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LONDON, GREATER LONDON, UNITED KINGDOM, October 23, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
The wood based panel market has seen significant growth in recent years, rising from $164.89 billion in 2023 to $177.96 billion in 2024, with a compound annual growth rate (CAGR) of 7.9%. This growth during the historical period can be attributed to established construction practices, the use of renewable resources, versatility in applications, urbanization and a construction boom, as well as a preference for natural aesthetics.
What Are the Market Size Estimates for the Global Wood Based Panel Market and Its Expected Growth Rate?
The wood based panel market is expected to sustain its robust growth, reaching $237.46 billion by 2028, with a compound annual growth rate (CAGR) of 7.5%. The growth during the forecast period is driven by increasing demand for sustainable construction, innovations in manufacturing processes, the rising popularity of engineered wood products, architectural design trends, and a renewed interest in wood construction. Key trends during this period include the integration of digitalization and Industry 4.0, sustainable sourcing and certification, development of innovative materials and products, improvements in energy efficiency and reductions in carbon footprints, as well as growth in the construction and furniture industries.
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What Are The Primary Growth Drivers Of The Wood Based Panel Market?
The rise in building and construction activities is projected to boost the market in the future. Construction involves the process of creating or assembling structures using a range of materials and techniques for both residential and commercial purposes. Wood-based panels are extensively utilized in the construction of residential and commercial buildings for applications such as wall sheathing, insulation, roofing, and flooring.
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Who Are The Top Market Players Contributing To The Growth Of The Wood Based Panel Market?
Key players in the market include Georgia-Pacific LLC, Weyerhaeuser Company, West Fraser Timber Co Ltd., Boise Cascade Company, Sonae Industria SGPS SA, Celulosa Arauco y Constitucion, Canfor Corporation, Egger Group, Louisiana-Pacific Corporation, Duratex S.A., UPM Plywood, Kastamonu Entegre Agac A.S., Norbord Inc., Roseburg Forest Products Co, Swiss Krono Group, Dongwha Group.
What Emerging Trends Are Affecting The Size Of The Wood Based Panel Market?
Leading companies in the market are concentrating on strategic collaborations to offer reliable services to their customers. Strategic collaboration involves a mutually beneficial partnership between two or more independent entities that work together to achieve common goals while aligning with their individual strategic objectives.
How Is the Global Wood Based Panel Market Segmented?
1) By Product Type: Medium-Density Fiberboard (MDF)/High-Density Fiberboard (HDF), Oriented Strand Board (OSB), Particleboard, Hardboard, Plywood, Other Product Types
2) By Distribution Channel: Direct Sales, Online Stores, Specialty Stores, Other Distribution Channels
3) By End User: Residential, Non-residential
4) By Application: Construction, Furniture, Packaging, Flooring, Other Applications
Geographical Analysis: Asia-Pacific Emerges as the Wood Based Panel Market Leader
Asia-Pacific was the largest region in the wood based panels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market during the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Wood Based Panel Market Definition and Overview
Wood-based panels are engineered wood products created from wood fibers, chips, or particles that are bonded together using resins and adhesives under heat and pressure. These panels are widely utilized in construction and furniture manufacturing.
The Wood Based Panel Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Wood Based Panel Market Report: Trends, Opportunities, Strategies, and More
The Wood Based Panel Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into wood based panel market size, wood based panel market drivers and trends, wood based panel market major players, wood based panel competitors' revenues, wood based panel market positioning, and wood based panel market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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