Economic development and rising spending on development of commercial buildings in developing countries is predicted to fuel the plywood market over the 2024- 2030 forecast period. Plywood is used in construction and flooring applications for enhanced mechanical strength, while considerably decreasing the overall weight of the structure. Plywood also offers improved insulation properties to finished product, and is largely weather and water proof.
Plywood Market: Competitive Landscape
The plywood market is highly fragmented and competitive with the presence of a large number of small and mid-size players. Product development and product innovation is the focus of well-entrenched players in the plywood market. However, low cost products offered by small players that are at par in quality offered by large players creates stiff competition in the plywood market.
Prominent players in the plywood market include Weyerhaeuser Company, Century Plyboards Ltd., Georgia Pacific LLC, JAYA TIASA HOLDINGS BERHAD, SUBUR TIASA HOLDINGS BERHAD, Boise Cascade Company, Greenplay Industries Limited, Uniply Industries Ltd., UPM-Kymmene Oyj, and Sveza-Les LLC among others.
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Plywood Market: Key Trends
Growing trend of ready-made and easy-to-install furniture are some key factors propelling the plywood market. Lightweight properties and durability of plywood suitable for urban lifestyle are further fuelling the plywood market.
Rising use of plywood that boosts plantation and cultivation of wood for timber is witnessing support of environmentalists for environmental goals. Environment preservation bodies support development of timberland, rubber plantations that serve economic and environmental purposes.
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Plywood Market: Regional Outlook
From a regional perspective, Asia Pacific holds the leading share in the plywood market. Rapid infrastructural development along with more than 35% share in furniture production in China accounts for leading share of the region.
The Middle East & Africa is another key region in the plywood market. Vast spending by public and private companies for development of commercial complexes boosts the plywood market in the region.
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