By 2023, the global plywood market is expected to be worth US$ 85.5 billion. The market is anticipated to expand at a compound annual growth rate (CAGR) of 6.3% from 2023 to 2033 when it is projected to reach a valuation of US$ 156.9 billion.
One of the major factors behind market growth is rapid urbanization. This has ultimately led to the growth of the construction sector because of the increase in infrastructural activities. Companies which are involved in infrastructural activities are making use of plywood because of its robust physical properties and its ability to absorb moisture. Apart from that, the plywood comes with the ability to provide seamless operation in areas which are prone to seismic activities and cyclonic winds.
Moreover, even the maritime sector is increasingly making use of plywood. The ability to control the growth of fungus, coupled with the ability to withstand the effects of water is expected to surge the adoption in marine industry.
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Increase in disposable income has led to a number of people to investing in new houses. Increase in the number of houses would certainly imply an increase in the demand for plywood, as the investors are mainly betting on its stability and strength to weight ratio. Apart from that, the ability to be resistant to chemicals ensures that the plywood is highly durable.
Most importantly, a surging interior design and furniture industry represent a massive scope for the market. Both sectors are gradually replacing conventional woods by plywood owing to its versatility and generation of low waste. Furthermore, the furniture sector is awestruck by the ability of plywood to accommodate short-term overload. The interior design sector is mainly counting on the panel shear of plywood, which is almost double what is offered by conventional wood. Owing to this, plywood is used in portal frames.
Thus, from the insights provided by FMI researchers, it can be inferred that, “an increase in the rate of urbanization, coupled with the increase in the disposable income and a number of other factors are expected to surge the adoption of plywood during the forecast period.”
Key Takeaways:
- The plywood market is projected to grow at a CAGR of 6.3% during the period 2023-2033.
- The market is valued at US$ 85.5 Bn as of 2023.
- By 2033, the market is expected to hit a valuation of US$ 156.9 Bn.
- Asia Pacific is expected to be the largest plywood market during the forecast period.
- The USA market is expected to grow at a CAGR of 5.7%.
- The UK market is anticipated to grow at a CAGR of 4.8%.
- Germany market is projected to grow at a CAGR of 4.4%.
- China market is expected to grow at a CAGR of 6.7%.
- The Indian plywood market is expected to grow at a CAGR of 6.4%.
- Based on the size, the 4’x8’ segment is expected to have the largest market share, and is projected to advance at a CAGR of 6.8%.
- Based on the thickness, the >18 mm segment is expected to have the highest market share, and is anticipated to grow at a CAGR of 6.2%.
Competitive Landscape
The key players operating in the market are focusing mainly on the automation aspect of the business. The idea is to streamline the process and employ the human resources in the key areas of the business. Apart from that, the key players are also investing in strategic partnerships in order to access the technologies developed by them.
In October 2022, Georgia Pacific and gener8ator welcomed their third cohort of start-up companies to 1915 studios. This would enable the success of early-stage start-ups that supply innovative sustainability solutions.
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Plywood Market Segmentation
By Size:
- 4’x8’,
- 4’x6’,
- 4’x10’,
- 3’x6’,
- Others
By Thickness:
- <8mm,
- 8mm-18mm,
- >18mm
By Grade:
- MR Grade,
- BWR Grade,
- Fire Resistant Grade,
- BWP Grade,
- Structural Grade
By Wood Type:
- Softwood,
- Hardwood
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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