Plywood Global Market Opportunities and Strategies to 2032

This report describes and explains the plywood market and covers 2017-2022, termed the historic period and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and the major economies within each region.

The global plywood market reached a value of nearly $113,325.3 million in 2022, having increased at a compound annual growth rate (CAGR) of 4.1% since 2017. The market is expected to grow from $113,325.3 million in 2022 to $152,791.0 million in 2027 at a rate of 6.2%. The market is then expected to grow at a CAGR of 6.6% from 2027 and reach $210,021.0 million in 2032.

Growth in the historic period resulted from the emerging markets growth, a growth in world population, a growth in residential construction activity and the low interest rates. Factors that negatively affected growth in the historic period were the termite infestations, the COVID-19 impact, the geo-political tensions and the forest fires.

Going forward, the government support, the rising renovation activities, the rising urbanization and an increasing demand for wooden furniture will drive the market. Factors that could hinder the growth of the plywood market in the future include the Russia-Ukraine war impact, the increasing costs and the stringent laws and regulations.

The plywood market is segmented by type into softwood and hardwood. The softwood market was the largest segment of the plywood market by type, accounting for $85,939.1 million or 75.8% of the total market in 2022. The softwood market is expected to be the fastest-growing segment going forward at a CAGR of 6.2%.

The plywood market is segmented by application into furniture, building and construction, transportation, packaging and other applications. The building and construction market was the largest segment of the plywood market by application, accounting for $41,116.4 million or 36.3% of the total market in 2022. The packaging market is expected to be the fastest-growing segment going forward at a CAGR of 6.6%.

The plywood market is segmented by end-user into residential and commercial. The residential market was the largest segment of the plywood market by end-user, accounting for $68,715.0 million or 60.6% of the total market in 2022. The residential market is expected to be the fastest-growing segment going forward at a CAGR of 6.2%.

Asia-Pacific was the largest region in the plywood market, accounting for 47.2% of the global market in 2022. It was followed by North America, Western Europe and other regions. Going forward, the fastest growing regions in the plywood market will be the Asia-Pacific and Western Europe, where growth will be at CAGRs of 6.5% and 6.1% respectively from 2022-2027.

The global plywood market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up 2.16% of the total market in 2021. UPM-Kymmene Oyj, Inc. was the largest competitor with a 0.47% share of the market, followed by Boise Cascade Company with 0.44%, Metsä Group with 0.30%, West Fraser Timber Co. Ltd with 0.27%, Weyerhaeuser Company with 0.20%, Potlatch Deltic Corporation with 0.17%, Georgia-Pacific, LLC with 0.15%, Greenply Industries Limited with 0.08%, Sveza-Les LLC with 0.06%, and Austal Plywoods Private Limited with 0.02%.

The top opportunities in the plywood market by type will arise in the softwood market, which will gain $30,077.3 million of global annual sales by 2027. The top opportunities in the plywood market by application will arise in the building and construction market, which will gain $14,409.8 million of global annual sales by 2027. The top opportunities in the plywood market by end-user will arise in the residential market, which will gain $24,055.6 million of global annual sales by 2027. The plywood market size will gain the most in China at $13,309.7 million.

Market-trend-based strategies for the plywood market include technological advancements, product innovations, use of biodegradable chemicals for wood preservation, development of termite-free and waterproof plywood, development of zero-emission plywood, development of fire-resistant plywood, new plant expansions and collaborations and acquisitions.

Player-adopted strategies in the plywood industry include a focus on modernizing the production lines through strategic investments, a focus on enhancing the market presence through strategic acquisitions, a focus on improving the products, and sustainability through collaborations and a focus on strengthening the business operations through strategic acquisitions.

To take advantage of the opportunities, the publisher recommends the plywood companies to focus on technological advancements, focus on product innovations, focus on zero-emission plywood, focus on new plant expansions, expand in emerging markets, continue to focus on developed markets, focus on partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, continue to target fast-growing applications, focus on fast-growing end-users and focus on the urban population.