Global Plywood Market Overview
Plywood is a wood panel prepared from thin sheets of wood veneer. It is inexpensive, flexible, re-usable and workable. Plywood is used as a substitute to the wood boards due to its resistance to crackling, shrinkage and twisting. Moreover, plywood uses adhesive to bind the veneers which make it water resistant. These types of veneers are suitable for exterior use such as sheds and marine construction. Rapid growth of furniture industry across the globe and rising urbanization has fostered the growth of the plywood in the construction sector. The plywood is used in the construction of marine decks making it suitable for use by the structural panel market. Further, it has its uses in the construction of light partition or external walls, furniture particularly in cupboards, kitchen cabinets and light doors and shuttles. Likewise, plywood is also used in the commercial constructions for temporary flooring, detached garages and sheds. Moreover, the softwood plywood is used beyond construction of homes and is used in wide range of activities including skateboard ramps and work tables. The Go Green Strategy of plywood manufacturers are yet another factor that has led to the higher demand for plywood market expansion all across the globe. Moreover, the burgeoning middle class population especially in Asian countries has led to increase in the growth of plywood markets. It cannot be ignored that plywood costs are cheaper than the wood boards which have further impelled the growth. These boards are made from small fibers of woods and glued together to form a hard wood, resulting in their low cost. As a result, they are used in the construction of the office furniture.
Market Size and Forecast
The Global Plywood Market is expected to grow at a CAGR of around 9.7% over the next decade to reach approximately $75.2 Billion by 2023. The plywood is anticipated to witness significant demand from construction by application. Moreover, the economical price of the plywood is likely to further drive the market.
North American region has been consistently dominating the market globally, in terms of the market demand for plywood. This has been primarily due to high plywood consumption by the construction sector. It will be followed by North America and Europe occupying the second position in the market. Asia Pacific is anticipated to showcase robust growth in the next few years. Moreover, plywood market in Asia Pacific will further increase due to the massive growth in construction sector. Apart from this, the countries with rich forests and woods such as India, Brazil and South Asian countries have the potential to be the key suppliers of plywood in the near future. Further, the growing indigenous demand for plywood in India as a result of rising disposable income among the growing middle and affluent class and the growing infrastructure in recent times is expected to make India an important consumer of plywood in the near future.
