Wood Based Panel Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021 - 2026

Report Code: CMR 48197 Report Format: PDF + Excel

Wood Based Panel Market Overview

Wood Based Panel market size is forecast to reach US$224.8 billion by 2026, after growing at a CAGR of 6.5% during 2021-2026. The Wood Based Panel products are flat, sometimes curved, sheets made from wood-based materials that are bonded together with synthetic adhesives such as urea-formaldehyde adhesives, and phenol-formaldehyde resins. Low product cost coupled with superior properties including strength and durability is the key factor driving the demand for wood-based panels for ceiling, cladding, roofing, flooring and furniture applications. The market is witnessing an increase in demand, due to the construction industry's growth, where the product finds extensive applications. The latest trends, such as lightweight wood products and furniture and innovations in the surfacing technology to apply coating materials, are expected to drive the Wood Based Panel market substantially during the forecast period.

COVID-19 Impact

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the wood products manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. Respondents from all segments of the wood value chain saw digital technology adoption as the most important metric in a medium- to long-term recovery strategy. Other measures include increased resource efficiency, worker inclusion in social protection and  health care facilities, labor-saving technology, and industrial certification. The intensity of impact were not homogeneous, with one sector (pulp and paper) reporting a positive impact. Although it is too soon to assess the long-term impact of response measures, the wood sector may emerge from the crisis.

Report Coverage

The report: “ Wood Based Panel Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Wood Based Panel Market.

By Type: Particle Board, Medium Density Fiber Wood (MDF),Oriented Strand Board(OSB),Hard Board, Soft Board, PlyWood, Others.

By Application: Furniture, Construction, Packaging, Flooring, Others.

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa)

Key Takeaways

  • Asia Pacific dominates the Wood Based Panel market, owing to the growing uses of wooden panels in construction activities, furniture, in countries such as China, India, and Japan.
  • According to FAO’s forest product statistics in 2018, global Wood Based Panel production reached 408 million m³, a 1 percent increase over the previous year (404 million m³) and a 9 percent increase over the observed period. Wood-based panels is the product category that saw fast growth in production, owing to the rapid and consistent growth in the Asia-Pacific region
  • While the economically mature markets of the U.S., Canada, and Western Europe are expected to have a modest pace of housing starts, the fastest growing Asian countries such as China, India, Indonesia, Vietnam are expected to continue growth due to rising urbanization and disposable incomes.
  • Technological advancements and innovation, along with the increasing efficiency in repair, manufacturing, and renovation activities, will further energize the growth of the market.

Figure: Asia-Pacific Wood Based Panel Market Revenue, 2020-2026 (US$ Billion)

  Wood Based Panel Market Revenue

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Wood Based Panel Market Segment Analysis – By Type

The Particle wood segment held the largest share of 33%in the Wood Based Panel market in 2020. Particle Board is a composite panel product consisting of cellulosic particles of various sizes that are bonded together with synthetic adhesives under heat and pressure. Particle Board has excellent machining characteristics, which is important when post-forming high pressure laminate countertops. Particle Board is used extensively in residential kitchens, playing a role in cabinets, shelving, countertops and floor underlayment. The American National Standard for Particleboard (ANSI A208.1) is the North American industry voluntary standard that classifies particle Board by physical, mechanical and dimensional characteristics as well as formaldehyde levels. Particle Boards are lightweight, require no nails, and can be shipped or stored in only about 25 percent of the space required for standard lumber pallets. Due to this a number of opportunities are developing in shipping and packaging application.Thus,wood based panel Market will potentially grow in the forecast period.   

Wood Based Panel Market Segment Analysis – By Application

Furniture segment held the largest share in the Wood Based Panel market in 2020 and is growing at a CAGR of 6.8% during 2021-2026. Furniture made from Particle Board and Medium Density Fibre (MDF) are  moderate density fiberboard, so its raw materials and processing costs are not low, and the furniture price is relatively moderate. It meets the consumption requirements of various consumer classes. Hardwoods are commonly used in the construction of walls, ceilings and floors, while softwoods are often used to make doors, furniture and window frames. Plywood has a huge range of application within the construction industry. Some of its most common uses are, external walls formwork, or a mould for wet concrete furniture, cupboards, kitchen cabinets, and office tables, for packaging light doors and shutters. Plywood as a building material is formed into large sheets and also be curved for use in ceilings, aircraft, or ship building.

