Portland,OR, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “MDF And Chipboard Market by Product Type (MDF, Chipboard, Edgeband), by Application (Cabinet, Flooring, Furniture, Molding, Door, & Millwork, Packaging System, Others), by End User Industry (Residential, Commercial, Institutional): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global MDF and chipboard market was valued at $58.6 billion in 2020 and is projected to reach $134.5 billion by 2032, registering a CAGR of 6.2% from 2023 to 2032.
MDF and chipboard are engineered wood products that offer economical alternatives to solid wood, addressing the demand for sustainable material utilization. Even though both chipboard and MDF are made from wood fibres, their production processes and structural compositions differ.
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Prime determinants of growth
The growth of the furniture industry, the rise in building construction, and the advantages associated with MDF and chipboard drive the growth of the MDF and Chipboard market. However, fluctuating prices of raw materials and health hazard restricts market growth. Moreover, the rise of the home remodeling market is anticipated to provide lucrative opportunities in the coming years.
Report coverage & details:
Report Coverage | Details |
| Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2020 | $58.6 billion |
Market Size in 2022 | $72.3 billion |
| Market Size in 2032 | $134.5 billion |
| CAGR | 6.2% |
| No. of Pages in Report | 660 |
| Segments Covered | Product Type, Application, End User Industry and Regions. |
| Drivers | Growth of furniture industry. Rise in building construction. Advantages of MDF and chipboard. |
Opportunities | Rise of home remodeling market. |
Restraints | Fluctuating prices of raw materials. Health hazard. |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the MDF and chipboard market faced a downturn.
- However, as the global situation started improving, the demand for MDF and chipboard was restored back. This, in turn, presented various growth opportunities for companies operating in the MDF and chipboard market.
The MDF segment maintained its leadership status throughout the forecast period.
Based on product type, the MDF segment held the highest market share in 2022, accounting for more than two-thirds of the MDF and chipboard market revenue, and is estimated to maintain its leadership status throughout the forecast period, MDF is affordable relative to solid wood which makes it an attractive choice for cost-effective yet visually appealing projects. However, the chipboard segment is projected to manifest the highest CAGR of 6.8% from 2023 to 2032, chipboard can be used in a wide range of applications, including furniture production, cabinetry, interior walls, shelving, and more.
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The furniture segment maintained its leadership status throughout the forecast period.
Based on application, the furniture segment held the highest market share in 2022, accounting for more than one-thirds of the MDF and chipboard market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to utilization of MDF and chipboard for flooring supports sustainable practices by utilizing recycled wood fibers and waste materials, reducing the demand for virgin timber. However, the packaging system segment is projected to manifest the highest CAGR of 7.1% from 2023 to 2032, MDF and chipboard are utilized in packaging systems to create protective inserts, crating, and pallet components.
The residential segment maintained its leadership status throughout the forecast period.
Based on end user industry, the residential segment held the highest market share in 2022, accounting for nearly half of the MDF and chipboard market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the commercial segment is projected to manifest the highest CAGR of 6.6% from 2023 to 2032, owing to the high demand generated by the commercial sector, owing to urbanization in developing countries.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the MDF and chipboard market revenue, and is likely to dominate the market during the forecast period. A significant increase in demand for MDF and chipboard in residential as well as commercial segments is expected to fuel the market growth in the Asia-Pacific region. However, the Africa region is expected to witness the fastest CAGR of 7.4% from 2023 to 2032. Rapid urbanization and a growing population in certain parts of the Africa region have led to increased demands for substantial adoption of the product and it is expected to drive the growth of the MDF and chipboard market.
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Leading Market Players: -
- AGT Agac Sanayi ve Ticaret A.S.
- Arauco and Constitution Pulp Inc.
- Arkopa Ahsap Panel San. A.S.
- ARPA INDUSTRIALE S.p.A. (FENIX)
- Boyut Plastik
- Century Plyboards (India) Ltd
- CLEAF S.P.A.
- Dare Panel Group Co., Ltd.
- Egger Holzwerkstoffe GmbH
- Gizir Wood Products
- Greenpanel Industries Limited
- GRUPO ALVIC FR MOBILIARIO, S.L.
- Isik Ahsap
- KAP Ltd.
- KAREBANT A.S.
- KASTAMONU ENTEGRE A.Ş.
- Korosten MDF manufacture
- Kronospan Limited
- M. KAINDL GmbH
- Meva Ahap
- Mobelkant
- Portakal Ahap retim Paz.Ltd.ti
- Saviola Holding srl
- Swiss Krono
- West Fraser Timber Co. Ltd.
- Yildiz Entegre.
The report provides a detailed analysis of these key players of the MDF and chipboard market. These players have adopted different strategies such as new product launches, business expansion, acquisition, collaboration, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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