Construction Segment to Remain the Fastest Expanding Application of Plywood Market During 2022-2027
The global plywood market size is projected to grow from USD 54.2 billion in 2022 to USD 73.3 billion by 2027, at a CAGR of 6.2%, According to the MarketsandMarkets™ analysis. Plywood is a well-known manufactured wood-based panel product that has been used in global development projects for many years. Plywood panels for structural applications are made up of many layers or plys of softwood veneer that are bonded together so that the grain direction of each layer of veneer is perpendicular to the grain direction of the layers above it. With a waterproof phenol-formaldehyde resin glue, these cross-laminated sheets of wood veneer are joined together and cured under heat and pressure.
The plywood market is divided into hardwood and softwood. Softwood accounted for the largest share and is a major type of plywood used in multiple end-use industries. Softwood Plywood is plywood with a softwood face and back veneer rather than a hardwood veneer such as Birch, Maple, Oak, and so on. Softwood plywood panels are utilized for structural applications because they include a softwood core that is faced and backed with a softwood veneer. Softwood plywood is mostly utilized for structural applications in the building sector. Softwood plywood comes in a variety of grades, widths, and thicknesses depending on how it will be used; however, the highest grades are occasionally utilized for ornamental reasons such as furniture and cabinet construction. Most softwood plywood is exterior grade and produced with moisture-resistant glue (such as phenol resin adhesive).
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The softwood segment is divided into two sub-segments which include construction and industrial. The construction sub-segment holds the largest share of the plywood market and will continue to be the largest market during the forecast period as well. White pine wood is a popular material for a wide range of construction tasks, from crafts to home building. Pine wood is a popular choice for cabinets, woodwork projects of many sorts, and furniture since it is affordable, readily accessible, and varies from clear to knotty. Pinewood is a lightweight, straight-grained, soft, white, or light-yellow wood. It is resistant to shrinking, swelling, and warping. Pine is quite simple to shape and dye. When pine comes into touch with dirt, it decays quickly. It is found across the Northern Hemisphere. Firwood is also known as Douglas Fir. Fir has a reddish-brown hue and straight grain. It has a homogeneous texture, is non-resinous, and has a low decay resistance. In comparison to other softwoods, fir is rather hard. It is difficult to stain, thus it is usually utilized in its natural state or as a painted surface. North and Central America, North Africa, Europe, and Asia are all home to fir trees.
Based on use type, the plywood market is segmented into new construction and rehabilitation. New construction covers major chunk of the plywood market. Over the medium term, construction will be a growth engine for the global economy, with growth averaging 4.4% between 2020 and 2025, which is greater than growth in both manufacturing and services. Construction production growth is predicted to average around 3.5% per year between 2020 and 2030, continuing to be a significant driver of global economic growth. During the period 2025 to 2030, growth in construction is expected to continue to be higher than manufacturing, and lower than services. The global construction market is expected to grow by US$4.5 trillion between 2020 and 2030, reaching US$15.2 trillion. US$8.9 trillion of this will be in emerging markets in 2030. Growth is projected to be concentrated in a few nations. China, India, the United States, and Indonesia account for 58.3% of worldwide building growth between 2020 and 2030. Over the next decade, ten markets likely contribute for about 70% of the $4.5 trillion in growth. These positive factors are expected to drive the plywood in the near future.
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4’x8’ plywood is one of the most versatile materials used in the construction industry. It is used in an array of applications, including flooring, wall sheathing, roofing, and furniture-making. Its versatility, affordability, and availability make it the most commonly used building material in the United States and other countries around the world. As a result, it is likely to have the largest market share among other building materials.
The 4’x8’ plywood offers a variety of advantages, including its strength and light weight, which make it ideal for many construction projects. It is also more resistant to moisture and temperature changes than other building materials, making it a great choice for outdoor use. Additionally, it is easy to cut, nail, and shape into the desired shape, making it a great choice for both amateur and professional builders.
Plywood is a manufactured wood panel made from thin sheets of wood veneer. It is one of the most widely used wood products. It is usually made up of several layers of thin sheets of wood veneer that are glued together. Plywood panels typically come in thicknesses ranging from 1/8 inch (3 mm) to 1 1/8 inch (28 mm). The most common thicknesses used are 1/4 inch (6 mm) and 3/4 inch (18 mm).
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Plywood of 18 mm thickness is the most commonly used thickness and has the largest market share owing to its durability. Plywood of 18 mm thickness is ideal for most construction projects, furniture making, and cabinetry. It is strong enough to provide structural stability and can be used for a variety of applications. It is also lightweight and easy to work with compared to other thicker plywood varieties. Additionally, plywood of 18 mm thickness has a longer life span than thinner plywood varieties. This makes it a popular choice for many projects.The plywood market in South America is projected to register the second-highest CAGR, in terms of value, between 2022 and 2027. The plywood market is gaining momentum in South America and is witnessing moderate growth. Rising population, increasing urbanization, and growing purchasing power are projected to help market growth in South America. Apart from Brazil and Argentina, the other countries in the region are still in the initial phase of development.
Niche opportunities exist in the region; however, it will be difficult for foreign companies to enter the region because of political risks, foreign exchange uncertainty, and economic imbalances. Most global players intend to enter this market through distribution alliances with other firms and strategic acquisitions rather than by setting up manufacturing facilities.
The Asia Pacific region is the largest consumer of plywood and is expected to witness the highest growth in the upcoming years. China is the largest producer and consumer of plywood in the region. India, Japan, and South Korea are the other major markets in the region. The growth of the Asia Pacific plywood market is mainly driven by rapid industrialization, growth in the construction and furniture industries, and increasing urbanization. Additionally, the growth of the e-commerce sector is also expected to drive the demand for plywood in the region. Moreover, the presence of several major plywood manufacturers in the region is expected to boost the plywood market in the region.
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The plywood market has various small, medium, and large players. Some of the major market players Boise Cascade Company (US), Weyerhaeuser Company Ltd (US), Upm-Kymmene Oyj (Finland), Sveza Forest Ltd (Russia), Austral Plywoods Pty Ltd (Australia), Potlatchdeltic Corporation (US), Greenply Industries (India), Metsä Wood (Metsäliitto Cooperative) (Finland), Centuryply (India), Austin Plywood (India) among others, have framed their strategies to penetrate and create bases in these emerging markets. Moreover, major companies are focusing on strengthening their R&D facilities to provide efficient and sustainable products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the plywood market over the next five years.
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