- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2019 to 2026
Wood-based panel products are sheet materials that contain a significant amount of wood in the form of strips, veneers, chips, strands or fibers.
This report categorizes the market with various types, applications, companies, and regions. It focuses on the present scenario and the future growth of the global Wood Based Panel market, especially in regions like North America, Asia-Pacific, Europe, South America, Middle East and Africa.
The global Wood Based Panel market is expected to increase from USD 110,353 million in 2019 to USD 180,828 million by 2026, registering a CAGR of 7.31% from 2019 to 2026.
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Major manufacturers profiled in the analysis report include Kronospan, Arauco, Daiken New Zealand, Duratex, Georgia-Pacific, Masisa, Swiss Krono Group, Norbord, Louisiana-Pacific, Weyerhaeuser, Egger, Sonae Industria, Pfleiderer, Kastamonu Entegre, Swedspan, Langboard, Finsa, Tolko, Arbec, West Fraser, GVK Novopan Industries Limited, Sahachai Particle Board, Siam Riso Wood Products, Daya, Furen, Sengong, Jianfeng, Shengda, Fenglin, Weihua, and others.
Market Driver and Restraint
High demand as an insulating material for wall cladding, ceiling, roofing, and flooring applications is propelling the growth of the Wood-Based Panel market. However, stringent regulations imposed on the manufacturing of wood-based panels restrain the growth of the Wood-Based Panel market.
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Geographically, this market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia-Pacific is the global market leader at a share of 34.11%. The Asia Pacific region is expected to dominate the industry during the forecast period due to high investment in the construction industry in the region. North America is currently leading Europe with a share of 29.41% and 26.58%.
By product type, the Wood Based Panel market is segmented into Particleboard (PB), Medium Density Fibreboard (MDF), High Density Fibreboard (HDF), Oriented Strand Board (OSB), and Plywood.
Based on application, this market is divided into Furniture, Construction, Flooring, and Others. The demand for ethnic furniture in the living room and the bedroom is increasing, which is expected to drive demand for the furniture segment during the forecast period.
It is expected that there will be a huge demand for Construction application during the forecast period, due to the increasing awareness of consumers and the increasing demand for green products.
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