Wood-based Panel Market is Expected togrow substantially
The global Wood-based Panel Market is projected to witness tremendous growth over the forecast period, driven primarily by surge in new commercial and residential constructions in developed as well as developing countries.
Repair and renovation activities across the world have also had a positive impact on the market. Stringent rules and regulations implemented on deforestation activities has encouraged the need for efficient timber utilization, which in turn, is driving demand for wood-based panels.
These panels are of various types; they can be particle board, plywood (softwood and hardwood), fiberboard (MDF and hardboard), laminated veneer lumber (LVL), oriented strand board (OSB), block board, wafer board, and other composite structural panels.
Asia Pacific is a prominent market, primarily owing to rapid industrialization and increasing infrastructural activities in the region. Demand is also triggered by need for structural panels in the construction industry. The region is projected to exhibit a strong CAGR during the forecast period on account of increasing construction and infrastructural activities in countries such as China, India, and South Korea. Thailand, Malaysia, and Indonesia, among others, are observing rapid growth in demand for Medium Density Fiberboard (MDF) and particleboard panels, which can be attributed to increasing demand for high-quality furniture.
Countries such as U.S., Netherlands, Germany, and South Korea have been leading importers of wood-based panels, accounting for around half the global imports. China and Indonesia, on the other hand, were leading exporters of these products.
Increasing application in the manufacture of sidings, flooring and decking, and windows and doors in the construction sector is expected to impact market growth. Moreover, rising demand for furniture such as cabinets, shelves, cupboards, and desks is anticipated to drive this market. Wood-based panels are also used in the packaging industry for the manufacture of boxes, crates, and containers used in shipping and logistics.