Global plywood market is expected to flourish at a significant CAGR of 9.7% during the forecast period
— The global plywood market is segmented to application type such as furniture, transport, construction, packages and others. Among these segments, construction segment is anticipated to flourish in the upcoming year. Plywood market is booming across the globe on the account of growing housing population. Growing usage and demand for various plywood furniture such as table, chair, sofa and many other essentials among urban people is anticipated to impel the growth of the plywood market. Further, many researches are being done for development and production of low environment impacting tree woods. This factor is envisioned to bolster the growth of the market. The recyclability of furniture and construction plywood preserves the environment and helps with the conservation of resources, while meeting the increasing global standards in the industry.
Global plywood market is expected to flourish at a significant CAGR of 9.7% during the forecast period. Rising utilization of plywood in furniture, housing population in urban cities, increasing disposable income are some of the key factors driving the growth of the Plywood Market. Moreover, the global plywood market is expected to garner USD 75.2 Billion by the end of 2023.
North America captured the largest market share in overall plywood market and is expected to continue its dominance over the forecast period. Rising production of commercial and personal property in the region is anticipated to aid the growth of the market. Further, increasing disposable income and rising demand for plywood in transportation is expected to accelerate the growth of plywood market in the upcoming years. Asia Pacific and Europe plywood market is anticipated to witness lucrative growth during the forecast period. Moreover, Middle East is anticipated to grow at modest CAGR during the forecast period.
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Robust Growth of Plywood in Furniture Market
Increasing use of plywood in housing furniture is expected to drive the market globally. Robust population growth coupled with rising per capita income as well as rising preferences for branded plywood has expanded the plywood market at a global level. Moreover, rise in e-commerce industry warehouses is expected to flourish growth of the plywood market.
Development of Eco-friendly Plywood
The manufacturers of plywood market are working on the development of environment friendly procedure for less consumption of forest wood. Further, this factor is believed to complement the growth of plywood.
Moreover the plywood demand growth has been facing resistance from the packaging industry, which has been finding preferences of other materials, such as metals, plastics and cardboards. Moreover, availability of alternative such as oriented strand board is negatively impacting the growth of the market.
The report titled “Plywood Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global plywood market in terms of market segmentation by product, by application, by type and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global plywood market which includes company profiling of Boise Cascade Company, Century Ply board(India) Ltd., Eksons Corporation Bhd, Roseburg Forest Products Co., SVEZA, SDS Lumber Company, Greenply Industries , Jaya Tiasa Holdings Berhad , Weyerhaeuser Company, Uniply Industries Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global plywood market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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