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Wood-Based Panel Market Segmented By product type such as Medium Density Fiberboard (MDF), High Density Fiberboard (HDF), Particleboard, Oriented Strand Board (OSB), Softboard, Hardboard, Plywood having application in Furniture, Construction and Packaging
A wood-based panel is a generic term used for a wide variety of various board products that have a different range of engineering properties. Wood-based panel products are majorly used in furniture, construction, and packaging. The wood-based panel products are sheet materials consisting of a substantial amount of wood in the form of veneers, strips, chips, fiber and strands.
The wood-based panel is classified into various product segments, including medium density fiberboard, high density fiberboard, particleboard, oriented strand board (OSB), softboard, hardboard, and plywood.
It can also segmented as non-structural and structural. The structural panels are developed and designed to withstand the forces and play certain rules in the structural systems like building, houses, and shipping containers. The non-structural panels are developed for several applications other than structural application like doors and furniture.
What is driving the global Sales of Wood-based panel market?
The major factors which are bolstering the growth of the global wood based panel market includes the increase in the number of construction activities worldwide leading to a search in the demand for wool based panels and growing demand for light furniture for the people.
Moreover, various advantages offered by the wood based panel that includes low costs, enhanced strength and durability among others is also a key factor that is accelerating the demand of such products in the market.
The expanding population has brought development of construction, which is supporting the interest the growth of the global wood-based board market. The other key factor adding to the market growth including its enhanced properties, for example durability, strength, and low cost, and is expanding the demand for wood-based panel across the globe. In addition, the rising interest in commercial and residential construction will support the growing sales of wood-based board market.
How coming trends will share the Wood-Based Panel Market?
The increasing demand for improved product quality and decreased manufacturing costs has led to the adoption of advanced technologies for incorporation and continuous enhancement in the wood based panels and their manufacturing process. This factor is augmenting the growth of the market across the world during the forecast period.
Wood-based boards are critical to the construction business, giving high primary toughness to rooftops and floors, dividers, radiates, entryways, flight of stairs, and etc. The construction and building are at presently a flourishing industry in a few arising economies of Asia-Pacific and the South American region, and expected to drive the utilization of wood-based panel, reduction of infrastructure failures.
Oriented strand boards are economic alternative for home construction. According to the National Association of Certified Home Inspectors (NACHI), OSB costs USD 700 not as much as plywood for a 2400-square foot home. The components driving the construction & building industry are the always expanding population, rapid urbanization, along with increase in the buying power.
Due to these factors, attracts investment in infrastructure and are being included in plans. In OSB boards, they produce a stronger and stiffer board than different items utilized in similar kinds of projects in construction. The material disposes of rings and knots, which makes it more uniform.
Its construction gives OSB a lot of strength, which implies it very well may be utilized in wide scope of application, especially for load-bearing applications. All of these factor mentioned will drive the market for wood-based panel market in the coming years.
What are the opportunities for Wood-Based panel market in coming year?
The growing utilization of wood-based boards in various applications is setting out new growth opportunities in the market.
Mechanical innovation and advancement, alongside the expanding productivity in fixing, assembling, and redesign exercises, will increasingly drive the demand of wood-based panel demand in the market.
The inclination of the people towards the eco-friendly wood-based panel which it comparatively less threat to the environment and focus towards strong and durable wood-based panel is a key factor that is creating various growth opportunities for the market in the coming year.
Will high cost of raw materials would be Challenge for Global Wood-Based Panel Market?
The factors that are responsible for hindering the growth of the global wood based panel market include the variation in the price of the material and instability in the supply of wood raw material in the market. Government policies in regards with environment to save trees would be challenge to fulfil the demand for the raw material in the market.
On the other hand, variance in the costs of raw material is probably going to retard the global wood-based panel market in coming years.
On the basis of Product Type, the global Wood-based panel market has been segmented as –
On the basis of Application, the global Wood-based panel market has been segmented as –
The key players in the global Wood-based panel market are Dongwha Malaysia Holdings Sdn. Bhd., Kronospan Limited, Dare Panel Group Co., Ltd., Starbank Panel Products Ltd, Egger Group, Norbord Inc., Green River Holding Co., Ltd., Timber Products Company, Pfeifer Group, Sonae Industria, among others.
Companies are engaged in expanding production capacity as its strategies to showcase their products in the market place. The study includes an in-depth competitive analysis of these key players in the HPPs market, with their company profiles, recent developments, and key market strategies.
US market dominates the North America market for wood-based panel market and holding a share of 85% due to the increased growth of residential construction spending in the country.
Consumer spending on aesthetically attractive furniture products and shows a notable growth in nuclear family housing construction sector. For manufacturing wood-based panels raw material like timber, and fiber wood. Fluctuation and inconsistency in supplying raw material will an concern for the market.
China is the largest market of for plywood products which accounts for about 80% of total value of wood-based panel exports. China has been scored a rapid development of wood-based panel sector. China is preparing for coming of e-commerce era on forest product industry.
E-commerce is one of the leading force for the globalization. E-commerce captured the advantage of traditional wood and wood products. It has made the asymmetric information of the trade profit margin to be diluted, flat and symmetric which is another factor fueling the market growth in the country during the forecast period.
In India, the growth of plywood industry is highly related to the construction sector. The housing sector contributes in between 5-6% to the GDP. Government have considered the decisive measures to reduce the shortage of housing in the country, which accounts to 60 Mn units. Pradhan Mantri Awas Yojana (Central Government Policy) plan to ensure the housing for all by 2022 which will further accelerate the growth of the plywood sector.
Around 110 Mn houses will be constructed across 205 cities of India. Due to increased transparency caused by implementation of Real Estate Regulatory Act (RERA) will settlement of housing disputes quickly and would attracts domestic and foreign investments. In addition, the growth of hospitality, retail and healthcare sectors have raised the demand for the commercial real estate which fuel the wood-based panel market in India.
The Global Wood-based panel market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.