The Wood Based Panel Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Wood Based Panel Global Market Report 2024, The wood based panel market size has grown strongly in recent years. It will grow from $164.89 billion in 2023 to $177.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to traditional construction practices, renewable resource, versatility in applications, urbanization and construction boom, preference for natural aesthetics.
The wood based panel market size is expected to see strong growth in the next few years. It will grow to $237.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to growing demand for sustainable construction, innovation in manufacturing processes, rising popularity of engineered wood products, architectural design trends, renewed interest in wood construction. Major trends in the forecast period include digitalization and industry 4.0 integration, sustainable sourcing and certification, innovative materials and product development, energy efficiency and carbon footprint reduction, market growth in construction and furniture industries.
Increased building and construction activity is expected to drive the wood based panel market going forward. Construction refers to the process of building or assembling something, typically a structure, using various materials and techniques for residential and commercial purposes. Wood-based panels are widely used in the construction of residential and commercial buildings for wall sheathing, insulation, roofing, and flooring. For instance, in December 2022, according to the Federal Reserve Bank of St. Louis, a US-based central bank, total spending on commercial construction reached $131 million, increasing from $103 million in December 2021. Furthermore, in May 2022, the total spending on residential construction topped $954 million, increasing from $797 million in May 2021. As a result, the increasing building and construction activity is driving the wood based panel market forward.
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The wood based panel market covered in this report is segmented –
1) By Product Type: Medium-Density Fiberboard (MDF)/High-Density Fiberboard (HDF), Oriented Strand Board (OSB), Particleboard, Hardboard, Plywood, Other Product Types
2) By Distribution Channel: Direct Sales, Online Stores, Specialty Stores, Other Distribution Channels
3) By End User: Residential, Non-residential
4) By Application: Construction, Furniture, Packaging, Flooring, Other Applications
Major companies operating in the wood-based panels market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in April 2023, BASF SE, a Germany-based chemical company, partnered with Swiss Krono Group, a Switzerland-based provider of wood-based materials, to develop innovative wood-based panels. The companies are committed to reducing the carbon footprint of the wood-based panel industry.
The wood based panel market report table of contents includes:
1. Executive Summary
2. Wood Based Panel Market Characteristics
3. Wood Based Panel Market Trends And Strategies
4. Wood Based Panel Market – Macro Economic Scenario
5. Global Wood Based Panel Market Size and Growth
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31. Wood Based Panel Market Other Major And Innovative Companies
32. Global Wood Based Panel Market Competitive Benchmarking
33. Global Wood Based Panel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wood Based Panel Market
35. Wood Based Panel Market Future Outlook and Potential Analysis
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