The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, May 17, 2023 /PRNewswire/ -- As per The Business Research Company's Plywood Global Market Report 2023, the global plywood market size is expected to grow from $54.7 billion in 2022 to $59.6 billion in 2023 at a compound annual growth rate (CAGR) of more than 8%. The plywood market size is then expected to grow to $85.2 billion in 2027 at a compound annual growth rate (CAGR) of more than 9%. Going forward, the government support, the rising renovation activities, the rising urbanization and an increasing demand for wooden furniture will drive the plywood wholesale market.
The global plywood market is highly fragmented, with a large number of small players operating in the market. UPM-Kymmene Oyj, Inc. was the largest competitor with a 0.47% share of the market, followed by Boise Cascade Company, Metsä Group, West Fraser Timber Co. Ltd., Weyerhaeuser Company, Potlatch Deltic Corporation, Georgia-Pacific LLC., Greenply Industries Limited, Sveza-Les LLC., and Austal Plywoods Private Limited.
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According to TBRC's plywood market research, manufacturers operating in the plywood global market are focusing on developing zero-emission plywood to minimize the environmental impact and increase their market share. Zero-emission plywood refers to a type of plywood that comes with an anti-bacterial coating to ensure the health and safety of every home. For instance, in January 2020, Greenply Industries Limited, an India-based interior infrastructure company, launched its first-of-a-kind zero-emission plywood, named Green Club Plus Seven Hundred, in India. The emission-free plywood used for making furniture, partitions, paneling, false ceilings and other interior applications conforms to E0 grade emission standards, one of the highest Formaldehyde Emission Standards for plywood.
Furthermore, key plywood market companies are using biodegradable chemicals for plywood preservation to enable a long life, by protecting wood from rotting due to microbial agent attacks and insects. Companies are using biodegradable chemicals instead of chromate copper arsenate (CCA), which is one of the most widely used wood preservatives. Some of the wood preservatives with lower toxicity profiles than the traditional chemicals include ammonium copper quaternary (ACQ), borates, copper azole, copper naphthenate and polymeric betaine. ACQ contains copper as a fungicide and a quaternary ammonium compound as an insecticide, thus making ACQ more biodegradable than CCA. For instance, in October 2020, OrganoClick, a Sweden-based chemicals company, launched its ORGANOWOOD wood protection system in the USA. It will be distributed to paint dealers and builders in the USA.
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As per the plywood industry outlook, Asia-Pacific was the largest region in the plywood market and was worth $53.5 billion in 2022.The plywood market in Asia-Pacific is supported by the increase in demand from end user industries, such as construction and furniture manufacturing, and the presence of extensive forest cover in countries such as China, India, Indonesia and other Southeast Asian countries. The rise in partnerships and collaborations are also supporting the market. For example, in 2022, the Malaysian Timber Council (MTC) and the Thai Hevea Wood Association (THA) and the Wood Processing Industry Club signed a Memorandum of Understanding (MoU) to support the growth of the timber trade between Malaysia and Thailand, and set trade standards between the two nations. Such collaborations are expected to raise the demand for plywood.
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