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The global plywood market in the next five years will increase to $73.3 billion from $54.2 billion in 2022 (+35%). The average annual growth rate will be 6.2%.<\/p>\n
The construction segment will account for the largest share of growth during the forecast period.\u00a0Construction is expected to be the engine of growth for the global economy, with industry growth averaging 4.4% between 2020 and 2025.\u00a0The global construction market is expected to grow by $4.5 trillion between 2020 and 2030 to reach $15.2 trillion, $8.9 trillion of which will be in emerging markets.<\/p>\n
Growth is forecast to be concentrated in a few countries.\u00a0China, India, the US and Indonesia account for 58.3% of global construction growth between 2020 and 2030.\u00a0Ten markets will likely account for about 70% of the $4.5 trillion growth over the next decade.\u00a0These positive factors will also stimulate sales of plywood.<\/p>\n
Depending on the type of product, the plywood market is divided into hardwood and softwood.\u00a0While hardwoods are renowned for their versatility and strength, softwood plywood is used for structural purposes mainly in the construction industry.\u00a0Softwood plywood comes in many grades, sizes, and thicknesses depending on its intended use;\u00a0however, the highest grades are sometimes used for purely decorative projects such as furniture and trim.<\/p>\n
The Asia Pacific plywood market is expected to register the highest CAGR over the forecast period.\u00a0The region is the largest plywood market in the world and includes China, India, Japan, South Korea, Taiwan, Thailand, Malaysia, Australia and Indonesia.\u00a0Among these countries, the largest share - 80% - falls on China.<\/p>\n
India and China have experienced near double-digit GDP growth in recent years, as well as a population boom.\u00a0A stable economy and a growing construction industry have contributed to the growth of plywood production in these countries.\u00a0In addition, the furniture sector is one of the main consumers of plywood in India.\u00a0From 2018 to 2023, India's furniture market is predicted to grow by 11.97% annually.\u00a0According to the IBEF (Indian Brand Equity Foundation), the Indian furniture industry is worth $8 billion in 2022 and has about 5,000 businesses.<\/p>\n
The main players in the plywood industry are Georgia Pacific LLC (USA), Boise Cascade Company (USA), Weyerhaeuser Company Ltd (USA), UPM-Kymmene Oyj (Finland), Sveza Forest Ltd (Russia), PotlatchDeltic Corporation (USA) , Greenply Industries Ltd (India), Century Plyboards India Ltd.\u00a0(India) and Austral Plywoods (Australia).<\/p>","protected":false},"excerpt":{"rendered":"
The global plywood market in the next five years will increase to $73.3 billion from $54.2 billion in 2022 (+35%). The average annual growth rate will be 6.2%. The construction segment will account for the largest share of growth during … Continue reading