Wood Based Panel Market Size - By Product (Plywood, Particleboard, Medium Density Fibreboard (MDF), Oriented Strand Board (OSB), Hardboard, Softboard, Laminated Veneer Lumber (LVL), By End-use & Global Forecast, 2023 – 2032

Wood Based Panel Market Size

Wood Based Panel Market size was valued at around USD 194.5 billion in 2022 and is estimated to reach USD 330.3 billion by 2032. The construction sector's expansion drives demand for wood-based panels in applications like roofing, flooring, wall panels, and structural elements due to their affordability and versatility.

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Housing demand, housing starts, and real estate developments significantly influence the demand for wood-based panels as they are essential components in residential construction. Rapid urbanization, infrastructure development, and commercial construction projects drive the need for wood-based panels in building interiors, commercial spaces, and public facilities.
 

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Overreliance on timber resources can lead to deforestation and environmental degradation. Changes in timber prices and availability can impact production costs and profitability for wood-based panel manufacturers. Stringent environmental regulations related to emissions, formaldehyde content, and waste disposal can increase manufacturing costs and require constant monitoring and compliance efforts.

COVID-19 Impact

Construction and furniture manufacturing, major consumers of wood-based panels, experienced fluctuations in demand as projects were delayed, canceled, or scaled back due to economic uncertainty. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations.

Wood Based Panel Market Trends

Increasing consumer and industry emphasis on sustainability drove demand for wood-based panels made from certified sustainable sources and using low-emission adhesives. Advances in manufacturing technology and processes were leading to the development of more efficient and sustainable wood-based panel production methods. The exploration of bio-based adhesives and alternative raw materials for wood-based panels was gaining traction to reduce the environmental impact of production.

Wood Based Panel Market Analysis

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Based on product, the wood based panel market is segmented as plywood, particleboard, medium density fibreboard (MDF), oriented strand board (OSB), hardboard, softboard, laminated veneer lumber (LVL), other engineered wood panels. Plywood held a majority industry value of USD 42.7 billion in 2022. Plywood's strength, versatility, and structural integrity make it a preferred choice for applications such as roofing, flooring, and wall sheathing.

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Based on end-use, the wood based panel market is segmented as furniture and furnishing, construction and building, automotive and transportation, packaging and logistics, industrial equipment, others. Furniture and furnishing held a dominant industry share of around 30% in 2022. Plywood, MDF, and particleboard are used to manufacture cabinets, shelves, and other case goods due to their versatility and ability to hold finishes.

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U.S. dominated the North American region with majority wood based panel market share and a revenue of USD 40.2 billion in 2022. The expansion of commercial spaces, office buildings, retail centers, and other commercial properties requires wood-based panels for interior finishes, partition walls, and more.

Wood Based Panel Market Share

Some of the major industry players operating in the wood based panel market are

• Georgia-Pacific LLC (Koch Industries)
• West Fraser Timber Co. Ltd.
• Weyerhaeuser Company
• Norbord Inc.
• Arauco
• Louisiana-Pacific Corporation (LP)
• EGGER Group
• Kronospan
• U.S. Lumber Group LLC
• Swiss Krono Group
• Roseburg Forest Products
• Ainsworth Lumber Co. Ltd.
• Panels & Furniture Group (PFM Group)
• Boise Cascade Company
• Pfleiderer Group S.A. 

Wood Based Panel Industry News

• In December 2022, EGGER acquired 60% of the shares in Italian wood-based materials manufacturer SAIB. This acquisition helps broaden market access, increase capacity and expand the portfolio. This opens up further expansion and synergies for the company to process.

Wood based panel market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments

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By Product

• Plywood
• Particleboard
• Medium Density Fibreboard (MDF)
• Oriented Strand Board (OSB)
• Hardboard
• Softboard
• Laminated Veneer Lumber (LVL)
• Other Engineered Wood Panels

By End-use

• Furniture and furnishing
• Construction and Building
• Automotive and Transportation
• Packaging and Logistics
• Industrial Equipment
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Malaysia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt