Global Wood Based Panel Market Is Expected To Reach Around USD 332.68 Billion By 2032

Zion Market Research has published a new report titled “Wood Based Panel Market By Type (Medium-Density Fibreboard, Particleboard, Oriented Strand Board, Plywood, And Others), By Application (Furniture, Building Materials, Interior Decoration, And Others), And By Region - Global And Regional Industry Overview, market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024–2032”. According to the report, the global wood-based panel market was approximately USD 188.75 billion in 2023 and is expected to generate around USD 332.68 billion by 2032, at a CAGR of around 6.50% between 2024 and 2032.

A wood-based panel is a general term for a wide variety of different board products, which has various engineering properties. Wood-based panel products are sheet materials that consist of a significant amount of wood in the form of chips, strips, strands, veneers, and fibers. These panels are made of a single wood piece or various pieces that are bound together. Wood-based panels have major applications in shipping, packaging, and construction industries. The rapidly growing population base is the major factor driving the growth of construction and building sectors, which, in turn, is supporting the global wood-based panel market. Government schemes and policies are also expected to fuel the global construction industry, which is expected to positively impact the wood-based panel market growth globally in the upcoming years. Moreover, the increasing use of wood-based panels in various applications across the globe is predicted to further drive this market’s growth in the upcoming years. Increasing efficiency in manufacturing, repair, and renovation activities coupled with technological advancements is also expected to fuel the global wood-based panel market growth in the future.

Browse the full “Wood Based Panel Market By Type (Medium-Density Fibreboard, Particleboard, Oriented Strand Board, Plywood, And Others), By Application (Furniture, Building Materials, Interior Decoration, And Others), And By Region - Global And Regional Industry Overview, market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024–2032” Report at https://www.zionmarketresearch.com/report/wood-based-panel-market

Based on type, the wood-based panel market includes medium-density fibreboard (MDF), particleboard, oriented strand board (OSB), plywood, and others. The medium-density fibreboard (MDF) held a substantial market share in 2018, due to the increasing demand for products in manufacturing cabinetry, furniture, flooring, etc. The MDF segment consists of reliable particle size, strength, and shape, which is likely to further upsurge the MDF demand in furniture manufacturing applications.

On the basis of application, the market is fragmented into furniture, building materials, interior decoration, and others. The furniture segment further includes kitchen furniture and others. The furniture segment held the major market share in 2023 and is expected to grow notably in the future as well. This growth can be attributed to the increasing demand for ethnic furniture for bedrooms and living rooms and the rising consumer demand for environment-friendly products, due to rising environmental awareness levels.

By region, Europe held a significant market share of the global wood-based panel market in 2023. This regional growth can be attributed to the region’s flourishing construction sector and increasing regional demand for recyclable, lightweight, high strength, and sturdy products by construction and packaging sectors. The Asia Pacific wood-based panel market is expected to register the highest growth rate over the forecast time period, owing to the growing regional population and increasing demand for modern and sustainable construction across the region.

Some key players operating in the global wood-based panel market include Ante Group, ARAUCO, Klenk Holz, Kronospan, Dieffenbacher GmbH, Stora Enso, Pfeifer Group, Dongwha Group, and FormaCare.

This report segments the global wood-based panel market as follows:

Global Wood-Based Panel Market: Type Analysis

• Medium-Density Fibreboard (MDF)
• Particleboard
• Oriented Strand Board (OSB)
• Plywood
• Others

Global Wood-Based Panel Market: Application Analysis

• Furniture
  • Kitchen Furniture
  • Others
• Building Materials
• Interior Decoration
• Others

Global Wood-Based Panel Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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