Wood-Based Panels Market to Grow at Remarkable CAGR of 9.90% by 2029 Size, Share, Emerging Trends, Key Players Analysis and Industry Growth Drivers
wood-based panels market is a common term for a range of paperboard products with a good range of technical properties. While some panel types are relatively new to the market, others were developed and successfully introduced over a hundred years ago. However, panel types with a long history of continuous optimization are still far from fully developed and may still have a chance for improvement. On the one hand, technological developments and new market and regulatory requirements, as well as the constantly changing raw material situation, lead to continuous improvements in wood-based panels and their manufacturing processes.
Additionally, the Wood Based Panels market research report projects the consumption of submarkets with respect to key regions (along with their respective key countries). This market research document also analyzes competitive developments such as expansions, agreements, new product launches and acquisitions in the market. It provides a strategic profile of key players and an in-depth analysis of their growth strategies. The Wood-Based Panels business report is the perfect market study that helps clients to map their needs. Data and information regarding Data Bridge Market Research industry is gathered from consistent sources such as websites, company annual reports, journals and others and has been verified and validated by market experts.
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Market analysis and size
In recent years, the demand for higher quality products has increased, and furthermore, lower manufacturing costs have resulted in the incorporation and continuous improvement of advanced technologies in wood-based panels and their process. Manufacturing. Wood-based panels are essential in the construction industry, providing high primary strength for roofs and floors, partitions, beams, entrances, stairwells, etc.
Global Wood-Based Panels Market was valued at USD 160.93 Billion in 2021 and is projected to reach USD 342.47 Billion by 2029, registering a CAGR of 9.90% during the forecast period 2022-2029 . In addition to market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market team Research also includes in-depth expert analysis, import/export analysis. , price analysis, production consumption analysis and climate chain scenario.
- In November 2020, West Fraser acquired Norbord, creating a diversified global leader in wood products. This acquisition has increased the credibility of the company in the market and thus will help the company to diversify its activities.
- In September 2020, the EGGER Group started production at the new wood-based materials plant in Lexington, North Carolina, USA. This is the 20th factory of the family business operating globally and the first EGGER factory in North America. This new production site has increased the company’s credibility in the market and will thus help the company to strengthen its presence in the United States.
Competitive landscape with key players:
Saint-Gobain (France), NIPPON STEEL CORPORATION (Japan), CRH (Ireland), Lafarge (France), Evergreen Fibreboard Berhad (Malaysia), Georgia-Pacific (United States), Green River Holding Co. Ltd. (Thailand), Evonik Industries AG (Germany), Huntsman International LLC. (United States), Dow (United States), Fletcher Building (New Zealand), Boral (Australia), Binderholz GmbH (Austria), Dongwha Group (South Korea), EGGER Group (Austria), Kastamonu Entegre (Turkey ), Louisiana-Pacific Corporation (USA), Starbank Panel Products Ltd. (UK)
Global wood-based panels market scope and market size
The wood-based panel market is segmented on the basis of product, distribution channel, thickness, application, and end users. The growth among these segments will help you analyze weak growth segments in the industries and provide users with valuable market insight and market insights to help them make strategic decisions to identify major applications of the market.
- Particle board
- cement bonded particle board
- Oriented strand board
- wood panels
- T-beam panels
- Anti-stress panels
- Specialty stores
- Exterior door
- window trim
- Ceiling Wall
- residential building
- commercial building
- Shopping centers
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Dynamics of the wood-based panels market
This section deals with understanding the market drivers, benefits, opportunities, restraints, and challenges. All this is discussed in detail as below:
- Increase in construction activities
The major factors driving the growth of the global wood-based panels market include an increase in the number of construction activities across the globe resulting in a search for wool-based panels and an increase in the demand for lightweight furniture for people. Population growth has driven the development of construction, which is supporting the growth of the global wood-based panel market.
Furthermore, the key factor driving the demand for wood-based panels for ceiling, cladding, roofing, flooring and furniture applications is the low cost of the product combined with superior properties such as strength and durability. Rising consumer spending on aesthetic furniture products and significant growth in the construction of single-family dwellings are expected to boost the demand for regional products during the forecast period.
- Increased investments and partnerships
Furthermore, increase in investments in residential and commercial construction activities provide profitable opportunities for market players during the forecast period of 2022 to 2029. Additionally, increase in public-private partnerships to expand the construction sector in emerging economies will further expand future panel market growth.
- Inconsistent supply of raw materials
Raw materials for the production of wood-based panels, such as fiberboard and lumber, are obtained from sawmills, log merchants and recycled fiber brokers. Price fluctuations and inconsistency in the supply of raw materials are expected to be major sources of concern for market participants, which is expected to hamper the overall market growth.
Additionally, the stringent government regulations will further prove to be a drawback for the wood-based panel market. Hence, it will challenge the growth rate of wood-based panels market.
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To perceive the most influential pivoting and restraining forces in the global wood-based panels market and its footprint in the international market.
Find out the market policies approved by the respective ruling organizations.
To understand the structure of global Wood Based Panels market by identifying its various subsegments.
Focuses on the key global Wood-Based Panels Market players, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and market trends. development plans over the next few years.
Analyze competitive developments such as expansions, agreements, new product launches and acquisitions in the market.
Share detailed information on key factors influencing market growth (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the consumption of the global Wood-Based Panels Market, with respect to key regions (along with their respective key countries).
Establish a strategic profile of key players and analyze in depth their growth strategies
To analyze the Wood-Based Panel with respect to individual growth trends, future prospects, and their contribution to the total market.
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