Wood-based Panel Market Size (2024 - 2029)

The wood-based panel market is projected to experience steady growth over the forecast period, driven by increased construction activities and rising demand from the furniture industry. Despite challenges such as formaldehyde emissions potentially restraining market expansion, opportunities are anticipated from the growing use of oriented strand board in structural insulated panels. The Asia-Pacific region is expected to see significant growth due to the extensive application of wood-based panels in sectors like furniture, construction, and packaging, attributed to their favorable properties.

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Market Size of Wood-based Panel Industry

Wood-based Panel Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 3.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Wood-based Panel Market Major Players

*Disclaimer: Major Players sorted in no particular order

Wood-based Panel Market Analysis

The Wood-based Panel Market size is estimated at 403.87 Million cubic meters in 2024, and is expected to reach 474.36 Million cubic meters by 2029, growing at a CAGR of greater than 3% during the forecast period (2024-2029).

The market studied was negatively impacted by COVID-19 in 2020. Several countries imposed anti-dumping duty on the import of a certain variety of fiberboard used in furniture in order to aid domestic producers. All the construction work and other activities were put on hold to curb the spreading of the virus, thereby negatively affecting the market. However, the market studied is projected to grow steadily, owing to increased building and construction activities since 2021.

  • Over the short term, bullish growth trends in residential and commercial construction, coupled with increasing demand from the furniture industry, are major factors driving the growth of the market studied.
  • However, formaldehyde emission from wood-based panels is a key factor anticipated to restrain the growth of the market studied over the forecast period.
  • Nevertheless, the increasing application of OSB in structural insulated panels (SIPS) is expected to create lucrative growth opportunities for the global market soon.
  • The Asia-Pacific region is estimated to experience growth over the assessment period in the wood-based panel market due to the wide usage of wood-based panels in end-use application segments, such as furniture, construction, and packaging, due to their desirable properties.

Wood-based Panel Industry Segmentation

Wood-based panels are a general term for a variety of different board products with an impressive range of engineering properties. Some of the major types of wood-based panels include plywood, fibreboard, and particleboard.

The wood-based panel market is segmented by product type, application, and geography. By product type, the market is segmented into medium-density fiberboard (MDF)/high-density fiberboard (HDF), oriented strand board (OSB), particleboard, hardboard, plywood, and other product types (lumber panels, softboard, chipboard, beadboard). By application, the market is segmented into furniture, construction, packaging, and other applications (artistry, industrial prototyping, toys, etc). The report also covers the market size and forecasts for the wood-based panel market in 27 countries across major regions. For each segment, the market sizing and forecasts were made on the basis of volume (million cubic meters).

Product Type
Medium-density Fiberboard (MDF)/High-density Fiberboard (HDF)
Oriented Strand Board (OSB)
Particleboard
Hardboard
Plywood
Other Product Types (Lumber Panels, Softboard, Chipboard, and Beadboard)
Application
Furniture
Residential
Commercial
Construction
Floor and Roof
Wall
Door
Other Constructions (Decorative Applications, Wooden Frames, and Accessories)
Packaging
Other Applications (Artistry, Industrial Prototyping, Toys, etc.)
Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Spain
NORDIC
Turkey
Russia
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Nigeria
Qatar
Egypt
United Arab Emirates
Rest of Middle East and Africa
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Wood-based Panel Market Size Summary

The wood-based panels market is poised for steady growth over the forecast period, driven by the resurgence of construction activities and rising demand from the furniture industry. The market, which faced setbacks due to the COVID-19 pandemic, is expected to recover and expand as building and construction activities ramp up. The Asia-Pacific region, particularly countries like China, India, and Japan, is anticipated to be a significant contributor to this growth, fueled by the extensive use of wood-based panels in various applications such as furniture, construction, and packaging. Despite challenges such as formaldehyde emissions, the market is likely to benefit from the increasing application of oriented strand board (OSB) in structural insulated panels, presenting lucrative opportunities for expansion.

The global furniture market, with a substantial portion dedicated to domestic home furniture, continues to drive the demand for wood-based panels. The Asia-Pacific region, led by China and India, remains a dominant force in furniture production, with urbanization and technological advancements spurring new trends and consumer preferences. The Indian furniture market, supported by government initiatives like Make in India, is expected to see significant growth, further boosting the demand for wood-based panels. Additionally, the market's fragmented nature, with key players investing in new manufacturing facilities, underscores the competitive landscape and potential for innovation and expansion in the coming years.

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Wood-based Panel Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Bullish Growth Trends in Residential and Commercial Construction

      2. 1.1.2 Increasing Demand from the Furniture Industry

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Formaldehyde Emission from Wood-based Panels

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Product Type

      1. 2.1.1 Medium-density Fiberboard (MDF)/High-density Fiberboard (HDF)

      2. 2.1.2 Oriented Strand Board (OSB)

      3. 2.1.3 Particleboard

      4. 2.1.4 Hardboard

      5. 2.1.5 Plywood

      6. 2.1.6 Other Product Types (Lumber Panels, Softboard, Chipboard, and Beadboard)

    2. 2.2 Application

      1. 2.2.1 Furniture

        1. 2.2.1.1 Residential

        2. 2.2.1.2 Commercial

      2. 2.2.2 Construction

        1. 2.2.2.1 Floor and Roof

        2. 2.2.2.2 Wall

        3. 2.2.2.3 Door

        4. 2.2.2.4 Other Constructions (Decorative Applications, Wooden Frames, and Accessories)

      3. 2.2.3 Packaging

      4. 2.2.4 Other Applications (Artistry, Industrial Prototyping, Toys, etc.)

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Malaysia

        6. 2.3.1.6 Thailand

        7. 2.3.1.7 Indonesia

        8. 2.3.1.8 Vietnam

        9. 2.3.1.9 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Spain

        6. 2.3.3.6 NORDIC

        7. 2.3.3.7 Turkey

        8. 2.3.3.8 Russia

        9. 2.3.3.9 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Colombia

        4. 2.3.4.4 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Nigeria

        4. 2.3.5.4 Qatar

        5. 2.3.5.5 Egypt

        6. 2.3.5.6 United Arab Emirates

        7. 2.3.5.7 Rest of Middle East and Africa

Wood-based Panel Market Size FAQs

The Wood-based Panel Market size is expected to reach 403.87 million cubic meters in 2024 and grow at a CAGR of greater than 3% to reach 474.36 million cubic meters by 2029.

In 2024, the Wood-based Panel Market size is expected to reach 403.87 million cubic meters.

Wood Based Panel Market Report Snapshots

Wood Based Panels Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)