Wood Based Panels Market Research Report, By Product (MDF, HDF, OSB, Particleboard, Plywood, and Others), Application (Construction, Furniture, and Packaging) and Region — Global Forecast till 2023
Market Synopsis: Global Wood Based Panels Market:
The global wood based panels market has witnessed an upward surge on the back drop of increase in growth of construction industry over the past few years. Growing investments in residential and commercial construction in emerging economies such as Brazil, Saudi Arabia, India, and China has further propelled the demand for wood based panels market. Rapid urbanization coupled with increase in demand for green buildings are some of the major factors which helps in enhancing the growth of the wood-based panels market. Furthermore, the manufacturers use expansion strategy in order to strengthen their position in the market. Hence, the global wood-based panels market is expected to witness a CAGR of around 8% over the forecast period.
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Global Wood Based Panels Market: Regional Analysis:
The global wood based panels market have been segmented region-wise into North America, Europe, Asia-pacific, and Rest of the World (RoW). Asia-Pacific held the largest market share of around 56% and is also the fastest growing market, which is expected to retain its dominance over the forecast period. Subsequent growth of public and private sector investments in infrastructural construction projects in emerging economies such as China and India are also anticipated to create lucrative opportunities in wood based panels market in this region.
North America region accounted for the second largest market, which is anticipated to exhibit sustainable growth rate over the forecast period. Repair and renovation activities in the real estate and commercial sector is projected to augment the demand for wood based panels market in the North American region. The region is also positively influenced by presence of major market players, mainly situated in the US. In 2017, the Europe region accounted for a market share of approximately 25% in the overall wood based panels market, which will continue with its position by 2023. The booming construction industry in the residential, commercial, and industrial sector is expected to contribute to the demand for wood based panels market.
Global Wood Based Panels Market: Segmentation:
The global wood based panels market has been segmented on the basis of product and application. The product segment is classified into MDF, HDF, OSB, particleboard, softword, plywood, and others. The application segment is divided into construction ,furniture, and packaging. The construction segment is further bifurcated into floors & roofs, windows & doors, siding, and others. Similarly, the furniture segment is sub-segmented into residential and commercial.
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Based on product, MDF accounted for the largest market share of around 45% in the overall wood based panels market, which is also expected to witness high growth rate over the forecast period. This is attributed to the broad application used in vertical and horizontal wood based panels across the construction industry. The versatility of the product and its wide range of applications in the construction industry make it a likely contender. High demand for MDF products used for manufacturing flooring, furniture, and cabinetry, is projected to drive the overall market. These products are mainly cheaper than other products such as plywood, particleboard and many others.
Based on application, construction segment holds the largest market share in 2017, which will continue with its position by 2023. The segment is also anticipated to witness maximum growth rate in the market due to the rising demand for flooring, interior and exterior staircases, shear walls, and cladding activities.
The furniture application is likely to exhibit sustainable growth rate from 2018 to 2023, as these products are mainly used for manufacturing durable interior decoration items. These are more durable and lighter in weight as compared to traditional wood products. Hence, which is projected to have a positive impact on the overall market growth.
Key players include ante-Group, Dongwha Group, Klenk Holz AG, Kronospan, Caihong Wood Co. Ltd, Weyerhaeuser Company, Norbord Inc., and many others. The global Wood Based Panels market is highly competitive with many players, across the globe. The players adopted various strategies to expand their global presence and increase their market shares. Some of the key strategies adopted by the players include expansions & investments, acquisitions, new product developments, and agreements.
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