USD 11.08 billion
Particle Board Market Size, Share, Growth Analysis, By Application(Furniture, construction and others), By End-use(Commercial, residential and industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15P2007 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
61
|Figures:
75
Particle Board Market Insights
Global Particle Board Market size was valued at USD 11.08 billion in 2021 and is poised to grow from USD 11.78 billion in 2022 to USD 19.2 billion by 2030, growing at a CAGR of 6.3% during the forecast period (2023-2030).
The global particle board market has experienced substantial growth in recent years and is poised for further expansion. Particle board, also known as chipboard, is a cost-effective engineered wood product widely used in various applications such as furniture, construction, packaging, and others. The market is primarily driven by the increasing demand for affordable and durable furniture solutions, particularly in residential and commercial sectors. Additionally, the growing construction industry and infrastructure development projects across emerging economies have fueled the demand for particle board as a construction material. The market has witnessed technological advancements and product innovations, resulting in improved strength, moisture resistance, and fire retardant properties of particle board, further enhancing its appeal. Furthermore, the shift towards sustainable and eco-friendly building materials has boosted the demand for particle board, as it is manufactured from recycled wood chips and residues. However, the market faces challenges such as volatile raw material prices and concerns over formaldehyde emissions from low-quality particle boards. Stringent regulations and standards regarding formaldehyde emission levels have prompted manufacturers to develop low-emission and environmentally friendly alternatives. Geographically, Asia Pacific dominates the global market due to the presence of a large consumer base, rapid urbanization, and extensive use of particle board in the furniture industry. North America and Europe also hold significant market shares owing to the growing demand for sustainable construction materials. Key players in the global particle board market who continually focus on product innovation, expansion strategies, and mergers and acquisitions to maintain their competitive edge in the market. Overall, the global market is expected to witness steady growth in the coming years, driven by increasing urbanization, infrastructure development, and the demand for cost-effective and sustainable building materials.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Furniture
Fastest Growth
Furniture
Growth Rate
6.3% CAGR
Global Particle Board Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Particle Board Market Segmental Analysis
The Global Particle Board Market is segmented by application, end-use and region. Based on application, the market can be segmented into furniture, construction and others. Based on end-use, the market is segmented into commercial, residential and industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Application
The dominant segment in the global particle board market is furniture. Particle board is widely used in the furniture industry due to its affordability, versatility, and availability in various thicknesses and sizes. It is extensively utilized for manufacturing ready-to-assemble furniture, cabinets, shelves, and other household furniture items. The demand for particle board in the furniture segment is driven by factors such as cost-effectiveness, durability, and the ability to be easily processed and finished with laminates or veneers. The furniture industry's continuous growth, particularly in emerging economies, contributes to the dominance of this segment in the particle board market.
On the other hand, the fastest growing segment in the global particle board market is construction. Particle board finds significant applications in the construction sector, primarily for interior applications such as wall partitions, flooring, false ceilings, and door cores. The construction industry's growth, driven by urbanization, infrastructure development, and increasing construction activities, has led to a rising demand for particle board as a cost-effective and versatile building material. Moreover, the product innovations in particle board, such as enhanced strength, moisture resistance, and fire-retardant properties, have further fueled its adoption in the construction segment. The construction industry's expansion, especially in emerging economies, is expected to drive the fastest growth of the particle board market in the construction segment.
Analysis by End-use
The dominant segment in the global particle board market based on end-use is residential. Particle board is extensively utilized in residential applications due to its affordability, availability, and versatility in various furniture and construction applications. It is commonly used in residential furniture manufacturing, such as cabinets, beds, tables, and shelves, owing to its cost-effectiveness and ease of customization. Additionally, particle board is used in residential construction for interior applications like wall panels, flooring, and false ceilings. The growing demand for affordable and durable furniture solutions in the residential sector, along with the increasing focus on sustainable and eco-friendly materials, drives the dominance of the residential segment in the particle board market.
The fastest growing segment in the global particle board market based on end-use is the commercial sector. Particle board is witnessing significant growth in commercial applications due to its suitability for office furniture, retail fixtures, hospitality furnishings, and other commercial infrastructure requirements. The commercial sector demands durable and cost-effective furniture and construction materials, and particle board offers an attractive solution. The rise in commercial construction projects, including office spaces, hotels, and retail outlets, especially in developing economies, contributes to the fast-paced growth of particle board in the commercial segment. Additionally, the growing trend of sustainable building practices and the need for versatile materials further drive the adoption of particle board in the commercial sector.
Global Particle Board Market By Application
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Particle Board Market Regional Insights
Asia Pacific dominated the global particle board market. Asia Pacific holds the largest market share in the particle board industry due to the region's extensive furniture manufacturing sector, booming construction activities, and a large consumer base. The growing urbanization, rising disposable incomes, and changing lifestyle preferences in countries like China, India, and Southeast Asian nations contribute to the dominance of the Asia Pacific region. Moreover, the availability of raw materials, favorable government initiatives, and low production costs further support the growth of the particle board market in this region.
