The Global Market Report from Business Research Company has now been updated with the latest market size to 2023 and forecast to 2032.
LONDON, May 17, 2023 /PRNewswire/ — The global plywood market is expected to grow from $54.7 billion in 2022 to $59.6 billion in 2023 at a compound annual growth rate (CAGR) of over 8% . The plywood market is expected to grow to US$85.2 billion by 2027 at a compound annual growth rate (CAGR) of over 9%. Going forward, government support, increased renovations, growing urbanization and growing demand for wood furniture will stimulate the wholesale plywood market.
The global plywood market is highly fragmented and has a large number of small players. UPM-Kymmene Oyj, Inc. is the largest competitor with a market share of 0.47%, followed by Boise Cascade Company, Metsä Group, West Fraser Timber Co. Ltd., Weyerhaeuser Company, Potlatch Deltic Corporation, Georgia-Pacific LLC., Greenply Industries. Limited, Sveza-Les LLC and Austal Plywoods Private Limited.
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According to TBRC’s plywood market research, manufacturers in the global plywood market are focusing on developing zero-emission plywood to minimize their environmental impact and increase their market share. Zero emission plywood refers to a type of plywood with antimicrobial coating to ensure the health and safety of every home. For example, in January 2020, Indian indoor infrastructure company Greenply Industries Limited launched India’s first zero-emission plywood called Green Club Plus Seven Hundred. Emission-free plywood used for furniture, partitions, panels, false ceilings and other interior items meets E0 emission standards, one of the highest formaldehyde emission standards for plywood.
In addition, large companies in the plywood market use biodegradable chemicals to preserve plywood, extending the life of the plywood, protecting the wood from decay and attack by microorganisms and insects. Companies are replacing chromium-plated copper arsenate (CCA), one of the most widely used wood preservatives, with biodegradable chemicals. Some wood preservatives that are less toxic than traditional chemicals include copper quaternary ammonium (ACQ), borates, copper azoles, copper naphthenate, and polymeric betaines. ACQ contains copper as a fungicide and a quaternary ammonium compound as an insecticide, making ACQ more biodegradable than CCA. For example, in October 2020, the Swedish chemical company OrganoClick launched the ORGANOWOOD wood protection system in the US. It will be distributed to paint dealers and builders in the US.
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According to Plywood Industry Outlook, Asia-Pacific is the largest region in the plywood market, valued at US$53.5 billion by 2022. The plywood market in the Asia Pacific region is supported by growing demand from end users such as construction and furniture manufacturing, as well as extensive forest cover in countries such as China, India, Indonesia and other countries in Southeast Asia. Developing partnerships and collaborations are also supporting the market. For example, in 2022, the Malaysian Timber Council (MTC) signed a Memorandum of Understanding (MoU) with the Thai Hevea Timber Association (THA) and the Timber Industry Club to support the growth of timber trade between Malaysia and Thailand, and to develop two trading standards between the countries . It is expected that such cooperation will increase the demand for plywood.
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Post time: Aug-15-2023