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The Plywood Market Size was valued at USD 94978.5 million in 2021. The plywood market industry is projected to grow from USD 100772.19 million in 2022 to USD 152527.58 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2022 – 2030).
Plywood has gained popularity over the years due to its good strength, flexibility, workability, and reusability. Additionally, it offers superior insulation properties to the final product and is highly weather and water-resistant. Plywood is used for construction and flooring applications due to enhanced mechanical strength and considerably decreasing the overall weight of the products.
It is also used to determine the market’s growth. Increased growth and development of commercial structures is enhancing the fuel for the growth of the plywood market share. The advantages of plywoods are another factor fueling the expansion of the plywood market. They can support huge loads, improve mechanical strength, and are employed in flooring applications, yet they are lighter than other materials. Because of its waterproof feature, it is both simple to install and weather and temperature change resistant.
The use of Plywood Market has also been expanded to include the construction of boat parts. Additionally, the marine sector makes advantage of this.
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Regional analysis:
Based on region, the plywood market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. In 2019, Asia-Pacific dominated the plywood market due to the increasing investment in infrastructure development in the region.
Market segmentation:
Based on grade, wood type, application, and geography, the worldwide plywood market has been divided into subgroups. The MR grade, BWR grade, fire resistant grade, BWP grade, and structural grade categories make up the global market. A sizeable market share is projected for the MR grade category. The worldwide plywood market is divided into hardwood and softwood segments based on the type of wood used. Due to its excellent qualities, the softwood segment held a much bigger part of the global market. The global plywood market is divided into five categories based on application: furniture, construction & flooring, automobile interior, packaging, marine, and others. Due to the increasing emphasis that homeowners are placing on interior design, aesthetic furnishings, and home décor, the furniture segment is anticipated to hold the biggest market share.
Key Players:
Austal plywoods private limited, Boise cascade company, Eksons corporation berhad, Georgia Pacific LLC, Latvijas fineries AS, Metas wood, Potlatch Deltic corporation, SVEZA forest, UPM Kymmene Oyj, Weyerhaeuser company limited
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