Portland,OR, Jan. 27, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, 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.
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Report coverage & details:
| Forecast Period | 2022-2031 |
| Base Year | 2021 |
| Market Size in 2021 | $190.8 Billion |
| Market Size in 2031 | $354.9 Billion |
| CAGR | 6.4% |
| No. of Pages in Report | 234 |
| Segments Covered | Product type, Application, End-user, and Region |
| Drivers | Growth of the furniture industry |
| The rise in building construction | |
| The surge in focus on affordable homes | |
| Restraints | Fluctuation Prices of raw materials |
| Increase in threat of substitutes | |
| The rise in-home remodeling 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.
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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.
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Key Players:
The key market players analyzed in the global wood-based panels market report include Dare Panel Group, Century Plyboards Limited, Egger Group, Evergreen Fibreboard Berhad, Georgia Pacific Wood Products LLC, Kronoplus Limited, Louisiana-Pacific Corporation, Sonae Arauco, West Fraser, Weyerhaeuser Company. These market players have embraced several strategies including investments, expansion, acquisition, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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