As per Inkwood Research, the Global Wood Based Panel Market is forecasted to develop with a CAGR of 6.17% in terms of revenue during the forecasting years 2024-2032.
“Browse 56 Market Data Tables and 54 Figures spread over 235 Pages, along with an in-depth TOC on the Global Wood Based Panel Market Forecast 2024-2032.”
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Wood based panels like plywood, particleboard, MDF, and OSB are cost-effective substitutes for solid wood in construction and furniture. While eco-friendly, they may emit VOCs, requiring low-emission options for indoor use.
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Increasing Furniture Renovation Expenditure Fuels Wood Based Panel Market Growth
The global wood based panel market is experiencing growth driven by an upswing in household and furniture renovation spending. Consumers are increasingly turning to versatile and cost-effective solutions such as plywood, particleboard, MDF, and OSB for enhancing the aesthetics and functionality of their living spaces. These engineered wood products offer strength, affordability, and versatility, making them essential components in modern renovations. The market’s expansion is further driven by the alignment with sustainable practices, reducing the demand for solid wood and catering to the growing preference for eco-friendly construction materials.
Oriented Strand Board to be the Leading Product Type during the Forecast Period
The rising demand for oriented strand board (OSB) as a cost-effective alternative to plywood and solid boards is set to drive the wood based panel market. OSB’s strength, stability, and easy handling make it a preferred choice in construction, flooring, and roofing. Its resistance to delamination and deflection, large dimensions, and dimensional stability contribute to its popularity, particularly in load-bearing applications. The increased demand for OSB in construction applications is anticipated to positively impact the overall growth of the wood based panel market.
Asia-Pacific was the Largest Revenue Generating Region in 2023
Asia-Pacific was the largest revenue-generating region in the wood based panel market worldwide, attributed to urbanization, contributing to a heightening demand for wood based panels in construction and infrastructure development. Global competition among wood based panel manufacturers promotes high industry rivalry, emphasizing factors like pricing, quality, and market reach. Some of the leading companies operating in the market are West Fraser, Swiss Krono Group, Mieco Chipboard Berhad, Kronospan Limited, etc.
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