Global Wood Panel Consumption will exceed 282 million m³ by 2010, according to a new report by Global Industry Analysts Inc (GIA). Announcing the new report 'Wood Panels: A Global Strategic Business Report', the San Jose, California company said the recent drop in new housing construction in the US had lowered prices for structural wood panels and other engineered wood products as supply exceeded demand. Meanwhile, despite rising energy costs and worldwide competition, the European wood panels market is expected to record growth in consumption and production.Europe is the largest regional market in terms of consumption, with an estimated share of 32.2% in 2007, while China represents the fastest growing market, said GIA. Global consumption of particleboard (including OSB) totalled an estimated 108 million m³, while plywood consumption is projected to exceed 79 million m3 by the end of 2009. MDF is the fastest-growing product segment with consumption poised to grow at a compounded annual rate of 9.46% over the period 2001-2010. Consumption of wood panels in Germany, Europe's single largest market, totalled an estimated 13.6 million m3 in 2006, while China's MDF consumption is projected to exceed 16 million m3 by 2009, according to the report.