Global Plywood Market Set to Grow with Increasing Demand for Affordable Housing| MarketsandMarkets™
Plywood is a type of manufactured wood panel made from thin sheets of wood veneer, or “plies.” It is used for the construction of furniture, cabinetry, exterior siding, and many other applications. Plywood is often used in place of solid wood because it is stronger and less prone to warping. It is also less expensive than solid wood. Demand for plywood has grown significantly in recent years, due to its strength and cost-effectiveness. It is used in a variety of construction projects, from home renovations to large commercial projects. Plywood is also used in the making of boats, furniture, and other items. As the demand for new housing increases, the demand for plywood increases as well. The global Plywood market size is projected to reach USD 73.3 billion by 2027 from USD 54.2 billion in 2022 growing at a CAGR of 6.2%.
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The rising demand for plywood in the construction industry is due to its superior strength and durability, which makes it ideal for use in a variety of construction projects. Plywood is widely used in construction for flooring, roofing, wall cladding, and other purposes. Furthermore, because of its resistance to warping, shrinkage, and cracking, it is a popular choice in the construction industry. During the forecast period, the market is expected to be driven by rising demand for plywood in the construction sector.
The softwood segment is expected to hold the largest share in the plywood market. This is mainly attributed to its availability in abundance, low cost, and wide range of applications in both residential and commercial buildings. Softwood plywood is used extensively in the construction and furniture industries across the globe. It is also preferred for its strength, durability, and aesthetic appeal. Its cost-effectiveness and light weight also make it a popular choice for residential applications. Furthermore, the increasing demand for softwood plywood from the furniture industry is expected to drive the growth of the softwood segment in the plywood market.
The Asia Pacific plywood market is expected to grow at the fastest rate during the forecast period, owing to rising demand for plywood in countries such as India, China, and Japan. The growing demand for plywood from the furniture, construction, and packaging industries is propelling market growth in the region. Growing demand for green building materials, as well as increased government support for the use of green building materials, are also contributing to market growth in the region.
Because of the desire for cheap housing, commercial structures, and infrastructure development, North America is one of the world’s top consumers of plywood. The United States, in particular, is a big player in the worldwide plywood market, accounting for a sizable portion of market revenue. The country’s expanding population and urbanization have increased the demand for plywood goods in the construction industry.
Europe is another key region in the global plywood market, with countries such as Germany, France, and the UK leading the way. The region’s strong economy and advanced construction industry have created a high demand for plywood products in the market. In addition, the growing demand for eco-friendly and sustainable building materials has boosted the demand for plywood products in the region.
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Europe is another important region in the global plywood market, with Germany, France, and the United Kingdom leading the way. The region’s robust economy and modern building sector have resulted in a significant market demand for plywood products. Furthermore, the growing demand for environmentally friendly and sustainable building materials has increased the demand for plywood products in the region.
Major players operating in the plywood include Georgia Pacific LLC (US), Boise Cascade Company (US), Weyerhaeuser Company Ltd (US), UPM-Kymmene Oyj (Finland), Svezza Forest Ltd (Russia), PotlatchDeltic Corporation (US), Greenply Industries Ltd (India), Century Plyboards India Ltd. (India), Austral Plywoods (Australia), and others.
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