New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Plywood Global Market Report 2022" - https://www.reportlinker.com/p06316978/?utm_source=GNW
The global plywood market is expected to grow from $50.83 billion in 2021 to $54.79 billion in 2022 at a compound annual growth rate (CAGR) of 7.8%. The plywood market is expected to grow to $79.65 billion in 2026 at a CAGR of 9.8%.
The plywood market consists of sales of plywood by entities (organizations, sole traders, and partnerships) which is a type of manufacturing board, which a made of thin wood layers that are glued together and have an outer layer that is plastic-like, a resin-impregnated paper which improves the durability of plywood.This plywood has high structural strength and flexibility and also works better against moisture.
Plywood is widely being used in interior design and furniture work. Apart from being economical and durable, it also is a more eco-friendly option than normal wood.
The main types of plywood markets are softwood and hardwood.Softwood plywood has a front and back veneer of softwood and is used for decorative purposes such as furniture making.
These are used in furniture, flooring and construction, automotive interiors, packaging, marine, and other applications and are used by residential, and commercial.
Asia Pacific was the largest region in the plywood market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the plywood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The plywood market research report is one of a series of new reports that provides plywood market statistics, including plywood industry global market size, regional shares, competitors with a plywood market share, detailed plywood market segments, market trends and opportunities, and any further data you may need to thrive in the plywood industry. This plywood market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The growth of the interior design and furniture industry is propelling the demand in the plywood market.Interior designing and furniture refer to the designing of homes or organizations.
The interior design and furniture industry use large amounts of plywood as a better alternative to raw wood, as a result, the growth of interior design and furniture increases the demand for the plywood market.For instance, the report from the Institute of Logistics and Aviation, an aviation institute based in India suggested that the Indian furniture market was expected to grow at a rate of 26% in 2019.
Thus the growing furniture and Interior design industry are propelling the growth of the Plywood market.
Strategic partnerships are shaping the plywood market.Many companies operating in the plywood market are undergoing partnerships to meet customer demands.
For instance, in January 2022, Boise Cascade Millwork, a US-based manufacturer of plywood partnered with Simpson Door Company, a US-based company manufacturer of the interior, exterior, and custom wood doors.With this partnership, Boise company will expand its offering of top-notch doors and services to its customers in Atlanta.
Further, in another partnership, Quant, a Sweden-based company operating in industrial maintenance partnered with Metsä Wood, a Finland-based company that manufactures plywood. With this partnership, the companies want to develop proactive and predictive maintenance to the next level together to meet customer demands.
In February 2021, West Fraser, a Canada-based plywood manufacturer acquired Norbord for an undisclosed amount.With this acquisition, the two top-caliber employee teams manufacturing sustainable products that are essential for a low-carbon economy position West Fraser well going forward and marks a new era for all West Fraser company employees and shareholders with the completion of the Norbord transaction.
Norbord is a Canada-based company that manufacturers plywood.
The countries covered in the plywood market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06316978/?utm_source=GNW
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