Global wood based panels market to grow sharply by 20258 August 2018
The global wood based panel market size is expected to reach US$174.55bn by 2025, registering a 7.7% compound annual growth rate (CAGR) during the forecast period, according to a new report by Grand View Research of San Francisco, California.
High demand as an insulating material for wall cladding, ceiling, roofing, and flooring applications is expected to boost market growth over the coming years, said the report ‘Wood Based Panel Market Size, Share & Trends Analysis Report by Product (plywood, MDF, particleboard, softboard, hardboard), by Application (furniture, construction, packaging), and Segment Forecasts, 2018-2025’.
Investments, divestments, and regional expansions are key strategies adopted by players to strengthen their presence in the market, the report shows. On the down side, increasing raw material prices and lack of technological innovation are expected to be a key concern for industry players.
Innovations in the traditional woodworking industry to produce more sustainable products, such as MDF, particleboard, OSB, and HDF, which can be employed in specific application areas, are expected to boost market growth over the forecast period.