WELLESLEY, Mass., Aug. 13, 2018 (GLOBE NEWSWIRE) -- The global plywood market is seeing brisk growth thanks to worldwide economic growth, subsidies for tree planting, and significant investments in infrastructure and housing, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 7.8% through 2022, when it is forecast to reach $128.3 billion, according to the report Plywood Manufacturing: Global Markets to 2022.
Major players in the market include Celulosa Arauco y Constitución, Columbia Forest Products, Georgia-Pacific, Dehua TB New Decoration Materials Co. and UPM Group.
Research Highlights
- In 2017, construction accounted for 39.1% of the market, followed by furniture (25.9%), flooring (14.5%) and packaging (8.8%). The construction plywood market was worth $34.5 billion.
- The Asia-Pacific plywood manufacturing market totaled $61.1 billion in 2017 and is estimated to reach $92.3 billion by 2022, growing at a CAGR of 8.6%.
- The North American plywood manufacturing market totaled $12.8 billion in 2017 and is estimated to reach $18.3 billion by 2022, growing at a CAGR of 7.4%.
“There is mounting pressure to increase investments, reduce prices and improve quality of plywood products,” the report notes. “At the same time, emerging market growth, increasing investments, rapid urbanization and rising population, rapid growth in manufacturing and construction activity in emerging markets is driving the demand for plywood products for construction, packaging and transportation.”
Market Trends Include Improved Technology, Flame Resistance
Several major trends are shaping the plywood manufacturing market, the report adds. Chief among them is improved manufacturing technology, where sensor and wireless technologies are improving efficiency and reducing breakdowns. Additionally, manufacturers are increasingly using fire retardant chemicals in their products, especially those targeted for use in kitchens. Other trends include formaldehyde alternatives for adhesives and automation and robotics, which can enhance production efficiency and reduce costs.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.