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Plywood Market is projected to expand at a CAGR of 6.1% over the forecast period 2022-2028

Global infrastructural development has reached newer heights in the last few years, with massive constructions – both residential and commercial – mushrooming across both Tier 1 and Tier 2 cities across the world. This has led to impressive growth of the global building and construction industry and as a consequence positively impacted revenues of ancillary industries. Plywood is an inherent component of the construction industry – being widely used in manufacturing readymade and customised furniture.

“Growth in global consumption of plywood is pegged to increase at a decadal rate of 4.6% to reach 164,402 cubic meters by the end of 2022. This growth is attributable to the continuous demand from end-use industries especially the furniture production industry.” — Future Market Insights

Future Market Insights (FMI) throws light on some of the key factors boosting revenues in the global market for plywood. Plywood finds increasing use across diverse applications ranging from furniture, flooring, and packaging of high-value goods. This is anticipated to boost sales of plywood in the global market, according to Future Market Insights forecasts. A growth in residential and commercial spaces across the world has further boosted the demand for readymade and aesthetically designed furniture, incorporating extensive use of plywood. With people opting for designer furniture, the demand for plywood from the furniture industry is already peaking and this is anticipated to augment revenues in the global plywood market.

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Besides, there is an increasing global phenomena promoting the use of wood and wood based products in the construction of both residential as well as commercial buildings. This trend is being supported by laws enforced at the administrative level. For instance, Japan’s “Act for Promotion of Use of Wood Products in Public Buildings, 2010” seeks to encourage the use of plywood in the construction sector. Global construction projects focusing on wooden skyscrapers such as the Oakwood Timber Tower are also expected to positively impact demand for plywood in the coming years.

Wood and wood based products such as plywood are eco-friendly in nature, encouraging the plantation of trees to meet the rising demand. Plywood and other ancillary wood products contribute to environmental protection. This is another factor acting in favour of the plywood market.

This study by FMI on the plywood market further identifies the growing importance of plywood in the global packaging industry as a key demand driver. “Plywood has enhanced mechanical strength besides being lightweight in nature. Plywood is also reusable and helps save on costs. This makes plywood the best packaging option for various types of products. With the current ban on plastic for product packaging, plywood is being increasingly adopted as a highly effective raw material to package different types of goods. This is expected to boost revenues in the global plywood market.”

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Key Companies Profiled

  • Weyerhaeuser Company
  • Boise Cascade Company
  • Greenply Industries Limited
  • Georgia-Pacific, LLC
  • Uniply Industries Ltd
  • JAYA TIASA HOLDINGS BERHAD
  • UPM-Kymmene Oyj
  • SUBUR TIASA HOLDINGS BERHAD
  • Sveza-Les LLC

Lucrative Opportunities Lie in the African Timberlands for both Existing Players and New Market Entrants

The presence of vast expanses of land in Africa coupled with the overall low costs of maintenance and production in the region make Africa a very attractive choice for the growth of forestry and the manufacturing of wood products, particularly plywood. Manufacturers in the global plywood market are looking at lucrative growth prospects in the African continent, given the region’s huge natural timberlands and mature plantations. Harvesting of plywood in the African forests is both cost-effective and environment friendly. This is boosting the setting up of backward integrated units manufacturing plywood, hence creating highly lucrative opportunities for players in the global plywood market.

Massive growth of the global construction industry has resulted in the pumping in of huge infrastructure investments by both private sector and public sector enterprises. This is likely to broaden the horizon for regional manufacturers of plywood with endless possibilities for revenue growth.

Adoption of Plywood in Digital Printing Trending the Global Market

Plywood is increasingly finding application as a substrate in high-scale inkjet printing projects. Plywood is used as an alternative to aluminium and plastic sheets owing to its non-reflective nature. Digitally printed plywood serves as an excellent substitute for several outdoor applications such as fence and road signs, as it is highly durable. This is the latest trend dotting the global plywood landscape, pushing revenues in the global market.

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Key Segments Covered in Plywood Industry Research

By Grade :

  • MR Grade Plywood
  • BWR Grade Plywood
  • Fire Resistant Grade Plywood
  • BWP Grade Plywood
  • Structural Grade Plywood

By Wood Type :

  • Softwood
  • Hardwood

By Application :

  • Plywood for Furniture
  • Plywood for Flooring & Construction
  • Plywood for Automotive Interiors
  • Plywood for Packaging
  • Plywood for Marine Use
  • Others

Related Links:

https://network-759413.mn.co/posts/22315799?utm_source=manual

https://medium.com/@smith.sarah4695/fertilizer-additives-market-value-to-grow-by-almost-us-1-445-8-mn-during-2022-2028-b44bd4d948c0

https://www.spoke.com/topics/fertilizer-additives-market-to-hit-us-1-445-8-mn-by-2028-says-fmi-624d342004532cf5de0005e2

https://beyondher.mn.co/posts/22315884?utm_source=manual

https://synkretic.mn.co/posts/22315899?utm_source=manual

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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The post Plywood Market is projected to expand at a CAGR of 6.1% over the forecast period 2022-2028 appeared first on Future Market Insights.

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