CAGR of 3.3% over the forecast period (2019-2027), in terms of volume.
Key Trends and Analysis:
The global plywood market is estimated to witness substantial growth over the forecast period. Factors such as expansion of end-use industries such as furniture and construction, together with increasing application of plywood in these industries, is expected to drive growth of the plywood market over the forecast period (2019-2027).
According to AGC, the Construction Association, the construction industry is the major contributor to the U.S. economy. The U.S. construction industry has more than 7 million employees and 6,80,000 employers. It generates around US$ 1.3 trillion worth of structures annually. This scenario is projected to boost demand for plywood market from growing construction industry in the next coming years.
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Additionally, excellent properties of plywood are expected to positively impact the market for plywood, globally, over the forthcoming years. Plywood is among the most widely used wood products. The properties of plywood such as higher flexibility, re-usability, and workability is contributing to its higher demand. Plywood is used as an alternative for plain wood due to its resistance to splitting, cracking, twisting, and shrinkage. Plywood generally offers a higher degree of strength than plain wood.
Nonetheless, the usage of alternative materials such as metals or glass is likely to hinder the growth of the market in the near future. Major challenge for the plywood and wood industry is easy availability of raw materials. The raw material is used for manufacturing shelves, storage units, tables, chairs and other furniture. Customers are opting for a range of materials, finishes, and textures within their homes, and wooden.
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Key Market Takeaways:
- The global plywood market is expected to exhibit a CAGR of 3.3% during the forecast period in terms of volume.
- Based on application, the market is segregated into construction, furniture, packaging, transportation, flooring, and others. In 2018, the construction segment accounted for the largest market share in the global plywood market due to the growing usage of plywood in manufacturing big structures. In addition to this, the furniture segment accounted for the second largest share in terms of volume and contributed about 26.0% of the overall industry share in the plywood market.
- Among regions, Asia Pacific held a dominant position in the global market in 2018 in terms of revenue, on account of the rapidly expanding building industry in the region. Additionally, North America is the second largest market for plywood across the globe. North America contributed around 12.0% of the market share, in terms of volume in 2018. However, the steady growth of the construction industry in the region is likely to result in slow growth of the plywood market in North America.
Key companies operating in plywood market include—
Century Plyboard (India) Ltd, Atlantic Plywood Corporation, Greenply Industries Ltd., Weyerhaeuser Company, Eksons Corp. Bhd., Roseburg Forest Products Co., Uniply Industries Ltd., Boise Cascade LLC, Ainsworth Lumber Co. Ltd., and Georgia-Pacific Corporation
The companies dealing in the plywood market are undertaking various strategic initiatives such as mergers & acquisitions and new product launches in order to maintain their competitive position in the global market. For instance, in February 2018, Roseburg, a leading forest product company based in U.S. and PanelArtz, leading automated PET lamination capacity located in North America, announced a partnership in order to bring European decorative panel technology to North America.
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Market Segmentation:
- Global Plywood Market, By Product Type:
- Hardwood Plywood
- Softwood Plywood
- Decorative Plywood
- Tropical Plywood
- Others (Flexible Plywood, etc.)
- Global Plywood Market, By Application:
- Construction
- Furniture
- Packaging
- Transportation
- Flooring
- Others (Musical Instruments etc.)
- Global Plywood Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- South Korea
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- Rest of Middle East & Africa
- North America