The Business Research Company's plywood market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Nov. 1, 2022 /PRNewswire/ -- Plywood companies are increasingly integrating automation and robotics in their operations to enhance productivity and reduce costs. Automation is being utilized to reduce the time taken for manufacturing reconstituted wood products and thereby improving process efficiency. For instance, in June 2019, many of the plywood industries units in Yamunanagar, India have started adopting automation in the manufacturing process, either partially or fully, due to rising labor costs and dwindling sales due to stagnation in the real estate sector.
The global plywood market size is expected to grow from $50.83 billion in 2021 to $54.79 billion in 2022 at a compound annual growth rate (CAGR) of 7.8%. The global plywood market share is expected to grow to $79.65 billion in 2026 at a CAGR of 9.8%.
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Rising Urbanization Is A Major Driver For The Plywood Market Growth
Economic growth and a rapidly growing urban population is expected to increase the demand for new residential and commercial buildings and furniture during the forecast period, thus driving the demand for plywood market. According to The World Bank, the world has nearly 57% of urban population in 2021. Further, according to the United Nations, the urban population is set to increase by almost 700 million by the year 2030 reaching a total of 5.2 billion. This rapid urbanization is expected to boost the demand for wood materials for construction and furniture and drive the plywood market going forward.
UPM-Kymmene Oyj Was The Largest Competitor In The Plywood Market In 2021
UPM-Kymmene Oyj was the largest competitor in the plywood market in 2021, with a 0.52% share of the market. UPM-KymmeneOyj is a forest products company that manufactures and distributes pulp, paper, plywood, sawn timber, labels and composites, wood sourcing & forestry products, specialty paper, bioenergy, biofuels for transport, biochemicals and nano products. UPM's growth strategy focuses on modernizing its production lines through strategic investments. For instance, in December 2021, UPM announced its plans to invest $9.83 million (€ 10 million) for the development of a plywood mill in Joensuu, Finland. This investment includes new workspaces, 720 square meters of new production space, and new production lines.
Plywood Market Segmentation
The global plywood market is segmented -
1) By Type: Softwood, Hardwood
2) By Application: Furniture, Flooring and Construction, Automotive Interiors, Packaging, Marine, Others
3) By End-User: Residential, Commercial
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