Global Plywood Market Size, Share, Opportunities And Trends By Input Type (Softwood Plywood, Hardwood Plywood), By Application (Furniture, Flooring, Packaging, Construction, Others), By End-Users (Residential, Commercial), And By Geography - Forecasts From 2023 To 2028

Plywood is a type of engineered wood made from thin layers or plies of wood veneers that are glued together. It is widely used in the construction industry for various applications, such as flooring, roofing, walls, and furniture. Plywood has several advantages over traditional solid wood, including greater strength, durability, and resistance to warping and cracking.

The global plywood market has witnessed significant growth over the years, owing to the increasing demand from the construction industry. The rapid urbanization and industrialization, coupled with the rising population and per capita income, have led to a surge in demand for housing and commercial infrastructure, thereby boosting the demand for plywood. Moreover, the versatility and cost-effectiveness of plywood compared to other building materials have also contributed to its growing popularity. With the increasing focus on sustainable and eco-friendly construction practices, the demand for plywood made from renewable and recyclable materials has also witnessed a significant upsurge in recent years.

Drivers: the global plywood market is driven by Increasing demand from the construction industry and growing demand for eco-friendly and sustainable construction practices.

Increasing demand from the construction industry- The construction industry is the primary driver of the plywood market. Plywood is used in various construction applications, such as flooring, roofing, walls, and furniture. The rapid urbanization and industrialization, coupled with the rising population and per capita income, have led to a surge in demand for housing and commercial infrastructure, thereby boosting the demand for plywood. Moreover, plywood is a cost-effective and versatile material compared to other building materials, which make it a preferred choice for builders and contractors.

Growing demand for eco-friendly and sustainable construction practices- With the increasing focus on sustainability and eco-friendly construction practices, the demand for plywood made from renewable and recyclable materials has witnessed significant upsurge in recent years. As a result, many plywood manufacturers are now focusing on producing sustainable and eco-friendly plywood, which is expected to boost the demand for such products. The growing awareness among consumers about the environmental impact of construction materials is also expected to drive the demand for sustainable plywood. The United Nations Environmental Programme (UNEP) estimates that the construction industry is responsible for 40% of global energy consumption and 30% of greenhouse gas emissions. As a result, many governments have introduced regulations and policies to promote sustainable and eco-friendly construction practices, which is expected to boost the demand for sustainable plywood.

Key developments.

• In February 2022, Gupta Plywood, counted among the largest plywood manufacturers in India, introduced a new brand of plywood named 'Speckwud', which it claims to be India's first 15-layer plywood that is impervious to termites and waterproof. According to the manufacturer, Speckwud plywood is the first brand to have 15 layers, unlike other plywood brands that comprise 13 layers, and its thickness is maintained at a consistent 19mm. In addition, this plywood is manufactured using matured wood cores, which distinguishes it from other brands that utilize both matured and immature wood cores. Gupta Plywood maintains that their Speckwud plywood is subjected to rigorous testing that enables it to resist high temperatures of water without getting damaged, thereby making it waterproof and termite-resistant.
• In March 2021, Greenlam, a popular brand that specializes in surfacing solutions, has recently declared its intentions to invest a substantial sum of US$ 115.4 million by 2023 for the establishment of its third laminate plant, and to initiate its entry into the particle board and plywood business. The investment amount is expected to be utilized towards the acquisition of cutting-edge technology, state-of-the-art equipment, and contemporary machinery for the purpose of manufacturing particleboards. The company has revealed that its subsidiary, HG Industries Ltd, will operate the plywood manufacturing unit, which will have a production capacity of 18.9 million square meters per annum.

Based on application, the furniture segment is a significant application area of plywood.

The global plywood market for furniture is primarily driven by the increasing demand for furniture, especially from the residential sector. Plywood is an ideal material for manufacturing furniture as it is sturdy, durable, and versatile, allowing designers and manufacturers to create various styles and designs of furniture. Plywood is used in the production of different types of furniture, including chairs, tables, cabinets, and bookshelves, among others. Moreover, the rising popularity of eco-friendly and sustainable furniture is also expected to boost the demand for plywood in the furniture segment. Plywood manufacturers are focusing on developing eco-friendly products by using sustainable materials and minimizing the use of harmful chemicals.

Asia Pacific accounted for a significant share of the global plywood market.

Based on geography, the global plywood market is segmented into North America, South America, Europe, the Middle East and Africa and Asia Pacific. The Asia Pacific region has a major plywood market, owing to the rapid industrialization, urbanization, and infrastructure development activities in emerging economies such as India, China, and Southeast Asian countries. The region's construction industry is expanding at a significant rate, and the demand for plywood is expected to grow substantially due to the increasing number of residential and commercial construction projects.

Key Market Segments

• By Type
  • Softwood plywood
  • Hardwood plywood
• By Application
  • Furniture
  • Flooring
  • Packaging
  • Construction
  • Others
• By End-User Industry
  • Residential
  • Commercial
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • Indonesia
    • Thailand
    • Others