Wood Based Panels Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Wood Based Panels Market Report is Segmented by Product Type (Medium-Density Fiberboard (MDF)/High-density Fiberboard (HDF), Oriented Strand Board (OSB), Particleboard, Hardboard, Plywood, and Other Product Types), Application (Furniture, Construction, Packaging, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa). The Report Offers Market Size and Forecasts in Volume (Million Cubic Meters) for all Segments.

Wood-based Panel Market Size

Wood-based Panel Market Summary
Study Period 2019 - 2029
Market Volume (2024) 403.87 Million cubic meters
Market Volume (2029) 474.36 Million cubic meters
CAGR (2024 - 2029) > 3.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Wood-based Panel Market Major Players

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Wood-based Panel Market Analysis

The Wood-based Panel Market size is estimated at 403.87 Million cubic meters in 2024, and is expected to reach 474.36 Million cubic meters by 2029, growing at a CAGR of greater than 3% during the forecast period (2024-2029).

The market studied was negatively impacted by COVID-19 in 2020. Several countries imposed anti-dumping duty on the import of a certain variety of fiberboard used in furniture in order to aid domestic producers. All the construction work and other activities were put on hold to curb the spreading of the virus, thereby negatively affecting the market. However, the market studied is projected to grow steadily, owing to increased building and construction activities since 2021.

  • Over the short term, bullish growth trends in residential and commercial construction, coupled with increasing demand from the furniture industry, are major factors driving the growth of the market studied.
  • However, formaldehyde emission from wood-based panels is a key factor anticipated to restrain the growth of the market studied over the forecast period.
  • Nevertheless, the increasing application of OSB in structural insulated panels (SIPS) is expected to create lucrative growth opportunities for the global market soon.
  • The Asia-Pacific region is estimated to experience growth over the assessment period in the wood-based panel market due to the wide usage of wood-based panels in end-use application segments, such as furniture, construction, and packaging, due to their desirable properties.

Wood-based Panel Market Trends

Increasing Demand from the Furniture Industry

  • Due to their several benefits, wood-based panels are extensively used in residential furniture. There are various alternatives to wooden furniture, but the demand for it is still at its peak. Wooden panels are long-lasting, economically friendly, easy to clean, and highly versatile.
  • The global furniture market comprises 65% of domestic home furniture, followed by commercials (including offices, hotels, and others). Asia-Pacific is the world's largest home furniture producer, among which China, India, Japan, and others are the leading producers.
  • IKEA is one of the largest furniture manufacturers globally. According to public data published by the company, its annual revenue in 2023 increased by about 6.73% and was valued at EUR 47.6 billion (~USD 50.29 billion).
  • China is the leading producer of home furniture globally. Due to the growing trend of urbanization, new brands have emerged in the Chinese furniture industry. Their most dedicated customers are younger people who adopt new trends and have tremendous purchasing power. Moreover, the growing technological advancement in the country has brought up a new generation in the furniture industry.
  • The Indian furniture industry's largest segment is home furniture. Bedroom furniture has the highest share of the Indian home furniture market, followed by living room furniture. However, wardrobes and kitchens are the most expensive purchases, with customers spending around USD 7,000-10,000 on kitchen furniture.
  • The European home furniture industry is heavily dependent on products imported from Asian countries, and recent supply chain interruptions complicate their sourcing strategies. As a result, retailers have increased their share of imports from neighboring countries compared to Asian countries to reduce transportation costs and delivery times.
  • In October 2022, MoKo Home + Living raised USD 6.5 billion in a Series B debt-equity funding round, co-led by US-based investment fund Talanton and Swiss investor AlphaMundi Group. The aim is to increase home furniture production and maintain good quality. This initiative has driven the growth of the home furniture segment.
  • The ongoing working pattern, such as work-from-home, has increased the demand for compact, durable, and easy-to-handle home furniture. The shift from office workspaces to house settings has increased the demand for more functional and flexible home furniture. Several manufacturers have started offering efficient furniture using wood panels. Whether it is an ergonomic chair, office desk, or study table, working from home puts the focus back on home décor, increasing the growth of the furniture segment.
  • All the above factors are expected to drive the market for wood-based panels in the coming years.
Wood-based Panel Market: Annual revenue of the IKEA Group, In EUR Billion, Global, 2019-2023

