The global plywood market is anticipated to touch USD 108.1 billion at a 6.1% CAGR over the forecast period (2020- 2027), reveals the current Market Research Future (MRFR) report. Plywood is a form of manufacturing board manufactured from thin layers of wood veneers that are fixed together at right angles. Today different forms of plywood are accessible in the market that is designed with enhanced durability, low toxicity, environmental sustainability, and aesthetics.
Attractive Features that Bolster Market Growth
As per the MRFR report, there are numerous factors that are propelling the plywood market share. Some of these entail the increasing need for ready-made and easy to install furniture, growing need for chequered plywood for automotive flooring, people’s increasing disposable income, consumer’s changing inclination, expanding construction sector, increasing construction activities both for commercial and residential purposes, increasing preference for well-designed walls, home ceilings, and floors, and robust population growth. The additional factors adding market growth include the growing preference for branded plywood, increasing use in a structural design company, and in the marine industry.
On the contrary, the increased price of plywood over other substitutes, which offer similar characteristics coupled with the changing preference of packaging manufacturers over materials like cardboard, metals, and plastics, may limit the global plywood market growth over the forecast period.
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COVID-19 Analysis
Almost every industry has fallen prey to the ongoing novel coronavirus, with the plywood market being no exception. This pandemic has acted as a huge restraint on the plywood products manufacturing market due to disruptions in supply chains owing to trade restrictions and decline in consumption due to government-imposed lockdowns across the globe. COVID-19 is an immensely infectious disease that has flu-like symptoms like difficulty in breathing, cough, and fever. Steps undertaken by the government in order to contain the spread of the deadly virus have led to a halt especially in the manufacturing activities and a fall in the economic activity following countries entering into a lockdown, with the pandemic having a negative effect on businesses all through 2020 and into 2021. Since the beginning of the containment in March 2020, industrial activities have been at a standstill. Panel factories, furniture, carpentry, and industrial joinery have stopped producing about 90% of production. The public works and building are at a standstill with only repair activities and maintenance continuing. A guide to preventive measures is being drawn up to ensure that construction sites are resumed. However, it is predicted that the plywood market will recover from the shock. The growth is chiefly due to the companies rearranging operations and recovering from the coronavirus impact that led to restrictive containment measures, including social distancing, closure of commercial activities, and remote working that led to operational challenges.
Market Segmentation
The MRFR report throws light on an inclusive analysis of the plywood market based on grade, wood type, and application.
By grade, the global plywood market is segmented into structural grade, BWP grade, fire-resistant grade, and MR grade. Of these, the MR grade segment will lead the market over the forecast period.
By wood type, the global plywood market is segmented into softwood and hardwood. Of these, the softwood segment will dominate the market over the forecast period owing to its superior properties.
By application, the global plywood market is segmented into marine, packaging, automotive interior, construction and flooring, furniture, and others. Of these, the furniture segment will spearhead the market over the forecast period for the growing focus of homeowners on interior designing, aesthetic furnishing, and home décor.
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Regional Analysis
APAC to Dominate Plywood Market
Geographically, the global plywood market is bifurcated into Europe, the Asia Pacific (APAC), North America, the Middle East & Africa (MEA), & South America. Of these, the APAC region will dominate the market over the forecast period. Steadily increasing investments in infrastructure development, rapid infrastructural development, good share in furniture production in China, massive growth in the construction sector, the presence of key suppliers of plywood in South Asian countries, Brazil, and India, the growing indigenous demand for plywood in India, rising disposable income among the affluent and middle class, and the growing infrastructure in recent times are adding to the global plywood market growth in the region. Besides, the increasing demand due to expanding construction industry in Japan, India, and China are also adding market growth. Regions such as India, Brazil, and other South East Asian countries possess the potential of developing due to the accessibility of rich forest resources and wood plantations.
North America to Have Promising Growth in Plywood Market
In North America, the global plywood market is predicted to have promising growth over the forecast period. Increased consumption of plywood in the construction industry is adding to the global plywood market growth in the region.
Europe to Have Admirable Growth in Plywood Market
In Europe, the global plywood market is predicted to have admirable growth over the forecast period for the increasing need for plywood from the UK and Germany.
The MEA to Have Sound Growth in Plywood Market
In the MEA, the global plywood market is predicted to have sound growth over the forecast period. Increasing spending by private and public companies to develop commercial complexes is adding to the growth of the plywood market in the region.
In South America, the global plywood market is predicted to have steady growth over the forecast period.
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