Plywood Market Overview
PlywordMarket Size was valued at USD 94978.5 million in 2021. The plywood market industry is projected to grow from USD 100772.19 million in 2022 to USD 152527.58 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2022–2030). Rising production capabilities with quick urbanization and increasing inclination towards customized interior designing are the key market drivers fueling the market.
Plywood is made up of veneer sheets helpful in building solid panels for designing interiors. It is used for flooring applications and constructions at various places. Mainly, urban areas increase the demand for such ready-made and lightweight furniture in an office or residential areas. Thus, the plywood serves various eco-friendly purposes with the help of environmental preservation bodies. Although, the growing popularity of such durable furniture fuels the demand for its plies in the Plywood market.
Moreover, plywood offers many benefits: workability, durability, flexibility, strength, and reusability. Also, its water-resistant and superior insulation properties in heavy weather lead to a rise in demand for furniture in the Plywood market. The plywood delivers mechanical strength in their product that positively affects the plies industry’s market size, share, and structure.
The factors responsible for the overall growth of the Plywood market are — the increasing development at office and residential spaces, the growing trend of aesthetic interiors, furnishing, and home decor.
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Although, the global public health emergency negatively impacted the plywood industry in the past two years. Almost every industry faced losses owing to forced shutdowns and trade restrictions. The plywood market is also one, as supply chains were restricted under government regulations. Also, the general public dropped the demand for interiors and home decors to avoid additional expenses. All these factors hindered the growth of the Plywood industry in the lockdown period.
However, the post lockdown period, the plywood industry will witness an upsurge in demand and growth in its market size. The resume operations of office spaces will play an essential role in expanding the plywood industrial structure in the forecast period.
Market Segmentation
The market segmentation of the Plywood market divides in-between grades, applications, and wood types.
Based on grades, the plywood industry sub-divides into BWR grade, MR grade, fire-resistant grade, structural grade, and BWP grade. Out of these, the MR grade will dominate the market growth in the estimated timeframe.
The Plywood industry classifies into the automotive interior, furniture, packaging, construction and flooring, marine, and others based on application. From these applications, furniture will contribute to the expansion of the plies market in the upcoming years.
The plywood industry segments in softwood and hardwood are based on its wood types. Out of both wood types, the softwood segment holds the largest share of the market and will continue to do so in the future.
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Regional Classification
The Plywood market divides into Europe, North America, Asia-Pacific, South America, and the Middle East and Africa. Out of these regions, Asia-Pacific holds the largest share due to market growth. The expansion of plywood industrial size in the region leads to a rise in demand for softwood plies in various projects.
Moreover, growing infrastructure, industrialization, and furniture manufacturing will also play a vital role in the market growth of plywood trades.
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