According to a new market research report, the “Plywood Market by Type (Hardwood and Softwood), Application (Construction and Industrial), Uses Type (New Construction and Rehabilitation), and Region (North America, Europe, APAC, MEA, South America) – Global Forecast to 2027″, Plywood market size is projected to reach USD 73.3 billion by 2027 from USD 54.2 billion in 2022 growing at a CAGR of 6.2%.
- 220 Market data Tables
- 54 Figures
- 225 Pages and in-depth TOC on “Plywood Market – Global Forecast to 2027″
Major players operating in the plywood include Georgia Pacific LLC (US), Boise Cascade Company (US), Weyerhaeuser Company Ltd (US), UPM-Kymmene Oyj (Finland),
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Plywood Market.
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The construction segment holds the largest share during the forecast period.
Based on application, construction segment is expected to be the largest segment during the forecast period. Over the medium term, construction will be a growth engine for the global economy, with growth averaging 4.4% between 2020 and 2025. The global construction market is expected to grow by US$4.5 trillion between 2020 and 2030, reaching US$15.2 trillion. US$8.9 trillion of this will be in emerging markets in 2030. Growth is projected to be concentrated in a few nations. China, India, the United States, and Indonesia account for 58.3% of worldwide building growth between 2020 and 2030. Over the next decade, ten markets likely contribute for about 70% of the $4.5 trillion in growth. These positive factors are expected to drive the plywood in the near future.
Softwood segment in type to hold the largest share in plywood market during the forecast period.
Based on type, the plywood market is segmented into hardwood and softwood. Softwood is renowned for its versatility and strength. Softwood Plywood is plywood that has a softwood veneer on the front and back rather than a hardwood veneer like Birch, Maple, Oak, and others. Softwood plywood panels are utilized for structural purposes because they have a core made of either softwood and are faced and backed with a veneer of soft wood. Softwood Plywood is used mainly in the construction industry for structural purposes. Softwood plywood comes in a variety of grades, dimensions, and thicknesses depending on their intended application; nevertheless, the highest grades are occasionally utilized for purely ornamental projects like furniture and cabinetry.
Asia Pacific plywood market is estimated to register the highest CAGR during the forecast period.
The Asia Pacific region is the largest market for plywood across the globe. The market in the Asia Pacific has been studied for China, India, Japan, South Korea, Taiwan, Thailand, Malaysia and the Rest of Asia Pacific (Australia, Indonesia, and others). Among these countries, China accounted for the largest share of 80.0% of the Asia Pacific plywood market in terms of value.
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