APAC Particle Board Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
APAC Particle Board Market Analysis
The Asia-Pacific particle board market is projected to register a CAGR of over 7% during the forecast period.
In the Asia-Pacific region, the COVID-19 pandemic has significantly impacted the particle board sector. Particle board production and sales have decreased on account of supply chain disruption, decreased consumer expenditure, and rising raw material costs.
- On the other hand, the pandemic has also presented some opportunities for the Asia-Pacific region's particle board business. Due to the move to work remotely and an increase in building activities, the demand for particle board goods has increased in 2021, which has raised the need for home office furniture.
- The rising demand for affordable furniture, along with a rise in per-capita disposable income, is expected to drive market growth.
- However, stringent environmental restrictions and high raw material costs have hindered the market expansion.
- Nevertheless, it is projected that innovative materials and modern production methods are expected to support market expansion in the future.
- China is anticipated to lead the Asia-Pacific region in terms of revenue during the expected timeframe.
APAC Particle Board Market Trends
This section covers the major market trends shaping the APAC Particle Board Market according to our research experts:
Growing Demand from the Furniture Industry
- Rising population and changes in consumer lifestyle have had a significant impact on the recent shift in furniture style preferences. Particle boards that have been laminated may feature wood veneers or decorative plastic laminates. When compared to regular, unfinished fiberboards, particle boards are stronger, smoother, and more attractive. Additionally, they are simple to maintain and clean.
- There is a rise in the demand for new office construction, as there is an increase in the demand for flooring underlayment, cubical partitioning, wall paneling, false ceiling, doors, and furniture. Additionally, it is predicted that remodeling and refurbishing the already existing office buildings would help to meet the anticipated increase in product demand.
- There has been an increase in startups and new office spaces in India, with over 80,000 new startups and a valuation of USD 36.42 billion in 2022, according to the India Brand Equity Foundation (IBEF). Additionally, over 40 startups are anticipated to reach a valuation of USD 1 billion within the next two years.
- China exported furniture worth USD 6.21 billion more than any other country in the world in 2021, according to the World Bank. Malaysia exports around 80% of furniture production. Malaysia exports furniture to the United Kingdom, Saudi Arabia, the United Arab Emirates, Russia, and the Philippines. In addition, support from the Malaysian government for the development of the furniture industry through various strategic initiatives to ensure its sustainable and rapid growth is expected to augment the market growth.
- Overall, it is expected that the rising furniture sector throughout the region is expected to drive the particle board market throughout the projected period.
China is Anticipated to Hold a Major Share
- The demand for particle boards in China is being driven by the exponential growth of the furniture and building sectors. In the building sector, particle boards are used for stairways, walls, and flooring, among other things.
- China's five-year plan, which was released in January 2022, projected that the country's construction industry would rise by about 6% in 2022. China intends to promote the production of prefabricated structures to reduce waste and pollution from construction sites.
- Furthermore, according to the National Development and Reform Commission, the Chinese government approved 26 infrastructure projects worth USD 142 billion in 2019, with construction already underway and completion anticipated in 2023.
- Nearly 40% of the furniture produced worldwide comes from Chinese furniture manufacturing companies. Due to its large population, furniture is in extremely high demand in China. Due to the country's large population and expanding disposable income, people are prepared to spend more money on furniture and floor coverings in China.
- Interior design ideas for homes, offices, and apartments are always evolving in the furniture market. In terms of designs, sizes, and colors, this is essentially driving innovation and progress. As a result, the volume of furniture production is expected to grow.
- China will be the biggest exporter of furniture to the United States in 2021, shipping around USD 1,165.7 million and the second-largest exporter of Chinese furniture to South Africa, with USD 319.89 million.
- Considering all the above-mentioned factors, the increase in the demand for particle board in China is anticipated to expand during the forecast period.
APAC Particle Board Industry Overview
The Asia-Pacific particle board market is partially consolidated in nature. Some of the major players in the market include Bangkok Master Wood Co. Ltd, CenturyPly, Fletcher Building, Foshan Jujian Yifang Trading Co. Ltd, Green River Holding Co. Ltd, and others.
