Dublin, March 27, 2023 (GLOBE NEWSWIRE) -- The "Medium Density Fiberboard Market By Product type, By Application, By End-User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the medium density fiberboard (MDF) market size was valued at $53.9 billion in 2021, and is estimated to reach $96.5 billion by 2031, growing at a CAGR of 6% from 2022 to 2031.
Key Market Players
- Kronospan Limited
- Egger Holzwerkstoffe GmbH
- West Fraser Timber Co., Ltd.
- Kastamonu Entegre
- Arauco and Constitution Pulp Inc.
- Greenpanel Industries Limited
- Korosten MDF manufacture
- Dare Panel Group Co., Ltd.
- Uniboard Canada Inc.
- Century Plyboards (India) Limited (Century Prowud)
The demand for furniture has increased in the past decade, owing to rise in number of homes. In addition, rising work-from-home culture is also contributing to rising demand for furniture.
Furthermore, as a result of rapid urbanization and population growth, the number of residential and non-residential buildings is increasing, especially in urban areas.
Since, medium density fiberboard (MDF) is used significantly in making furniture, cabinets, doors, boxes, and interior designing elements of homes, the growth in demand for buildings and furniture is driving demand for medium density fiberboard (MDF).
Commonly observed product types of medium density fiberboard (MDF) are standard MDF, moisture-resistant MDF, and fire-resistant MDF. Among these, the standard MDF segment accounted for the highest market share in 2021, owing to its relative inexpensiveness, and wide scale availability.
The market is analyzed with respect to different applications in cabinet flooring, furniture, molding, door, and millwork, packaging system, and others. The furniture segment registered highest revenue in 2021, owing to high demand for MDF furniture. On the basis of end user, the market is categorized into residential, commercial, and institutional.
The market is mainly driven by rise in building construction activities and rise in demand for furniture. However, fluctuating cost of raw materials used for making medium density fiberboard (MDF), and health concerns associated MDF have the potential to limit medium density fiberboard (MDF) market growth.
In 2021, Asia-Pacific dominated the global medium density fiberboard (MDF) market share, in terms of revenue, followed by Europe and LAMEA. Moreover, the market in Asia-Pacific is expected to grow with a highest CAGR, owing to growth in number of residential and commercial buildings and increasing demand for furniture.
Furthermore, medium density fiberboard (MDF) manufacturers are adopting various development strategies to remain competitive in the market. For instance, in March 2021, Kastamonu Entegre, a leading manufacturer of the wood processing industry in Russia, expanded the production capacity of its existing facility to produce more MDF boards. After this expansion, the total volume of laminate produced by the company is expected to be 45 million M2 per year.
However, during the pandemic lockdown, various manufacturers in the medium density fiberboard (MDF) market had to stop their business in countries, such as China, the U.S., and India. This break directly impacted sales of medium density fiberboard (MDF) manufacturing companies.
In addition, lack of manpower and raw materials constricted supply of raw materials for medium density fiberboard (MDF); thus, negatively influencing the growth of the market. Conversely, after two years of the COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging medium density fiberboard (MDF) market trends and dynamics.
- Depending on product type, the standard MDF segment dominated the medium density fiberboard (MDF) market, in terms of revenue in 2021 and the fire-resistant MDF segment is projected to grow at a significant CAGR during the forecast period.
- By application, the furniture segment registered highest revenue in 2021.
- By end user, the commercial segment is expected to grow at the highest CAGR during the forecast period.
- Asia-pacific is projected to register highest growth rate in the coming years.
- The key players within the medium density fiberboard (MDF) market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the medium density fiberboard (MDF) industry.
- The report provides an extensive medium density fiberboard (MDF) market forecast and analysis of the current trends and emerging opportunities of the market.
- In-depth medium density fiberboard (MDF) market analysis is conducted by constructing estimations for the key segments between 2021 and 2031.
Key Market Segments
By Product type
- Standard MDF
- Moisture-Resistant MDF
- Fire-Resistant MDF
By Application
- Cabinet
- Flooring
- Furniture
- Molding, Door, and Millwork
- Packaging System
- Others
By End-User
- Residential
- Commercial
- Institutional
By Region
- North America
- U. S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 283 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $53862.1 million |
| Forecasted Market Value (USD) by 2031 | $96457.2 million |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/i3ef0e
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