Particle Board Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Particle Board Market is segmented by Raw Material (Wood, Bagasse, and Other Raw Materials), Application (Construction, Furniture, Infrastructure, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Market Snapshot

Particle Board Market Overview
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: >5 %
Particle Board Market Key Players

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Market Overview

The particle board market is projected to register a CAGR of 5% during the forecast period (2021-2026).

Due to the impact of COVID-19, several restrictions have been imposed by the government, and thus, construction activities have come to a halt. While residential construction growth was prominent through 2019 in regions, such as Asia-Pacific, North America, the Middle East, and Africa, the COVID-19 pandemic is estimated to severely hit residential construction growth. The lockdowns imposed by the governments to check the spread of coronavirus has resulted in construction companies announcing a shutdown of operations. This is likely to delay the implementation of projects, leading to cost overruns and impacts on the workforce. However, the condition is expected to recover in 2021, thereby restoring the growth trajectory of the market studied.

  • Over the long term, the major factor driving the market is an increase in demand for particle boards for furniture is augmenting the growth of the market.
  • Development of new methods to manufacture particle boards is projected to act as an opportunity for the market in the future.
  • The threat of medium-density fiberboard as a substitute is anticipated to hinder the growth of the market studied.
  • The Asia-Pacific region is expected to dominate the market during the forecast period.

Scope of the Report

Particle board, also known as fiberboard, is an engineered material that is made of separate fibers. Fiberboards are generally made of engineered wood, which is either hard or softwood. This is mixed with wax and resin binders by applying high pressure and temperature. The particle board market is segmented by raw material, application, and geography. The market is segmented by raw materials, which include wood, bagasse, and other raw materials. The market is segmented by applications such as construction, furniture, infrastructure, and other applications. The report also covers the market size and forecasts for the particle board market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

Raw Material
Wood
Sawdust
Shavings
Flakes
Chips
Bagasse
Other Raw Materials
Application
Construction
Furniture
Infrastructure
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
Russia
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Increasing Demand from the Furniture Industry

  • Owing to the change in lifestyle of today’s population, preference for furniture style has changed drastically during the past years. Contemporary furniture consists of features, such as simple lines, square-edged chairs, and different combinations of colors.
  • Owing to its high-temperature resistance, fire resistance, and moisture resistance, usage of these boards in the furniture industry is rapidly increasing. Besides that, the furniture made from particle board also impart properties, such as lightweight and high strength to weight ratio.
  • With the increasing housing construction, population, and income levels across the world, the demand for furniture, such as chairs, tables, beds, sofa, shelves, and cupboards, has been increasing significantly.
  • In the furniture industry, concepts related to interiors of homes, offices, and flats are changing continuously. This is driving innovation and development, primarily in terms of designs, size, and colors. This is expected to augment the production volume of furniture across the world.
  • Countries including China, the United States, and Germany account for the largest markets in the furniture industry. China is the dominant exporter of wood furniture to the EU.
  • Indonesia is one of the world’s leading furniture manufacturers. Indonesia’s furniture industry maintains positive growth.
  • Additionally, in India, the expanding furniture market has also led companies, such as Pepper fry (an online furniture shopping store in India), to expand their house brand portfolio and retail networks in the country.
  • According to a study by the World Bank, India's organized furniture industry grew by around 20% annually and was poised to cross USD 32 billion by 2019. The country’s online home decor market is estimated to grow by more than 50% over the years.
  • All the aforementioned factors are expected to drive the global market during the forecast period.
Particle Board Market Revenue Share

