The wood based panels have witnessed an upward surge on the backdrop of an increase in the growth of construction industry over the past few years. Market Research Future suggests that the global wood based panels market would witness a substantial surge of around 8% CAGR during the forecast period (2019-2023). The market is getting prominence with the evolving construction industry.
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The well-known players actively contributing to the global wood based panels market are listed as Kronospan, Weyerhaeuser Company, Klenk Holz AG, Dongwha Group, ante-Group, Caihong Wood Co. Ltd, Norbord Inc., and to name a few.
Market Drivers & Trends
Among the significant factor, the rising investments in residential and commercial construction in emerging regions such as Brazil, Saudi Arabia, India, and China have r propelled the demand for wood based panels market considerably. Also, the rapid urbanization, coupled with the rise in demand for green buildings are the major factors that are helping in enhancing the growth of the wood-based panels market.
At the same time, the manufacturers are highly using expansion strategy mainly to strengthen their position in the market, which is also contributing to the market’s growth. On the other hand, the global wood based panels market is also likely to observe balanced growth with the high demand from the construction sector for a set of applications such as roofing, cladding, flooring, and ceiling. These factors are thus, driving the market to expand exponentially throughout the forecast period
Furthermore, the manufacturers in the construction industry are also tapping for lucrative opportunities to bring in with the help of adopting key strategies such as investments, regional expansions, to rise-up their presence in the market.
On the flip side, the factors such as stringent regulations on manufacturing of wood based panels products are anticipated to threat the developing market and its growth during the forecast period.
The segmental analysis of the global wood based panels market has been done by product and application.
In terms of product: MDF, HDF, OSB, particleboard, softwood, plywood are the segments. Wherein, the application segment is categorized into construction, furniture, and packaging. The construction segment is also bifurcated into floors & roofs, windows & doors, siding, and others. In the end, the furniture segment is also segmented into residential and commercial.
In terms of application: MDF had the largest market share of around 45% in the whole wood based panels market, which is also likely to observe a high growth rate during the forecast period. Such a growth is mainly attributed to the extensive applications used in vertical and horizontal wood based panels throughout the construction industry. The flexibility of the product along with its wide range of applications in the construction industry make it a likely contender. Also, the high demand for MDF products used for manufacturing flooring, furniture, and cabinetry, is likely to drive the market.
Region-wise analysis of the global wood based panels market has been studied in North America, Europe, Asia-pacific, and Rest of the World (RoW).
Among these, Asia-Pacific had the largest market share of approximately 56% and is also the fastest-growing market, which is likely to hold its leadership during the forecast period. Successive growth of public and private sector investments in infrastructural construction projects in emerging countries such as China and India are also observed to create lucrative opportunities in wood based panels market in this region.
North America region also scored for being the second-largest market, which is expected to exhibit sustainable growth rate over the forecast period. The factors like repair and renovation activities in the real estate and commercial sector have augmented the demand for wood based panels in this region. With this, the region is also positively influenced by the presence of foremost market players who are mainly based out in the US.
Whereas, in 2017, the Europe region also recorded for having a market share of approximately 25% in the entire wood based panels market, which will continue to retain its position by 2023. Furthermore, the booming construction industry in the residential, commercial, and industrial sector is highly expected to contribute to the demand for wood based panels market in Europe.
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Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
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