Plywood Market To Make Great Impact In Near Future by 2027

Plywood is a type of wood product, an engineered wood. It is a panel made of wood, manufactured from thin sheets of wood veneer that are stuck together. Due to its improved qualities, such as resistance to shrinkage, splitting, cracking and twisting, it finds application as a substitute for wood. Plywood also displays high strength as compared to plain wood and it is flexible, workable, reusable and inexpensive.

Rising construction activity worldwide, increase in the number of homes and the rising application of plywood in the interior designing of home floorings, walls, and ceilings, especially in high-cost residential spaces, along with a growing furniture industry are expected to drive the global plywood market for the next few years.

The advantages of using plywood as a low-cost yet durable substitute for raw wood, along with its growing demand make it imperative to study the global plywood market.

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Market Segmentation

The global plywood market can be segmented in several ways, two of the prominent ones being on the basis of product type and application type.

On the basis of product type, the global plywood market is segmented as follows:

• Commercial ply

• Semi-waterproof ply

• Waterproof ply

On the basis of application type, the global plywood market is segmented as follows:

• Softwood plywood

• Hardwood plywood

• Tropical plywood

• Decorative plywood

Key Trends, Drivers

In recent times, manufacturers of commercial vehicles require increasing quantities of chequered plywood for applications in automotive flooring. This is expected to propel global plywood market growth in the near future.

Plywood also finds applications in the marine industry for the construction of decks. The structural panel industry has also been a major consumer of plywood, thereby driving the market.

However, the cost associated with plywood is relatively high as compared to oriented strand board (OSB), which provides similar features to that of plywood. Thus, growth rate of the plywood market could be hampered as a result of a shift of usage from plywood to oriented strand board (OSB).

It should be noted that the North American region has been consistently dominant globally, in terms of the market demand for plywood. This has been primarily due to high plywood consumption by the construction sector. In terms of plywood demand, North America is followed by the European region, which is mainly driven by the high demand from Germany and the U.K. However, the region displaying a relatively high market growth is Asia Pacific, as China, India and Japan have been witnessing massive construction, thereby driving the demand for plywood applications to a considerable extent.

It could be observed that countries with rich forest resources and wood plantations, such as India, Brazil and South-East Asian countries have a potential to be key suppliers of plywood in the near future, as they could look at possible vertical integration to produce plywood after making relevant infrastructural investments for the same, thereby driving the supply side of the plywood market. For instance, the rich and varied forest wealth of India with a variety of deciduous, coniferous, tropical and evergreen trees could be an important resource for the wood panel industry in the future. Also, the growing indigenous demand for plywood in India as a result of rising disposable income among the growing middle and affluent class and the growing infrastructure in recent times is expected to make India an important consumer of plywood in the near future.

However, it should be noted that the plywood demand growth has been facing resistance from the packaging industry, which has been finding preferences of other materials, such as metals, plastics and cardboards.

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Market Participants

Examples of some of the market participants in the global plywood market are as follows:

• Ainsworth Lumber Co. Ltd.

• Boise Cascade LLC

• Atlantic Plywood Corporation

• Eksons Corp. Bhd

• Century Plyboard (India) Ltd.

• Greenply Industries Ltd.

• Georgia-Pacific Corporation

• Uniply Industries Ltd.

• Weyerhaeuser Company

• Jaya Tiasa Holdings Berhad

• Roseburg Forest Products Co.

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