Wood-based Panels Market Is Slated To Increase At A CAGR Of 6.4% To Reach A Valuation Of $354.9 Billion By 2031

2024-04-12 10:11:19

The rise in the adoption of wood-based panels in residential and non-residential construction fuels the growth of the global wood-based panels market. Growing demand for wood-based panels in various industry verticals such as construction, furniture, packaging, flooring, and decorative propels lucrative opportunities for the growth of the wood-based panels market. By product type, the particleboards segment held the highest share in 2021. By region, Asia-Pacific would showcase the fastest CAGR by 2031.

The global wood-based panels market was estimated at $190.8 billion in 2021 and is expected to hit $354.9 billion by 2031, registering a CAGR of 6.4% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

Covid-19 scenario-

The disrupted supply chain across the world gave way to decreased use of wood-based panel materials, which in turn impacted the global wood-based panel market negatively, especially during the initial phase.

However, the market is projected to grow steadily, owing to increased building and construction activities.

The global wood-based panels market is analyzed across product types, applications, end-user, and regions. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

By product type, the particleboards segment held the largest share in 2021 and is expected to exhibit the highest CAGR of 6.8%, owing to the increasing number of interior designing and construction activities that are significantly driving the growth of the wood-based panel market. The plywood, MDF, OSB, and other segments are also analyzed through the report.

By application, the furniture segment is anticipated to dominate the wood-based panels market and is anticipated to exhibit the highest CAGR of 6.5% during the forecast period, owing to the increase in trend for luxury wooden furniture in the home and office interior designs offers potential growth opportunities for wood-based panels industry expansion. The construction, packaging, and other segments are also analyzed through the report.

By end-user, the residential segment accounted for the highest share in 2021, and it is anticipated to grow at the fastest CAGR of 6.5% during the forecast period, owing to the new construction has been the biggest influencing factor for wooden flooring sales activities in recent years.

By region, Asia-Pacific held the major share in 2021, garnering more than two-thirds of the global wood-based panel market revenue. The same region would also showcase the fastest CAGR of 6.7% from 2022 to 2031. The other provinces assessed through the report include North America, Europe, and LAMEA.（source：globalwood.org）