Reportlinker.com announces the release of the report "Wood Based Panel Global Market Report 2023"

The global wood based panel market is expected to grow from $152.37 billion in 2022 to $164.89 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions and affecting many markets across the globe. The market is expected to reach $220.06 billion in 2027 at a CAGR of 7.5%.

The wood based panel market consists of sales of T-beam panels, lumber panels, and stress-skin panels.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Wood-based panels refer to engineered wood products made from wood fibers, chips, or particles, bonded together with resins and adhesives under heat and pressure. These panels are commonly used in construction and furniture manufacturing.

Asia-Pacific was the largest region in the wood based panels market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the wood based panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main product type of wood-based panels includes medium-density fiberboard (MDF)/high-density fiberboard (HDF), oriented strand board (OSB), particleboard, hardboard, plywood, and others.Medium or high-density fiberboard (MDF) refers to a type of engineered wood product created by converting leftover hardwood or softwood wood into wood fibers, frequently in a defibrillator, mixing it with wax and a resin binder, and then creating panels under high heat and pressure.

MDF/HDF is commonly used in furniture manufacturing, interior decoration, and construction due to its many advantages.The wood-based panel is distributed through direct sales, online stores, specialty stores, and others that are used in both residential and non-residential buildings.

The wood-based panel is used in construction, furniture, packaging, flooring, and others.

Increased building and construction activity is expected to drive the wood based panel market going forward.Construction refers to the process of building or assembling something, typically a structure, using various materials and techniques for residential and commercial purposes.

Wood-based panels are widely used in the construction of residential and commercial buildings for wall sheathing, insulation, roofing, and flooring.For instance, in December 2022, according to the Federal Reserve Bank of St.

Louis, a US-based central bank, total spending on commercial construction reached $131 million, increasing from $103 million in December 2021.Furthermore, in May 2022, the total spending on residential construction topped $954 million, increasing from $797 million in May 2021.

As a result, the increasing building and construction activity is driving the wood based panel market forward.

Innovation in products is a key trend gaining popularity in the wood based panel market.Major companies in the market are introducing innovative products to sustain their position in the market.

For instance, in 2022, Garnica Plywood, a Spain-based plywood manufacturer launched Fireshield Plywood, a fire-resistant plywood. The uniqueness of the product is that it is certified by all the necessary tests such as CE1 structural certification test and has the highest performance rating ASTM-E-84 B-s1-dO.

In February 2021, West Fraser Timber Co. Ltd., a Canada-based wood products company, acquired Norbord Inc. for $3.1 billion. The acquisition expanded West Fraser’s geographical footprint and product portfolio and helped to earn more stable and resilient growth. Norbord Inc. is a Canada-based manufacturer of wood-based panels and other wood products.

The countries covered in the wood based panel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The wood based panel market research report is one of a series of new reports that provides wood based panel market statistics, including wood based panel industry global market size, regional shares, competitors with wood based panel market share, detailed wood based panel market segments, market trends, and opportunities, and any further data you may need to thrive in the wood based panel industry. This wood based panel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Read the full report: https://www.reportlinker.com/p06479966/Wood-Based-Panel-Global-Market-Report.html

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.