Wood Based Panel Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the Wood Based Panel market in 2020 up to 42%, owing to the huge demand for furniture, and construction industries due to vast population in the region. According to FAO’s (Food and Agriculture Organization of United Nations) forest product statistics, Asia-Pacific region accounted for 61 percent of global production in 2018 (248 million m³), followed by Europe (90 million m³, or 22 percent), Northern America (48 million m³, or 12 percent).Two regions Europe and Asia Pacific dominated international trade in wood-based panels, and together accounted for 71 percent of all imports and 82 percent of exports in 2018. Among panels, OSB and particle board had the fastest growth in production, increasing by 25 percent and 13 percent respectively over the period from 2014 to 2018. Most of this growth for both products occurred in Eastern Europe including the Russian Federation. Thus a significant growth can be predicted owing to the statistics in the Wood Based Panel Market. 

Wood Based Panel Market Drivers

Increasing demand for sustainable furniture :

As housing conditions continue to improve in China, people are spending money on home decoration. In 2019, per capita disposable income grew 8.9%. This increased purchasing power has helped the furniture market to expand significantly. According the National Bureau of Statistics, the income of furniture manufacturers grew 1.5% to RMB711.72 billion (US$103.02 billion) in 2019, while total profits grew 10.8% to RMB46.27 billion (US$6.69 billion).Rosewood is a quality hardwood, and furniture made of such material is highly regarded. Mahogany is the most popular type of rosewood. This industry is booming, due to the rising demand of eco friendly furniture globally. 

Potential of Wood framed construction Industry:

The long-term fundamentals supporting Chinese wood demand remain positive. The strong urbanization trend remains the core driver requiring an additional 7-8 million new homes needed by 2020.According to Margules Groome Publication, Another 50 million new homes are needed by 2030 as the Chinese government seeks to reach a 60% urbanization rate by 2020 and 70% by 2030. GDP per capita is at 6.9%/annum,­ increasing spending capacity and demand for larger, better quality housing. Currently, wood frame construction represents a minor segment of the Chinese residential construction industry at less than 0.05%.

Notably, several wooden building demonstration projects have been developed as the growth potential of this market is now recognized. For example, proof of concept construction projects such as the recent proposal by Dingchi Wood Industry Co. Ltd, shows that a six story wooden building is to be finalized later this year. When finished, it will be the tallest contemporary wooden frame building in China. Even though timber construction is still at the initial development stage, Chinese demand for structural timber as well as engineered wood products has significant potential for growth.

Wood Based Panel Market Challenges

Higher Price of Raw Materials:

The rapid increases in the cost of petroleum-based fuels and products continue to affect the production and marketing of wood-based panel products. It has raised the cost of raw materials and transport, and led to higher rates of inflation. Costs of energy-intensive plastic, metal, and fibreglass substitutes are improving the relative price competitiveness of wood-based panels.

Health hazards due to adhesives in Wood based Panel :

There has been concerns recently about formaldehyde emissions and health effects, particularly when urea-formaldehyde resins are used in particle board and medium-density fiberboard. Technological improvements in both resin manufacture and application are expected to continue to reduce the problem of free-formaldehyde in panels utilizing these binders.

Wood Based Panel Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Wood Based Panel market. Wood Based Panel Market top companies are Kronospan, Arauco, Daiken New Zealand, Duratex, Georgia-Pacific, Masisa, Swiss Krono Group, Norbord, Louisiana-Pacific, Weyerhaeuser, Egger, Sonae Industria, Pfleiderer, Kastamonu Entegre, Swedspan, Langboard, Finsa, Tolko, Arbec, West Fraser, GVK Novopan Industries, Sahachai Particle Board, Siam Riso Wood Products, Daya, Furen, Sengong, Jianfeng, Shengda, Fenglin, Weihua.

