The global is forecast to reach USD 259.54 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand, due to the properties offered by the product, such as durability and strength, along with a low-cost factor. The product is used in cladding, ceiling, roofing, furniture, and flooring applications. New players entering the market have focused on making unique and advanced products, which leads to increasing demand for the product.
Countries worldwide, especially in the Asia-Pacific region, are making considerable investments in the construction industry. An increase in the number of public-private partnerships for developing the construction industry is also being seen, especially in countries like China, Saudi Arabia, and India. This is expected to drive the demand for the Wood Based Panel market, as the product finds extensive applications in the construction industry.
The product is made from raw materials, such as timber and fiber wood, which are procured from log merchants, recycled fiber brokers, and sawmills. Fluctuations in the supply, as well as prices of raw materials, are expected to hamper the market demand. Increasing concerns regarding the emissions of formaldehyde, total organic carbon, and dust are also likely to lead to a decline in product consumption, thereby reducing the demand for Wood Based Panel.
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It is expected that once the COVID-19 Pandemic is over and the industries start operating again, the demand for the product will rise. Also, major manufacturers, who have currently halted operations due to the Pandemic, are involved in innovations of the product. This would help them capture a more significant market share in the future. This will also lead to greater overall market size.
Key participants include Georgia-Pacific, Kastamonu Entegre, Norbord Inc, EGGER Group, Starbank Panel Products Ltd., SGS Industrial Services, Dare Panel Group Co., Ltd., Kronospan Limited, Klenk Holz GmbH, and Robin Wood, among others.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented into the global Wood Based Panel market on the basis of product, distribution channel, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
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Regional Bifurcation of the Wood Based Panel Market Includes:
· North America (U.S., Canada, Mexico)
· Europe (U.K., Italy, Germany, France, Rest of Europe)
· Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
· Latin America (Chile, Brazil, Argentina, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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