Economic development and rising spending on development of commercial buildings in developing countries is predicted to fuel the plywood market over the 2020- 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.
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.
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.
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.
Plywood is the material produced from the thin layers or plies of the wood that gets processed and then glued together with more layers in order to obtain the desired size and shape. Plywood is known for its even texture, high strength and convenience for use in modern day furniture, doors, and others. The odd number of plies in plywood aids in keeping the granules of the two surfaces in perpendicular position. The plies or the veneer layers on the exterior are referred to as the as the front and back face, whereas the plies in between are referred to as the core. Plywood sheets are used in building and construction activities, especially for flooring applications to provide increased mechanical strength while significantly reducing overall structure weight. Plywood board offers greater insulation and is water and climate resistant.
The fact that plywood consumption increases cultivation and plantation of natural forests is expected to boost the sales projections of the plywood market. The growing popularity of easy-to-install and ready-made furniture is owing to the lightweight properties of plywood sheets and the users' rising disposable income. The furniture industry is indirectly influencing the sales growth of the plywood industry due to the increasing development of residential and office spaces, as well as the growing inclination of house owners toward latest home decor, interior design, and aesthetic furnishing.
Manufacturers of the plywood market are making efforts to develop a backward integrated supply chain to gain a competitive edge in the overall market competition. They are also indulging in ownership or possession of licenses for maintaining and cultivating forest lands. This is done with the objective of plywood manufacturing, sustaining cultivation, and different wood-based panel products. The nature of market for the global plywood market is highly fragmented on account of the presence of multiple players. Leading players of the plywood market are collaborating with other companies dealing with construction materials to engage in joint ventures for both residential and commercial projects.
One of the key advantages of plywood is the fact that it is a long lasting and durable alternative for solid wood. Additionally, in comparison to natural wood, plywood is factory-made and is more cost efficient. Moreover, plywood can be used in multiple furniture form such as bed, cabinet, desk, study table, modular kitchen, and other furniture.
Plywood is specially treated to withstand normal wear and tear. They are treated to be water, insulation, fire, and impact resistant. There are two types of plywood available on the market today: hardwood and softwood. Hardwood is primarily made of woods like mahogany, maple, birch, and oak. Softwood ply, on the other hand, is made of woods such as spruce or pine.
The Asia Pacific, with the largest market share, will significantly contribute to the growth of plywood revenue. This region is further expanding due to the increasing demand for plywood in construction projects. Rapid industrialization, increasing development in infrastructure, and a large proportion of furniture manufacturing are the factors driving the market growth for plywood. Massive growth in the construction sector, the presence of key plywood dealers, rising indigenous plywood manufacturing demand, and growing disposable income among the well-to-do and middle classes are all driving plywood market growth.
One key factor driving the plywood market is the growing trend of easy-to-install and ready-made furniture. The lightweight properties and longevity of plywood suitable for modern lifestyles drive the plywood market even further. Environmentalists are rallying behind rising use of plywood, which encourages plantation as well as cultivation of wood for timber. Conservation groups promote the development of timberland and rubber plantations for economic and environmental reasons.
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Plywood Market
