The global plywood industry is valued at US$ 85.5 billion as of 2023. The market is predicted to increase at a CAGR of 6.3% between 2023 and 2033, with a market size of US$ 156.9 billion by 2033.
Rapid urbanization is a major driver of market growth. As infrastructure development has progressed, so has the construction industry. Plywood is used in infrastructure because of its strength and capacity to absorb moisture. Aside from that, plywood may be used continuously in seismic and cyclonic storm-prone areas.
Furthermore, plywood is becoming more popular in the maritime industry. The capacity to restrict fungal development, combined with the ability to endure the impacts of water, is expected to boost adoption in the marine industry.
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Increased discretionary money has prompted a number of people to purchase new homes. As the number of houses on the market grows, so will the need for plywood, as investors rely primarily on its strength-to-weight ratio and stability. Aside from that, the plywood’s chemical resistance implies that it is extremely robust.
Above all, a thriving interior design and furniture sector represents a substantial market opportunity. Because of its adaptability and low waste output, plywood is progressively replacing traditional timbers in both areas. Furthermore, the ability of plywood to withstand short-term strain has shocked the furniture industry. Plywood panel shear, which is roughly twice as strong as standard wood, is widely employed in the interior design industry. As a result, gateway frames are made of plywood.
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%.
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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.
Top Key Players in the Global Industry
- Uniply
- Greenply
- Georgia Pacific
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Key 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
By Number of Ply:
- 3 ply,
- 5 ply,
- 7 ply,
- More
By Sales Channel:
- Direct Sales,
- Distributors/Retailers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia-Pacific excluding Japan (APEJ)
- Japan
- Middle East and Africa (MEA)
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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