IMARC Group, a leading market research company, has recently releases report titled “Wood Based Panels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global wood based panels market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Wood Based Panels
Wood based panels are engineered wood products made by binding together wood chips, strips, veneers, strands, fibers, or particles using adhesives under heat and pressure. They involve particleboard, medium-density fiberboard (MDF), high-density fiberboard (HDF), plywood, soft board, hardboard, and oriented strand board (OSB). They are designed to have improved properties and performance as compared to solid wood. They are moisture and temperature-resistant with enhanced shape stability compared to solid wood furniture.
How Big Is the Wood Based Panels Market?
The global wood based panels market size reached US$ 165.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 236.8 Billion by 2028, exhibiting a growth rate (CAGR) of 6% during 2023-2028.
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What are the growth prospects and trends in the wood based panels industry?
There is an increase in the use of wood based panels in the construction industry for providing high structural durability to roofs and floors, walls, beams, doors, and staircases. Along with this, the rising construction activities in the residential areas due to rapid urbanization and inflating income levels represent one of the primary factors strengthening the market growth around the world.
Moreover, the growing renovation and remodeling activities in commercial spaces, such as offices, hotels, restaurants, cafes, and shopping malls, are influencing the market positively. In addition, the increasing adoption of wood based panels for manufacturing small accent pieces and ready-to-assemble (RTA) furniture is favoring the growth of the market.
Apart from this, the rising utilization of wood based panels as an environment-friendly packaging material to replace non-recyclable packaging materials is bolstering the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Medium Density Fiberboard (MDF)/High Density Fiberboard (HDF)
- Oriented Strand Board (OSB)
- Particleboard
- Softboard and Hardboard
- Plywood
- Others
Breakup by Distribution Channel:
- Online Stores
- OEMs
- B2B
- Specialty Stores
- Others
Breakup by Application:
- Furniture
- Construction
- Packaging
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Binderholz GmbH, Dongwha Enterprise, EGGER Group, Evergreen Fibreboard Berhad, Georgia-Pacific LLC (Koch Industries Inc.), Green River Holding Co. Ltd., Kastamonu Entegre, Louisiana-Pacific Corporation, Sonae Arauco, Starbank Panel Products Ltd., West Fraser Timber Co. Ltd. and Weyerhaeuser Company.
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