Acquisitions/Technology Launches

  • In June 2021,Metro Ply Group and Siempelkamp have signed a contract for the supply of a new particleboard plant with Generation 9 ContiRoll in the 8ft x 40.4m format to the Metro site in Surat Thani.
  • On 1st June 2021,Lubricant leader Metalube partners with Plastic Vision on wood-based panels sector to market a range of fully synthetic, high-temperature chain oils created for wood-based panel presses.


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 1. Wood Based Panel Market- Market Overview
    1.1 Definitions and Scope
2. Wood Based Panel Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Application
    2.3 Key Trends by Geography
3. Wood Based Panel Market– Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Wood Based Panel Market- Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Wood Based Panel Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful VentureProfiles
    5.4 Customer Analysis – Major companies
6. Wood Based Panel Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Wood Based Panel Market– Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Wood Based Panel Market– By Type(Market Size -US$Million/Billion)
    8.1 Particle Board
    8.2 Medium Density Fiber Wood (MDF)
    8.3 Oriented Strand Board (OSB)
    8.4 Hard Board
    8.5 Soft Board
    8.6 Ply Wood
    8.7 Others
9. Wood Based PanelMarket – ByApplication(Market Size -US$Million/Billion)
    9.1 Furniture
    9.2 Construction
    9.3 Packaging
    9.4 Flooring
    9.5 Others
10. Wood Based PanelMarket -By Geography (Market Size -US$Million/Billion)
    10.1 North America
        10.1.1 USA
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 UK
        10.2.2 Germany
        10.2.3 France
        10.2.4 Italy
        10.2.5 Netherlands
        10.2.6 Spain
        10.2.7 Russia
        10.2.8 Belgium
        10.2.9 Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 Japan
        10.3.3 India
        10.3.4 South Korea
        10.3.5 Australia and New Zealand
        10.3.6 Indonesia
        10.3.7 Taiwan
        10.3.8 Malaysia
        10.3.9 Rest of APAC
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Colombia
        10.4.4 Chile
        10.4.5 Rest of South America
    10.5 Rest of the World
        10.5.1 Middle East
            10.5.1.1 Saudi Arabia
            10.5.1.2 UAE
            10.5.1.3 Israel
            10.5.1.4 Rest of the Middle East
        10.5.2 Africa
            10.5.2.1 South Africa
            10.5.2.2 Nigeria
            10.5.2.3 Rest of Africa
11. Wood Based Panel Market– Entropy
    11.1 New Product Launches
    11.2 M&As, Collaborations, JVs and Partnerships
12. Wood Based PanelMarket– Industry/Segment Competition Landscape Premium
    12.1 Market Share at Global Level - Major companies
    12.2 Market Share by Key Region - Major companies
    12.3 Market Share by Key Country - Major companies
    12.4 Market Share by Key Application - Major companies
    12.5 Market Share by Key Product Type/Product category- Major companies
    12.6 Company Benchmarking Matrix - Major companies
13. Wood Based PanelMarket – Key Company List by Country Premium Premium
14. Wood Based PanelMarketCompany Analysis - Business Overview, Product Portfolio, Financials, and Developments
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8 Company 8
    14.9 Company 9
    14.10 Company 10 and more
 "*Financials would be provided on a best efforts basis for private companies" 

List of Tables

1 US Wood Based Panel Market Size 2018
2 Canada Wood Based Panel Market Share 2018
3 Brazil Wood Based Panel Market Outlook 2019 - 2023
4 Mexico Wood Based Panel Market Research 2018
5 Germany Wood Based Panel Market Trends 2019 - 2023 
6 France Wood Based Panel Market Growth 2019 - 2023 
7 UK Wood Based Panel Market Demand 2019 - 2023 
8 Italy Wood Based Panel Market Segmentation 2018
9 Russia Wood Based Panel Market Analysis 2019 - 2023
10 China Wood Based Panel Market Revenue 2019 - 2023
11 Japan Wood Based Panel Market Volume 2019 - 2023
12 South Korea Wood Based Panel Market Potential 2019 - 2023
13 India Wood Based Panel Market Leaders 2018
14 Saudi Arabia Wood Based Panel Market Forecast 2019 - 2023 
15 Kuwait Wood Based Panel Market Value 2018

List of Figures

For complete list of 60+ tables and 60+ figures follow the Link