APAC Particle Board Market Leaders
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CenturyPly
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Fletcher Building
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Metro Particle Co Ltd
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Greenlam Industries Ltd
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Wanhua Ecoboard Co Ltd
*Disclaimer: Major Players sorted in no particular order
APAC Particle Board Market News
- September 2022: With an annual capacity of 3.2 lakh cubic meters, Century Plyboards announced the opening of a new plant in Andhra Pradesh, India, with an investment of USD 122 million.
- December 2021: Greenlam Industries Limited stated that it would invest in cutting-edge machinery, tools, and technology to produce particle boards with a capacity of 231,000 CBM annually for an investment of USD 73.4 million.
APAC Particle Board Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Increasing Demand from the Furniture Industry
- 4.1.2 Easy Availability of Raw Materials
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4.2 Restraints
- 4.2.1 Threat of Medium-density Fiberboard as a Substitute
- 4.3 Industry Value-Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION
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5.1 By Raw Material
- 5.1.1 Wood
- 5.1.1.1 Sawdust
- 5.1.1.2 Shavings
- 5.1.1.3 Flakes
- 5.1.1.4 Chips
- 5.1.2 Bagasse
- 5.1.3 Other Raw Materials
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5.2 By Application
- 5.2.1 Construction
- 5.2.2 Furniture
- 5.2.3 Infrastructure
- 5.2.4 Other Applications
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5.3 By Geography
- 5.3.1 China
- 5.3.2 India
- 5.3.3 Japan
- 5.3.4 South Korea
- 5.3.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by the Leading Players
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6.4 Company Profiles
- 6.4.1 Bangkok Master Wood Co. Ltd
- 6.4.2 CenturyPly
- 6.4.3 Fletcher Building
- 6.4.4 Foshan Jujian Yifang Trading Co. Ltd
- 6.4.5 Green River Holding Co. Ltd
- 6.4.6 Greenlam Industries Ltd
- 6.4.7 Jiangmen Changda Wood Products Co. Ltd
- 6.4.8 Metro Particle Co. Ltd
- 6.4.9 Panel Plus Co. Ltd
- 6.4.10 ONP-Vietnam LLC
- 6.4.11 Shandong National Forest Products Co. Ltd
- 6.4.12 Shirdi Industries Limited
- 6.4.13 Wisewoods Co. Ltd
- 6.4.14 Wanhua Ecoboard Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Development of New Methods to Manufacture Particle Boards
APAC Particle Board Industry Segmentation
Particle board, also known as fiberboard, is an engineered product created by combining residual lumber with a binder and applying high pressure and heat. The particle board market is segmented by raw material, application, and geography. By raw material, the market is segmented into wood, bagasse, and other raw materials. By application, the market is segmented into construction, furniture, infrastructure, and other applications. By geography, the market is segmented into China, India, Japan, South Korea, and the Rest of Asia-Pacific. The report covers the market size and forecasts for four countries across the region. For each segment, the market sizing and forecasts have been provided on the basis of value (USD Million).
| By Raw Material | Wood | Sawdust |
| Shavings | ||
| Flakes | ||
| Chips | ||
| By Raw Material | Bagasse | |
| Other Raw Materials | ||
| By Application | Construction | |
| Furniture | ||
| Infrastructure | ||
| Other Applications | ||
| By Geography | China | |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific |
APAC Particle Board Market Research FAQs
What is the current Asia-Pacific Particle Board Market size?
The Asia-Pacific Particle Board Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Particle Board Market?
CenturyPly , Fletcher Building , Metro Particle Co Ltd, Greenlam Industries Ltd and Wanhua Ecoboard Co Ltd are the major companies operating in the Asia-Pacific Particle Board Market.
What years does this Asia-Pacific Particle Board Market cover?
The report covers the Asia-Pacific Particle Board Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Particle Board Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Particle Board Industry Report
Statistics for the 2024 Asia-Pacific Particle Board market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Particle Board analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
