The global Wood Based Panel market is forecast to reach USD 259.54 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand, due to the properties offered by the product, such as durability and strength, along with a low-cost factor. The product is used in cladding, ceiling, roofing, furniture, and flooring applications. New players entering the market have focused on making unique and advanced products, which leads to increasing demand for the product.
Countries worldwide, especially in the Asia-Pacific region, are making considerable investments in the construction industry. An increase in the number of public-private partnerships for developing the construction industry is also being seen, especially in countries like China, Saudi Arabia, and India. This is expected to drive the demand for the Wood Based Panel market, as the product finds extensive applications in the construction industry.
The product is made from raw materials, such as timber and fiber wood, which are procured from log merchants, recycled fiber brokers, and sawmills. Fluctuations in the supply, as well as prices of raw materials, are expected to hamper the market demand. Increasing concerns regarding the emissions of formaldehyde, total organic carbon, and dust are also likely to lead to a decline in product consumption, thereby reducing the demand for Wood Based Panel.
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Key participants include Georgia-Pacific, Kastamonu Entegre, Norbord Inc, EGGER Group, Starbank Panel Products Ltd., SGS Industrial Services, Dare Panel Group Co., Ltd., Kronospan Limited, Klenk Holz GmbH, and Robin Wood, among others.
Further key findings from the report suggest
- The Offline Segment occupied 75.8% of the market share in 2019. This is because consumers like to physically examine the product before buying, to make sure it fits their requirements.
- In terms of Application, Packaging is forecasted to grow at a CAGR of 6.7%. This is because the product offers high strength and impact resistance. This makes it ideal for packaging material, even in long-distance transportation. It is recyclable, which is leading to the replacement of non-recyclable materials, such as plastics, being replaced by Wood Based Panels.
- Softboard is forecasted to grow at a CAGR of 7.0% in the forecast period. This is due to the properties it offers, such as prevention against cold and overheating. They also act as an acoustic barrier against noise transfer. These provide easy to install capabilities.
- The Middle East and Africa occupied 4.9% of the market share in 2019. This is due to the increasing R&D activities by the players present in the region. There are constant innovations in the region to make the product to be cost-effective and high performing. The region has a relatively higher distribution cost than other regions, which can hamper the market demand.
- China is the largest producer as well as consumer of Wood Based Panel. This is primarily due to the high population growth in the country, which leads to the growth of the construction industry. Also, due to a high amount of exports from the country, the product is used extensively in packaging applications.
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Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Wood Based Panel market.
For the purpose of this report, Reports and Data have segmented into the global Wood Based Panel market on the basis of product, distribution channel, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Oriented Strand Board
- High Density Fiberboard
- Medium Density Fiberboard
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Offline Stores
- Online Stores
Application Outlook (Revenue, USD Billion; 2017-2027)
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Moreover, the report offers an accurate forecast estimation through a thorough analysis of the historical data (2017-2018) while considering 2019 as the base year. The data offers a panoramic view of the market, assisting the readers to gain valuable insights into the Wood Based Panel market. To impart better understanding of the market, the key statistical data is organized into pictorial representations such as charts, graphs, tables, diagrams, and figures.
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