Wood Based Panel Market By Type (Waferboard and OSB, Particleboard, Medium Density Fiberboard, Hardwood, Softwood, Plywood, Others) By End Use (Furniture, Construction, Doors, Others) and Region - Global Forecast to 2026

The global wood based panel market was valued over US$ 57,450 Mn in 2017 and is expected to register a CAGR of over 7% between 2016 & 2026. The report offers in-depth insights, revenue details, and other vital information regarding the global wood based panel market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global wood based panel market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global wood based panel market is segmented on the basis of type, end use, and region.

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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.

Global Wood Based Panel Market Dynamics:

Increasing use of wood based panel in various applications is expected to drive wood based panel market over the forecast period. Demand for wooden materials have increased the demand for wood based panel over solid wood. The wood based panel provides consistent quality and design flexibility and hence used in kitchen cabinets, floor underlayment, office furniture, shelves.

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Furthermore, plywood and OBS structural panels are used in transportation equipment like dry van trailers, truck bodies and utility trailers and vans. Tough, durable, resistance plywood is used in busses and trains. Thus, increasing application for wood based panel is expected to drive the growth of the market

Increasing demand for interior designing and furniture in developed economies such as US, UK, France, Japan etc. and developing economies such as China, India, Brazil etc. is expected to create demand for wood based panel. Furthermore, increasing renovation, repair, alterations and additions to residential rental property activities in US for homes, child care facilities and pre-schools built before 1978 is expected to create significant market growth.

However, high cost of raw materials and stringent regulations are primary factors expected to hamper growth of the global wood based panels market. Most of cost is incurred in suppling of log from forest areas to mills or port which in turn increases cost of goods. Furthermore, wood product manufacturer is facing challenges due to high variability of raw material and reworking on same results in high manufacturing cost.

Market players are facing challenges to meet the stringent regulatory requirement for wood based panel and in order to meet the stringent regulation companies have to develop technologies which can lower formaldehyde emissions during processing and from final product, which represents significantly high potential opportunities for wood based panel manufacturers operating in the global wood based panel market.

Market analysis by type:

On the basis of type segmentation, the hardwood, softwood, and plywood segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Hardwood, softwood, and plywood segment is projected to witness highest CAGR over 7.0%. Hardwood plywood products are decorative in nature and are designed for interior use. It is used in making high-quality furniture, decks, flooring.

Market analysis by end use:

Among all application segments, furniture segment is expected to register highest CAGR over 7.2%. Increase in demand for furniture is expected to drive the growth of wood based panel market over the forecast period. Particle board, a relatively new type of engineered wood product becoming commonly available in the market. Moreover, cost of particle board is very low as compared to solid wood and plywood, as particle boards.

Analysis by Region:

North America market is expected to dominate the global wood based panel market, and it accounts for largest market revenue over US$ 20,000 Mn in 2017, as compared to that of markets in other regions. Dominance by North America market is expected to continue over the forecast period with comparatively higher CAGR than that of other regions, owing to higher demand among consumers in countries in the region. Presence of leading wood based panel manufacturers in this region and increasing demand for end applications is expected to fuel the market growth over the forecast period.

The new regulation for formaldehyde is expected to create negative impact on wood based panel markets in North America. In December 2016, Environmental Protection Agency had published a final rule in the Federal Register to reduce exposure to formaldehyde emissions from certain wood products either produced domestically or imported in the US. Moreover, it will reduce the adverse health effects as well. Furthermore, this rule includes formaldehyde emission standards applicable to medium-density fibreboard, hardwood plywood, particleboard and finished goods containing these products, that are sold, supplied, offered for sale, or manufactured (including imported) in the US.

Europe accounts major share of the market revenue and is expected to grow over the forecast period. According to PRO LIGNO- A scientific journal in the field of wood engineering in Romania, had published an article on ‘Development of Wood Based Products worldwide’ in 2015, states that the main panel producers in Europe region are Germany and Russia with each with about 10 million m³. Furthermore, plywood consumption represented 10% of global production and covered by 60% of imports. Increase in production capacity in Russia, Romania, is expected to drive the growth of Europe wood based panel market over the forecast period.

Asia pacific region has an immense potential in wood based panel as it has over 4,500 varieties of wood-yielding species which in turn provides huge opportunity for market player to penetrate in the market, as there is limited market competition and company can gain maximum market share. In addition, large corporate house is opting for modern furniture which will support the growth of Asia Pacific wood-based panel market over the forecast period.

Global Wood Based Panel Market Segmentation:

 Global Wood Based Panel Market Segmentation, by type:

• Waferboard and OSB
• Particleboard
• Medium Density Fiberboard
• Hardwood, Softwood, and Plywood
• Others

 Global Wood Based Panel Market Segmentation, by application:

• Furniture
• Construction
• Doors
• Others

 Global Wood Based Panel Market Segmentation, by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

• 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