The Middle East and Africa (MEA) is the fastest growing region in the global particle board market. The MEA region is experiencing rapid urbanization, infrastructure development, and increasing commercial and residential construction projects, which drive the demand for particle board. The rise in disposable incomes, expanding population, and growing tourism industry in countries like the United Arab Emirates, Saudi Arabia, and South Africa contribute to the robust growth of the particle board market in the MEA region. Additionally, the focus on sustainable building materials and the need for affordable furniture solutions further fuel the adoption of particle board in this region, making it the fastest-growing segment in terms of regional market expansion.
Global Particle Board Market By Geography
- Largest
- Fastest
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Particle Board Market Dynamics
Drivers
Increasing demand for affordable and durable furniture solutions
- One key driver of the global particle board market is the increasing demand for affordable and durable furniture solutions. Particle board offers a cost-effective alternative to solid wood furniture, making it an attractive option for consumers looking for budget-friendly options without compromising on quality.
Restraints
Concern over formaldehyde emissions from low-quality particle boards
- One key restraint of the global particle board market is the concern over formaldehyde emissions from low-quality particle boards. Formaldehyde, which is commonly used in the production of particle boards, can emit volatile organic compounds (VOCs) that are harmful to human health. Stringent regulations and standards have been implemented to limit formaldehyde emissions from particle boards, requiring manufacturers to develop low-emission alternatives and invest in technologies that reduce VOC emissions. Compliance with these regulations and ensuring product safety can pose challenges for manufacturers in the particle board market.
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Particle Board Market Competitive Landscape
The competitive landscape of the global particle board market is characterized by intense competition among players striving to maintain their market share. Key strategies employed by market participants include product innovation, expansion into new markets, strategic partnerships, and mergers and acquisitions. Manufacturers focus on enhancing product quality, developing environmentally friendly alternatives, and improving the overall performance characteristics of particle boards to meet the evolving customer demands. Additionally, players invest in research and development activities to introduce advanced manufacturing techniques and develop new applications for particle board. Market competition is driven by factors such as pricing, product differentiation, brand reputation, and distribution networks, with an emphasis on meeting customer requirements and ensuring compliance with regulatory standards.
Top Player’s Company Profiles
- Krifor Industries (US)
- Wanhua Ecoboard Co. Ltd (China)
- Uniboard (Canada)
- Timber Products Company (US)
- UPM-Kymmene Oyj (Finland)
- Menard, Inc. (US)
- Columbia Forest Products (US)
- Peter Benson (Plywood) Limited (UK)
- Georgia-Pacific Building Products (US)
- Egger Group (Austria)
- Arauco (Chile)
- Kronospan Holdings Ltd. (Luxembourg)
- Daiken Corporation (Japan)
- Norbord Inc. (Canada)
- Swiss Krono Group (Switzerland)
- Duratex S.A. (Brazil)
- Sonae Indústria, SGPS, S.A. (Portugal)
- Kastamonu Entegre (Turkey)
- West Fraser Timber Co. Ltd. (Canada)
Recent Developments
- In November 2022, CenturyPly revealed its intention to construct a new particle board manufacturing facility in Tamil Nadu, India. By the end of the fiscal year 2025, this plant is projected to have an annual capacity of 360,000 cubic meters (CBM).
- In December 2021, Greenlam Industries Limited announced its investment plans for a new manufacturing facility dedicated to particle boards and plywood. Over the next two to three years, the plant will be established, with a targeted annual capacity of 231,000 CBM for particle boards.
Particle Board Key Market Trends
- One key market trend in the global particle board market is the increasing demand for sustainable and eco-friendly particle board products. With growing environmental awareness and concerns, there is a rising preference for building materials that are sourced from sustainable and renewable resources. Consumers are seeking particle boards that are manufactured using recycled wood chips and residues, as well as low-emission alternatives that reduce formaldehyde emissions. This trend is driving manufacturers to develop and offer eco-friendly particle board solutions to cater to the evolving market demands and regulations surrounding sustainability.
Particle Board Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global particle board market analysis, the market is experiencing significant growth driven by the demand for affordable and durable furniture solutions, particularly in the residential sector. Particle board, a cost-effective engineered wood product, finds extensive applications in furniture manufacturing and construction. The market is influenced by factors such as urbanization, infrastructure development, and the shift towards sustainable building materials. However, concerns over formaldehyde emissions from low-quality particle boards pose a restraint. Asia Pacific dominates the market, with a large consumer base and thriving furniture manufacturing and construction industries. The Middle East and Africa exhibit the fastest growth due to rapid urbanization and increasing commercial and residential construction projects. The competitive landscape is characterized by players focusing on product innovation, expansion strategies, and compliance with regulatory standards. Overall, the global market is poised for steady growth with an emphasis on sustainability and meeting customer demands.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 11.08 billion |
| Market size value in 2031 | USD 19.2 billion |
| Growth Rate | 6.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Particle Board Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Particle Board Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Particle Board Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Particle Board Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Particle Board Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Particle Board Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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