Wood based panel are wood sheet having material with significant proportion of wood in various variety of forms such as stripes, veneers, chips, and fibres. These panels can be used for internal or external design/application purpose, in dry and humid conditions and for structural and non-structural applications.
The first five-year cumulative revenue (2017–2021) is projected to be US$ 3,29,956.7 Mn, which is expected to increase rather moderately over the latter part of the five-year forecast period. According to report, the wood based panel market is projected to reach a value of US$ 1,06,929.0 Mn in 2026 at a CAGR of over 7.0% over the forecast period.
Increasing industrialization and rising awareness towards global warming are major factors driving growth of the global wood based panel market. In addition, increasing infrastructural activities in developed and developing countries, along with growing demand for interior design from housing sector as well as from commercial sector are other factors expected to drive growth of the global wood based panel market.
However, high cost of wood based panel is a major factor restraining growth of the global wood based panel market. In addition, having less refurbished market as compared to steel and other panels and stringent government regulations regarding wood supply and deforestation are other factors expected to challenge growth of the global wood based panel market.
Technological advancement such as use of jute and coir based composite for plywood and medium density fibre board is expected to present new opportunities for market players operating in the global wood based panel market over the forecast period.
However, high cost of raw materials and stringent regulations are primary factors expected to hamper growth of the global wood based panels market. Most of cost is incurred in suppling of log from forest areas to mills or port which in turn increases cost of goods. Furthermore, wood product manufacturer is facing challenges due to high variability of raw material and reworking on same results in high manufacturing cost.
The Global wood based panel market is segmented on the basis of type, end user and region. On the basis of region, the global wood based panel market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By type: The hardwood, softwood and plywood segment accounted for highest revenue share contribution as compared to other type segment, and is expected to register a CAGR of over 7.5% between 2017 and 2026 as they are cost effective and has a wide end use application.
By end use: The furniture segment is projected to account for highest revenue share as compared to that of other application segment, and register a CAGR of over 7.1% over the forecast period.
By region: The market in North America accounted for highest revenue share in the global wood based panel market in 2016, and is expected to register a CAGR of 7.0% between 2017 and 2026 owing to the presence of prominent wood based panel manufacturers in the region.
North America market accounts for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to well-developed application segment such as construction and furniture, also rise in number of people opting for wood based panel. Europe market accounts for the second largest revenue share contribution to the global wood based panel market followed by markets in Asia Pacific, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to have the fastest growth in terms of revenue, owing to increase in infrastructural activities in emerging economies in this region.
Europe accounts major share of the market revenue and is expected to grow over the forecast period. According to PRO LIGNO- A scientific journal in the field of wood engineering in Romania, had published an article on ‘Development of Wood Based Products worldwide’ in 2015, states that the main panel producers in Europe region are Germany and Russia with each with about 10 million m³. Furthermore, plywood consumption represented 10% of global production and covered by 60% of imports. Increase in production capacity in Russia, Romania, is expected to drive the growth of Europe wood based panel market over the forecast period.
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Prominent market players operating in the global wood based panel market are Kronospan Ltd., Weyerhaeuser Company Limited, Georgia-Pacific Corp, West Fraser Timber Co. Ltd., Canfor Corporation, Hampton Resources, Inc., Resolute Forest Products Inc., Interfor Corporation, Timber Products Company, and Shanghai Jechen Group Co., Ltd.