Among type segment, hardwood, softwood and plywood segment in the global wood-based panel market is estimated to account for a majority revenue of US$ 27,346.3 in 2017. The first five-year cumulative revenue (2017–2021) of this segment is projected to be US$ 3,29,956.7 Mn, compared to a higher cumulative revenue total of US$ 5,41,493.6 Mn for the latter five years of the forecast period (2022–2026). The furniture end use segment in the global wood based panel market revenue is estimated to be US$ 40,596.3 Mn in 2017, and is expected to continue its dominance over the forecast period.
Wood based panel is made of single piece or made of variety from number of pieces joint together which are either made from natural wood panels or form reconstituted wood panels. Wood based panels has a wide application in construction, furniture, shipping and packaging.
Increasing end use application of wood based panel in furniture, construction etc. is expected to augment the growth of wood based panel as it provides customers benefits such as high productivity, flexibility, and requires minimum material and energy consumption. In addition, continuous development of wood based panels and adoption of advance technology by market players in manufacturing process is expected to drive the growth of wood based panel market over the forecast period.
However, stringent government regulations for formaldehyde and volatile organic compounds (VOCs) emitted from wood-based panels is expected to hamper growth of the global wood based panel market.
On the basis of region, the North America market is estimated to be US$ 20,327.2 Mn in 2017, which is projected to grow significantly.
Key players in this report are Norbord Inc., Kronospan Limited, West Fraser Timber Co. Ltd., Timber Products Company, Weyerhaeuser Company, Georgia-Pacific LLC, Bucina DDD, spol. s r.o. (Ltd.), Sonae Indústria, Freres Lumber Co., Inc., Dongwha Enterprise Co., Ltd., Kastamonu Entegre, Hampton Affiliates, Duratex.