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 2024-2031

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

Wood Based Panel Market News

In January 2024, Panel Plus Co., Ltd., a subsidiary of Mitr Phol Group and a pioneer in wood-based manufacturing in Thailand, announced a strategic alliance with EGGER. This partnership, marked by the signing of a Memorandum of Understanding (MoU), is set to revolutionize the development of products and services in the wood-based sector.
In January 2024, with the goal of further strengthening its own market position in Asia, the Egger Group acquired a 25.1% stake in the Thai wood-based material manufacturer Panel Plus Co., Ltd.
In December 2023, Century Plyboards (India) Ltd inaugurated India's largest integrated wood panel manufacturing plant at Badvel in Andhra Pradesh.

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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).

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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