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region to witness robust growth in the particle board market, owing to the increasing construction and furniture industry in countries like China.
  • China is the largest market base in the Asia-Pacific region, owing to its ever-increasing population, rising income, and rapid urbanization. It is also one of the major manufacturing hubs for almost every industry. Hence, the infrastructure development in the country will see a continuous rise.
  • China’s construction industry developed rapidly due to the central government’s push for infrastructure investment to sustain economic growth.
  • Moreover, five new particleboard production mills with an annual output of 1 million cubic meters have become operational in September 2020 in Shandong, Jiangsu, Anhui, and Guangxi provinces, of which 4 are continuous flat pressing lines with an annual output capacity of 950,000 cubic meters, further increasing the production capacity of China. In the long run, the price of particle board is going to fall, as many small plants are being built around the world, increasing the supply, in turn, reducing the selling price.
  • China is one of the largest furniture exporters in the world, along with Italy. Wood furniture manufacturing makes up the largest proportion of the Chinese furniture manufacturing sector, contributing more than 50% of total furniture manufacturing revenue.
  • The Indian government has been actively boosting housing construction, as it aims to provide a home to about 1.3 billion people. The country is likely to witness around USD 1.3 trillion of investment in housing over the next seven years, and it is likely to witness the construction of 60 million new homes in the country. The availability of affordable housing in the country is expected to rise by around 70% by 2024.
  • Under the budget 2020-2021, the Indian government has been planning to allot an investment of about INR 103 lakh crore on infrastructure over the next five years. In this regard, the government has introduced a National Infrastructure Pipeline (NIP), which consists of about 6500 projects across sectors. These projects would include infrastructure development for housing, healthcare, educational institutes, railway stations, bus terminals, airports, metro and railway transportation, logistics and warehousing, etc.
  • India is expected to be the third-largest construction market across the world by 2030, with its contribution to the GDP increased to around 15% by 2030.
  • Owing to the present pandemic condition, the market demand for particle board in the construction and furniture industry has been facing headwinds. However, market recovery is speculated to be witnessed. Thus, the projected growing construction and furniture industries are expected to boost the demand in the local particle boards market in the post-pandemic recovery period.
Particle Board Market Growth Rate By Region

Competitive Landscape

The particle board market is fragmented in nature, due to the presence of several major players in different countries. Key players in the particle board market include West Fraser, Georgia-Pacific, Roseburg Forest Products, Kastamonu Entegre, and Wanhua Ecoboard Co. Ltd.

Recent Developments

  • In February 2021, West Fraser Timber Co. Ltd. and Norbord Inc. jointly announced that they had completed the previously announced transaction, whereby West Fraser has acquired all of the issued and outstanding common shares of Norbord.
  • In September 2020, EGGER announced that it had completed its first raw particle board production, marking the start of operations at its new manufacturing facility in Lexington, United States.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increase in Demand for Particle Boards for Furniture

      2. 4.1.2 Easy Availability of Raw Materials

    2. 4.2 Restraints

      1. 4.2.1 Threat of Medium-density Fiberboard as a Substitute

      2. 4.2.2 Unfavorable Conditions Arising Due to the Impact of COVID-19

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Raw Material

      1. 5.1.1 Wood

        1. 5.1.1.1 Sawdust

        2. 5.1.1.2 Shavings

        3. 5.1.1.3 Flakes

        4. 5.1.1.4 Chips

      2. 5.1.2 Bagasse

      3. 5.1.3 Other Raw Materials

    2. 5.2 Application

      1. 5.2.1 Construction

      2. 5.2.2 Furniture

      3. 5.2.3 Infrastructure

      4. 5.2.4 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 Russia

        5. 5.3.3.5 France

        6. 5.3.3.6 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share **/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Associate Decor Ltd

      2. 6.4.2 Boise Cascade

      3. 6.4.3 Century Prowud

      4. 6.4.4 Columbia Forest Products

      5. 6.4.5 D&R Henderson Pty Ltd

      6. 6.4.6 EGGER Group

      7. 6.4.7 Georgia-Pacific

      8. 6.4.8 Kastamonu Entegre

      9. 6.4.9 Kronoplus Limited

      10. 6.4.10 Krifor Industries Pvt. Ltd

      11. 6.4.11 Peter Benson (Plywood) Limited

      12. 6.4.12 Roseburg Forest Products

      13. 6.4.13 Siam Riso Wood Products Co. Ltd

      14. 6.4.14 Sonae Industria

      15. 6.4.15 Timber Products Company

      16. 6.4.16 UCS Forest Group

      17. 6.4.17 Uniboard

      18. 6.4.18 West Fraser

      19. 6.4.19 Wanhua Ecoboard Co. Ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Development of New Methods to Manufacture Particle Boards

**Subject to Availability

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Frequently Asked Questions

The Particle Board Market market is studied from 2016 - 2026.

The Particle Board Market is growing at a CAGR of >5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

West Fraser , Georgia-Pacific , Kastamonu Entegre, Wanhua Ecoboard Co.,Ltd, Roseburg Forest Products are the major companies operating in Particle Board Market.

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