Newark, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 51.84 Billion in 2023 medium density fiberboard market will reach USD 116.77 Billion by 2033. Medium density fiberboard is known as MDF panels or MDF items in the commercial sector. The market is expanding because of the rising product consumption in the building, interior decoration, and furniture industries. The availability of several panel variants tailored to individual applications and affordable product costs are two factors that will likely compel manufacturers to select these products for use in furniture and construction applications. Owing to its exceptional qualities—including its extreme strength, resilience, and fire and moisture resistance—it is anticipated that demand for MDF products would increase over the course of the anticipated years. Additionally, because of changes in production methods and technology, these products are made with longer lifespans and enhanced durability.
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Key Insight of the Medium Density Fiberboard Market
Europe is anticipated to expand at the highest CAGR of 10.37% over the projection period.
Europe is expected to grow at the highest CAGR of 10.37% over the forecast period. The expansion of the furniture and building industries is the main factor driving the product's demand. Given that it is one of the largest markets in Europe for various application industries, Germany was one of the primary markets for wood-based panels, accounting for 10% of the total demand. Consumers' growing interest in home décor and willingness to spend money on luxury furniture are driving the European furniture business. Furthermore, the furniture market is anticipated to be driven by the expanding construction industry, which will further fuel demand throughout the forecast period.
The fire resistant MDF segment is expected to register the highest CAGR of 11.73% over the projected period in the medium density fiberboard market.
The fire resistant MDF segment is anticipated to grow at the highest CAGR of 11.73% in the medium density fiberboard market. Throughout the production process, flame-retardant chemicals are uniformly incorporated to create these. To ascertain and standardise these panels' fire resistance, the European Union created the "Euroclass" classification system. The seven grades in this system, which range from A1 to F, indicate the varying degrees of fire resistance of different kinds of wood-based panels. Class B and Class C fire resistance are used in the production of the majority of fire-resistant MDF panels.
Over the projected period, the E2 MDF segment is expected to register the highest CAGR of 11.35% in the medium density fiberboard market.
Over the forecasted period, the E2 MDF segment is anticipated to grow at the highest CAGR of 11.35% in the medium density fiberboard market. A primary binding material of urea-formaldehyde is used in the manufacturing of E2 type. Products manufactured using E2 MDF release formaldehyde emissions over an extended length of time. Consequently, the product's acceptance rate in affluent nations worldwide is declining. On the other hand, the low cost of these products is driving demand in developing nations.
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Market Dynamics
Driver: An increase in construction-related activities
As more infrastructure and development projects are underway worldwide, the market is growing. Furthermore, there is an increasing need from the general population for housing, corporate space, and infrastructure. MDF's affordability and versatility make it indispensable for fulfilling these requirements. Moreover, it is frequently utilised for interior components including doors, cabinets, and wall panels in both residential and commercial constructions. MDF is becoming more and more popular because of its consistent quality and ease of workability, which is driving up market share. Builders and contractors are using engineered wood more and more because it is simple to precisely cut, shape, and install. It also provides coatings and finishes with a stable, even surface.
Opportunity: Laminate flooring is becoming increasingly common in household settings
Due to the growing popularity of MDF-based laminate flooring in residential settings, the market is growing. MDF is the primary material used in laminate flooring due to its superior stability and constant density. It also strengthens the flooring's structural integrity and ensures that it can withstand normal wear and tear. MDF laminate flooring offers a more cost-effective option than traditional hardwood flooring. Customers on a restricted budget are drawn to it because it has the visual appeal of wood without the high price tag. Its homogeneous, smooth surface resembling various kinds of stone, tile, or wood makes it ideal for the decorative laminate layer as well.
Some of the major players operating in the medium density fiberboard market are:
• Kronospan Limited
• EGGER Group
• Kastamonu Entegre
• ARAUCO
• Nag Hamady Fiber Board Co.
• Dongwha Malaysia Holdings Sdn. Bhd.
• Norbord Inc.
• West Fraser Timber Co. Ltd.
• Dare Panel Group Co., Ltd.
• Georgia-Pacific
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Key Segments cover in the market:
By Product:
• Moisture Resistant MDF
• Standard MDF
• Fire Resistant MDF
By Type:
• E1 MDF
• E0 MDF
• E2 MDF
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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