Renub Research Forecasts Global Plywood Market to Reach US$ 83.51 Billion by 2030, Growing at 6.06% CAGR from 2024 to 2030
21 Mar, 2024

Global Plywood Market size is predicted to attain US$ 83.51 Billion through 2030, compared to US$ 55.33 Billion by 2023 as according to Renub Research. The worldwide plywood marketplace is projected to expand at a 6.06% CAGR from 2024 to 2030.

Plywood is produced by using bonding thin layers of wooden veneer with solid adhesives. It consists of softwoods and hardwoods, or a combination of the both, acquired from maple, mahogany, oak, pine, cedar, spruce, and teak. It can be used in diverse industrial materials, including tropical, plane, ornamental, flexible, and marine plywood. It is a versatile material that can without problems suit any interior layout fashion. It is a cost-effective and manufacturing facility-produced wood sheet with particular dimensions that are not broken or distorted because of modifications in humidity.

A trend within the plywood market is the rise of fire-resistant plywood, additionally known as FR-grade plywood. This plywood is treated with specific fire-retardant chemical during in manufacturing and is famous for its better fire resistance. It finds application in public areas like kitchens, theaters, hotel, restaurant, and railway cubicles to mitigate fire threats. Greenply Industries Limited added 'Green Platinum' in July 2022, boasting two times the fire and water resistance of favored plywood. Environmental consciousness and rules push the growing demand for sustainable plywood along with efforts to lessen carbon footprints and sell inexperienced economic system practices. Engineered wooden products like plywood are gaining reputation because of their versatility and rate-saving ability. Moreover, strategic partnerships like Boise Cascade Millwork's collaboration with Simpson Door Company shape the plywood market to satisfy evolving customer needs.

The softwood market share will dominate the plywood market in the coming years

Softwood, predominantly sourced from pine, cedar, and spruce trees, dominates the plywood market with its versatility and eco-friendliness. Its utilization isn't always confined to manufacturing and packaging but extends to pulp manufacturing for cardboard containers. The softwood market is expected to maintain a growth sector, with industries prioritizing eco-friendly practices and resilient packaging. Canfor Corporation invested $200,000 million in a new modern-day facility in Houston, British Columbia, with an annual potential of 350 million board toes, emphasizing fee effectiveness and efficiency.

The revenue growth of the MR-grade plywood segment is poised to surge significantly over the forecast period

The MR-grade plywood market is experiencing aincredible increase due to the growing demand for top rated, stylish, and sturdy fixtures. Additionally, the increasing awareness of inexperienced merchandise is boosting demand for this plywood magnificence, contributing to its predicted growth in the future.

The construction section dominates the plywood market, maintaining the most essential proportion

The plywood market is anticipated to grow due to rising construction activities driven by increasing urbanization. Plywood is an essential material in production for its structural help, versatility, and cost-effectiveness. The World Economic Forum projects that urbanization will attain 80% by 2050, further fueling construction segment growth and accelerating the growth of the plywood market.

China holds a vital role in the plywood market

China's infrastructure and urbanization initiatives continue to drive demand for plywood, leading to investments in technology and innovation. China's adoption of sustainable manufacturing practices has helped align with worldwide environmental standards, meeting the growing demand for eco-friendly building substances. China is a substantial supplier of plywood products, and its dedication for plywood research and development has resulted in the manufacturing of revolutionary and evolving products that meet industry needs. Under its 14th Five-Year Plan (2021-2025), China aims to boost its manufacturing region, growing an eco-friendly, technologically advanced, and stable financial system. With the sector's largest creation market, China is projected to make investments of nearly USD 13 trillion in homes through 2030, accounting for 20% of global manufacturing investments.

Plywood Companies Market News

Boise Cascade, Weyerhaeuser Company Ltd., UPM-Kymmene, Potlatchdeltic Corporation, Metsä Board, Century Plyboards Ltd., and Greenply Industries Ltd. are remarkable entities featured inside the plywood market.

Weyerhaeuser Company partnered with American Forests in December 2022 to expand American Forests' Tree Equity program to smaller, rural communities. The initiative aims to provide environmental education to hundreds of youth and focus on urban and community forestry careers.

The Indian government has announced a targeted investment plan of US$ 1.5 Trillion in the construction sector to improve quality across various sectors, such as education, healthcare, sports, and infrastructure. The plan will span six years until 2025.

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