- 11 April 2019 21:38
North America Wood Based Panel Market Is Expected To Accounts For Largest Market Revenue Over Us$ 20,000 Mn In 2017
Wood based panel is made of single piece or made of variety from number of pieces joint together which are either made from natural wood panels or form reconstituted wood panels.
Increasing use of wood based panel in various applications is expected to drive wood based panel market over the forecast period. Demand for wooden materials have increased the demand for wood based panel over solid wood. The wood based panel provides consistent quality and design flexibility and hence used in kitchen cabinets, floor underlayment, office furniture, shelves.
North America market is expected to dominate the global Wood Based Panel Market , and it accounts for largest market revenue over US$ 20,000 Mn in 2017, as compared to that of markets in other regions. Dominance by North America market is expected to continue over the forecast period with comparatively higher CAGR than that of other regions, owing to higher demand among consumers in countries in the region.
Europe accounts major share of the market revenue and is expected to grow over the forecast period. According to PRO LIGNO- A scientific journal in the field of wood engineering in Romania, had published an article on ‘Development of Wood Based Products worldwide’ in 2015, states that the main panel producers in Europe region are Germany and Russia with each with about 10 million m³.
Asia pacific region has an immense potential in wood based panel as it has over 4,500 varieties of wood-yielding species which in turn provides huge opportunity for market player to penetrate in the market, as there is limited market competition and company can gain maximum market share.
Among type segment, hardwood, softwood and plywood segment in the global wood-based panel market is estimated to account for a majority revenue of US$ 27,346.3 in 2017. The first five-year cumulative revenue (2017–2021) of this segment is projected to be US$ 3,29,956.7 Mn, compared to a higher cumulative revenue total of US$ 5,41,493.6 Mn for the latter five years of the forecast period (2022–2026). The furniture end use segment in the global wood based panel market revenue is estimated to be US$ 40,596.3 Mn in 2017, and is expected to continue its dominance over the forecast period.
Key players in this report are Norbord Inc., Kronospan Limited, West Fraser Timber Co. Ltd., Timber Products Company, Weyerhaeuser Company, Georgia-Pacific LLC, Bucina DDD, spol. s r.o. (Ltd.), Sonae Indústria, Freres Lumber Co., Inc., Dongwha Enterprise Co., Ltd., Kastamonu Entegre, Hampton Affiliates, Duratex.