What is the market size of Wood Based Panel Market?

Global Wood Based Panel Market size was valued at around USD 177.10 billion in 2022 and is expected to rise from USD 189.32 billion in 2023 to reach a value of USD 322.86 Billion by 2031, at a CAGR of 6.9% over the forecast period (2024–2031).

Wood Based Panel Market Size, Share, Growth Analysis, By Product(Particleboards, Plywood, Oriented Strand Board, Medium Density Fiberboard), By Application(Construction, Furniture, Packaging, Others), By End User(Residential, Non-residential), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2025-2032

Report ID: SQMIG20C2058 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 95 | Figures: 76

Wood Based Panel Market Dynamics

Wood Based Panel Market Drivers

Growing Demand for Affordable and Sustainable Building Materials

The demand for wood-based panels is increasing due to the growing need for affordable and sustainable building materials. Wood-based panels are cost-effective and offer better insulation than traditional building materials, such as brick and concrete.

Wood Based Panel Market Restraints

Availability of Alternative Materials

Wood-based panels face stiff competition from other materials, such as steel, aluminum, and plastic. These materials offer better strength and durability than wood-based panels and are preferred in certain applications.

Wood Based Panel Market Report Snapshots

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Wood Based Panel Market size was valued at USD 189.32 Billion in 2023 and is poised to grow from USD 202.38 Billion in 2024 to USD 345.14 Billion by 2032, growing at a CAGR of 6.9% during the forecast period (2025-2032).

To fulfil the changing expectations of consumers and gain a competitive edge in the market, manufacturers are putting their efforts into creating new and environmentally friendly products. In order to boost their client base and market share, businesses are also increasing their presence in emerging markets through strategic alliances, acquisitions, and collaborations. 'Georgia-Pacific LLC', 'Norbord Inc.', 'Weyerhaeuser Company', 'Kronospan Holdings Limited', 'Arauco S.A.', 'Egger Group', 'Louisiana-Pacific Corporation', 'Kastamonu Entegre', 'Dongwha Enterprise Co., Ltd.', 'Sonae Industria SGPS SA', 'Swiss Krono Group', 'Pfleiderer AG', 'Metsä Group', 'UPM-Kymmene Corporation', 'Sumitomo Forestry Co., Ltd.', 'Greenply Industries Limited', 'Century Plyboards (India) Limited', 'Guangdong Yuzhu Timber Co., Ltd.', 'Shanghai Jiaodian Wood Co., Ltd.', 'Suzhou Huihua Wood Co., Ltd.'

The demand for wood-based panels is increasing due to the growing need for affordable and sustainable building materials. Wood-based panels are cost-effective and offer better insulation than traditional building materials, such as brick and concrete.

Increasing demand for eco-friendly and sustainable products: The demand for eco-friendly and sustainable building materials is growing rapidly, and wood-based panels are considered to be a viable alternative to traditional materials such as concrete and steel. Manufacturers are responding to this trend by developing innovative and eco-friendly products that meet the needs of environmentally conscious consumers.

Asia Pacific held the greatest market share of 54.34% in 2022 and is expected to grow at a 7.9% CAGR during the forecast period. Emerging economies such as China, India, and Japan are expected to drive product demand in packaging and building applications. Because of population growth, which necessitates substantial investments in construction, China is the Asia Pacific's largest manufacturer and buyer of wood-based panels. A boost in packaging applications is supporting product demand as the country's industrial exports increase.

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Wood Based Panel Market Dynamics

Wood Based Panel Market Report Snapshots

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