Wood-Based Panel Market size was valued at $190.9 billion in 2021, and is projected to reach $354.9 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031
WILMINGTON, DELAWARE, UNITED STATES, February 7, 2024 /EINPresswire.com/ — The Global Wood-Based Panel market was estimated at $190.8 billion in 2021 and is expected to hit $354.9 billion by 2031, registering a CAGR of 6.4% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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The rise in the adoption of wood-based panels in residential and non-residential construction fuels the growth of the global wood-based panels market. Growing demand for wood-based panels in various industry verticals such as construction, furniture, packaging, flooring, and decorative propels lucrative opportunities for the growth of the wood-based panels market. By product type, the particleboards segment held the highest share in 2021. By region, Asia-Pacific would showcase the fastest CAGR by 2031.
The disrupted supply chain across the world gave way to decreased use of wood-based panel materials, which in turn impacted the global wood-based panel market negatively, especially during the initial phase.
However, the market is projected to grow steadily, owing to increased building and construction activities.
The global wood-based panels market is analyzed across product types, applications, end-user, and regions. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By product type, the particleboards segment held the largest share in 2021 and is expected to exhibit the highest CAGR of 6.8%, owing to the increasing number of interior designing and construction activities that are significantly driving the growth of the wood-based panel market. The plywood, MDF, OSB, and other segments are also analyzed through the report.
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By application, the furniture segment is anticipated to dominate the wood-based panels market and is anticipated to exhibit the highest CAGR of 6.5% during the forecast period, owing to the increase in trend for luxury wooden furniture in the home and office interior designs offers potential growth opportunities for wood-based panels industry expansion. The construction, packaging, and other segments are also analyzed through the report.
By end-user, the residential segment accounted for the highest share in 2021, and it is anticipated to grow at the fastest CAGR of 6.5% during the forecast period, owing to the new construction has been the biggest influencing factor for wooden flooring sales activities in recent years.
By region, Asia-Pacific held the major share in 2021, garnering more than two-thirds of the global wood-based panel market revenue. The same region would also showcase the fastest CAGR of 6.7% from 2022 to 2031. The other provinces assessed through the report include North America, Europe, and LAMEA.
The key market players analyzed in the global wood-based panels market report include Dare Panel Group, Century Plyboards Limited, Egger Group, Evergreen Fibreboard Berhad, Georgia Pacific Wood Products LLC, Kronoplus Limited, Louisiana-Pacific Corporation, Sonae Arauco, West Fraser, Weyerhaeuser Company. These market players have embraced several strategies including investments, expansion, acquisition, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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