May 03, 2019: The global plywood market is subject to witness a substantial growth over the forecast period due to the growing demand from housing market and retail sector. Growing demand of plywood from housing market is credited to booming buildings & construction industry, thus driving market growth over the forecast period. Additionally, increasing benefits of plywood over traditional materials such as metal, wood, and plastic are expected to fuel the growth of plywood market in upcoming years.
Growing popularity of plywood in marine applications to build decks, rooftops and doors are anticipated to boost market growth. Increasing adoption of plywood in manufacturing of structural panels is likely to drive market expansion. However, high costs of plywood in comparison with the OSB (Oriented Starboard) are substantially hampering market growth.
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Increasing demand of the chequered plywood form automotive industry for applications such as automotive flooring are anticipated to expand market reach of plywood industry during the forecast period. Application of plywood include building & construction industry, automotive sector, housing market, marine industry, and interior design industry. These wide range applications of plywood and its byproducts are expected to amplify growth of plywood industry in upcoming years.
Easy availability of plywood in regions where forest resources and wood plantations are in abundant amount, particularly in Asia-Pacific region, are offering lucrative growth opportunities for market players in the plywood industry. Moreover, substantial investment by market players in development of innovative products to gain a competitive edge coupled with mergers, acquisitions and partnerships for vertical integration are driving growth of the plywood industry, in the recent years.
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Increasing infrastructural activities in developing economies across the globe are major drivers for sustained growth of the plywood market, in the last few years. Furthermore, rise in the per capita income and surging economic condition in developing countries such as India, Brazil and China are predicted to fuel market growth in near future. Governmental initiatives to promote infrastructural activities such as smart cities projects are expected to drive demand for plywood in upcoming years as well.
However, recent advancement in the packaging industry coupled with growing preference towards plastics, metals and cardboards are expected to hamper growth of plywood industry. Additionally, growing competition in among plywood manufactures are negatively hampering market growth. Factors such as stringent the rules and regulations by local governments all across the globe against deforestation regulations is predicted to negatively influence marker progress.
Plywood market is broadly classified into four types such as softwood plywood, hardwood, tropical plywood and decorative plywood. Softwood plywood is considered as one of the fastest growing segment in the plywood industry with substantial revenue generation in the last couple of years. Growing popularity of the softwood plywood market segment is credited to its increasing use in the building & construction activities.
Plywood is manufactured with the help of thinner sheets of wood veneer. Plywood is widely used for housing in North America and European region. Advantages of plywood are cost-effectiveness, flexibility, re-usability and scalability. Plywood is commonly considered as an ideal replacement for plain wood due to its benefits such as resistance to cracks, tear resistance, shrinkage and twisting. Additionally, plywood encompasses high degree of strength in comparison with the plain wood.
The plywood market is divided by region such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the growing housing market, increasing per capita income, and presence of prominent industry players in the region. Asia-Pacific region is predicted to hold major market share in the plywood market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with increasing infrastructural activities, booming retail sector, and substantial investment by leading industry players considering potential growth opportunities in the region.
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