Plywood Market Size Worth $98.12 Billion By 2032 | CAGR: 6.0%

The global plywood market size is expected to reach USD 98.12 billion by 2032, according to a new study by Polaris Market Research. The report “Plywood Market Share, Size, Trends, Industry Analysis Report, By Type (Hardwood and Softwood); By Application; By Uses Type; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rapid rise in refurbishment activities, increased investments, and government initiatives to support infrastructure development positively impacted the plywood market. Also, the growing demand for commercial infrastructures, including offices, complexes, educational institutions, and multispecialty stores, requires plywood products in large quantities for floors, walls, doors, interior & exterior finishing, and roofs, collectively accelerating the market growth.

Furthermore, growth in the globally organized retail segment including hypermarkets, supermarkets, specialty stores, and departmental stores, is further contributing to the market growth at a rapid pace.

For instance, in July 2022, Greenply Industries launched its new product named “Green Platinum.” The newly launched Green Platinum plywood combines better health safety and higher strength, is certified by California Air Resource Board, and comes with an anti-viral and anti-bacterial coating. It includes many advanced features such as E-0 compliant, fire resistant & waterproof, fungus proof, un-extended BWP resin, and a 30-year money-back warranty.

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In addition, the increased usage of plywood in recent years, which is boosting plantation as well as cultivation of wood for timber, is extensively witnessing support of environmentalists to achieve their environmental goals. Hence, many environmental preservation bodies and organizations across the globe are supporting the development of timberland and rubber plantations. Moreover, increasing urban population and their rising expenditure on living areas through rehabilitation activities in developing countries are expected to create high growth opportunities for plywood market.

For instance, according to the World Bank, 600 million people are estimated to be living in urban cities in India by 2036, which represents 40% of total country’s population. So, India will need to invest nearly USD 55 billion per annum and a total of USD 840 billion into urban infrastructure in next 15 years to effectively and efficiently meet the need of this fast-growing urban population.

Plywood Market Report Highlights

• Softwood segment accounted for the highest revenue share in 2022 on account of increased usage for decorative purposes like furniture and cabinet making.
• Construction segment held the largest share due to increased prevalence of plywood products in building & construction industry.
• Rehabilitation segment is projected to register a high growth rate during the anticipated period, which is accelerated by growing consumer spending capacity and high penetration among homeowners in developed regions.
• Asia Pacific region dominated the global industry in 2022 due to an increasing number of favorable government initiatives and a rapid surge in construction activities in countries like India, China, and Indonesia.
• The global market players include Boise Cascade Company, Sveza Forest Ltd., Timber Products Company, Centuryply, Columbia Forest Products, and Austin Plywood.

Polaris Market Research has segmented the plywood market report based on type, application, uses type, and region:

Plywood, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Hardwood
• Softwood

Plywood, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Construction
• Residential

Plywood, Uses Type Outlook (Revenue - USD Billion, 2019 - 2032)

• New Construction
• Rehabilitation

Plywood, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa