Global Plywood Market Overview

The Global Plywood Market is expected to grow significantly, with projections estimating a rise from approximately USD 55.33 billion in 2023 to around USD 83.51 billion by 2030, at a compound annual growth rate (CAGR) of 6.06% between 2024 and 2030, according to Renub Research.

Plywood, a versatile, engineered wood product, consists of thin wood veneers or layers glued at 90-degree angles, combining elements of both particleboard and medium-density fiberboard (MDF). Its composition, which involves bonding wood fibers with resin, has led to widespread use due to its low moisture content, making it suitable for various applications, including outdoor settings.

Global Plywood Market Trends

The plywood industry benefits from a growing demand for materials that are smooth, flexible, durable, cost-effective, and eco-friendly. Technological advancements have further enhanced plywood's flexibility and strength, driving its popularity in office and commercial furniture such as desks, cabinets, and shelves. Notably, innovations such as Sonear Zero Emission plywood, which significantly reduces formaldehyde emissions, demonstrate the industry's focus on health-conscious and eco-friendly materials.

In line with this, several companies have made significant strides:

• In February 2024, Rushil Decor Limited announced a new line of eco-friendly plywood aimed at transforming the market, leveraging their expertise in sustainable MDF and laminates.
• In October 2023, Greenply Industries received certification from both the Environmental Protection Agency (EPA) and the California Air Resources Board (CARB) for its Zero-Emission plywood, marking it as the first certified product of its kind.

The demand for high-quality, aesthetically pleasing furniture is further propelled by rising global incomes and increasing interior design investments. The US Bureau of Labor Statistics anticipates a 4% growth in interior design employment from 2022 to 2032, reflecting the ongoing demand for sophisticated furniture and decor.

Key Growth Drivers in the Global Plywood Market

1. Rising Demand in the Construction Sector

The construction industry’s growth, driven by rapid urbanization and infrastructure expansion worldwide, has significantly boosted plywood demand. Valued for its strength and affordability, plywood is widely used in construction for flooring, walls, and roofing. This demand is expected to continue growing as global economies expand and require more residential, commercial, and industrial structures.

2. Expanding Furniture Industry

The booming furniture industry also supports plywood market growth. Plywood is an ideal material for furniture production due to its aesthetic appeal, workability, and adaptability to various designs. Additionally, the rising trend toward modular and ready-to-assemble furniture has increased plywood demand due to its durability, flexibility, and cost-effectiveness.

3. 3. Sustainability and Environmental Consciousness

With consumers increasingly aware of environmental impact, there’s a strong trend toward sustainable building materials. Plywood, made from thin wood layers, is more eco-friendly than alternatives like plastic or metal, making it a preferred choice in eco-conscious construction. Global regulations promoting renewable materials and responsible sourcing further boost plywood demand.

China Plywood Market

China’s plywood industry has shown consistent growth, driven by a robust construction sector that relies on plywood for its strength, cost efficiency, and versatility. The National Bureau of Statistics (NBS) reported a 7.2% year-over-year increase in the value-added by China’s construction industry in the first three quarters of 2023, indicating sustained demand for building materials like plywood. China’s green building initiatives further support the sector, with regulations aiming to increase renewable energy in buildings from 6% in 2020 to 8% by 2025. Additionally, the Action Plan on Peaking Carbon Dioxide Emissions in the building materials industry sets goals for waste reduction and high-carbon material alternatives, fostering a market for eco-friendly plywood.

Global Plywood Industry News

The global plywood industry includes prominent players such as Boise Cascade, Weyerhaeuser Company Ltd, UPM-Kymmene, PotlatchDeltic Corporation, Metsä Board, Century Plyboards Ltd, and Greenply Industries Ltd. These ongoing developments and increasing demand across construction, furniture, and sustainable building sectors are expected to further propel the global plywood market in the coming years.

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Some recent developments include:

• In October 2023, Duroply launched “Duro Advantage—09 Layers of Protection” at India’s MATECIA trade show, underscoring its commitment to innovative, protective plywood solutions.
• In April 2023, Palmer-Donavin acquired Diamond Hill Plywood to strengthen its position in building materials distribution.
• In November 2022, stairlift manufacturer Stannah acquired 3D Ply, a long-term supplier, as part of a strategy to enhance customer service.
• In September 2022, Garnica showcased its innovative Fireshield Plywood at the International Woodworking Fair (IWF) in Atlanta, expanding its footprint in the US market.

Type – Market breakup of 2 viewpoint

1. Hardwood
2. Softwood

Grade – Market breakup of 5 viewpoint

1. Mr Grade (Moisture Resistant)
2. Bwr Grade (Boiling Water Resistant)
3. Fire Resistant Grade
4. Structural Grade
5. Others

Application – Market breakup of 7 viewpoint

1. Construction
2. Furniture
3. Packaging
4. Flooring
5. Transport
6. Decoration
7. Others

Country – Breakup of 27 country Plywood market

1. North America

1.1    United States

1.2    Canada

2. Europe

2.1    United Kingdom

2.2    France

2.3    Germany

2.4    Italy

2.5    Netherland

2.6    Belgium

2.7    Spain

2.8    Switzerland

2.9    Turkey

3. Asia Pacific

3.1    India

3.2    China

3.3    Japan

3.4    South Korea

3.5    Indonesia

3.6    Malaysia

3.7    Hong Kong

3.8    Australia

3.9    New Zealand

4. Latin America

4.1    Brazil

4.2    Mexico

4.3    Argentina

5. Middle East & Africa

5.1    Saudi Arabia

5.2    Israel

5.3    South Africa

6. Rest of World

All companies have been covered from 3 viewpoints

• Overviews
• Recent Developments
• Revenues

Company Analysis

1. Boise Cascade
2. Weyerhaeuser Company Ltd
3. UPM-Kymmene
4. Potlatchdeltic Corporation
5. Metsä Board
6. Century Plyboards Ltd
7. Greenply Industries Ltd

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