Asia-Pacific to Dominate the Market

  • The Asia-Pacific region held a major share of the global market. With growing construction activities and the increasing demand for furniture in countries such as China, India, and Japan, the demand for wood-based panels is increasing in the region.
  • According to the International Tropical Timber Organisation (ITTO), the production of formaldehyde-free wood-based panel products in China increased by about 36% in 2022 as compared to the previous year and stood at about 8.1 million cubic meters, including formaldehyde-free plywood (1.6 million cubic meters), fibreboard (0.2 million cubic meters) and particleboard (6.3 million cubic meters).
  • China's wood-based paneling production is concentrated in the Shandong, Jiangsu, and Guangxi provinces, which account for about 60% of the total production. According to the China Timber and Wood Products Distribution Association, around 44% of China's wood-based panels were used for furniture manufacturing, decoration, or renovation last year.
  • China is amid a construction mega-boom. According to the National Bureau of Statistics of China, the gross output value of the construction industry in China in 2023 increased by 1.99% and was valued at CNY 71,284.72 billion (~USD 10,086.78 billion). Furthermore, China is expected to spend nearly USD 13 trillion on buildings by 2030, creating a positive outlook for wood-based panels.
  • According to Invest India, India is the 5th largest producer and 4th largest consumer of furniture globally. The furniture market in the country was valued at USD 23.12 billion in 2022. Furthermore, the Indian furniture market is expected to grow at a CAGR of 10.9% during 2023-28 and reach USD 32.7 billion by 2026.
  • The Make in India initiative by the government attracted several multinational companies to invest in the country, which is expected to increase the demand for new office buildings in the estimated time, supporting the demand for various wood-based panels, such as particle boards for furniture production.
  • The Indian construction sector is expected to become the world's third-largest construction market by 2022. The Smart Cities project and Housing For All by 2022 are policies implemented by the Indian government. These policies are expected to bring the needed impetus to the slowing construction industry.
  • The factors above are contributing to the increasing demand for wood-based panel consumption in the region during the forecast period.
Wood-based Panel Market - Growth Rate by Region

Wood-based Panel Industry Overview

The wood based panel market is highly fragmented in nature. The major players (not in any particular order) include Kronoplus Limited, West Fraser, ARAUCO, EGGER, and Kastamonu Entegre.

Wood-based Panel Market Leaders

  1. Kronoplus Limited

  2. West Fraser

  3. ARAUCO

  4. EGGER

  5. Kastamonu Entegre

*Disclaimer: Major Players sorted in no particular order

Wood Based Panel Market Concentration.JPG
Need More Details on Market Players and Competitors?
Download PDF

Wood-based Panel Market News

  • December 2023: Century Plyboards (India) Ltd inaugurated India's largest integrated wood panel manufacturing plant at Badvel in Andhra Pradesh. The company invested about INR 1,000 crore (~USD 121 million) in the construction of the new plant.
  • April 2023: Kronospan announced an investment of USD 350 million for the construction of a new Oriented Strand Board (OSB) manufacturing plant on its 460-acre site in Oxford, Alabama, United States.
  • September 2022: LP Building Solutions completed a million-dollar conversion and expansion project to produce LP SmartSide Trim and Siding products at its New Limerick, Maine facility.

Wood Based Panel Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Bullish Growth Trends in Residential and Commercial Construction

      2. 4.1.2 Increasing Demand from the Furniture Industry

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Formaldehyde Emission from Wood-based Panels

      2. 4.2.2 Other Restraints

    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 Buyers

      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 (Market Size in Volume)

    1. 5.1 Product Type

      1. 5.1.1 Medium-density Fiberboard (MDF)/High-density Fiberboard (HDF)

      2. 5.1.2 Oriented Strand Board (OSB)

      3. 5.1.3 Particleboard

      4. 5.1.4 Hardboard

      5. 5.1.5 Plywood

      6. 5.1.6 Other Product Types (Lumber Panels, Softboard, Chipboard, and Beadboard)

    2. 5.2 Application

      1. 5.2.1 Furniture

        1. 5.2.1.1 Residential

        2. 5.2.1.2 Commercial

      2. 5.2.2 Construction

        1. 5.2.2.1 Floor and Roof

        2. 5.2.2.2 Wall

        3. 5.2.2.3 Door

        4. 5.2.2.4 Other Constructions (Decorative Applications, Wooden Frames, and Accessories)

      3. 5.2.3 Packaging

      4. 5.2.4 Other Applications (Artistry, Industrial Prototyping, Toys, etc.)

    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 Malaysia

        6. 5.3.1.6 Thailand

        7. 5.3.1.7 Indonesia

        8. 5.3.1.8 Vietnam

        9. 5.3.1.9 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 France

        5. 5.3.3.5 Spain

        6. 5.3.3.6 NORDIC

        7. 5.3.3.7 Turkey

        8. 5.3.3.8 Russia

        9. 5.3.3.9 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 Colombia

        4. 5.3.4.4 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Nigeria

        4. 5.3.5.4 Qatar

        5. 5.3.5.5 Egypt

        6. 5.3.5.6 United Arab Emirates

        7. 5.3.5.7 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

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

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 ARAUCO

      2. 6.4.2 CenturyPly

      3. 6.4.3 VRG Dongwha MDF

      4. 6.4.4 DEXCO

      5. 6.4.5 EGGER

      6. 6.4.6 Georgia-Pacific Wood Products LLC

      7. 6.4.7 GREENPANEL INDUSTRIES LIMITED

      8. 6.4.8 Kastamonu Entegre

      9. 6.4.9 Kronoplus Limited

      10. 6.4.10 Langboard Inc.

      11. 6.4.11 Louisiana-Pacific Corporation

      12. 6.4.12 Pfleiderer

      13. 6.4.13 Roseburg Forest Products

      14. 6.4.14 SWISS KRONO Group

      15. 6.4.15 West Fraser

      16. 6.4.16 Weyerhaeuser Company

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

    1. 7.1 Increasing Application of OSB in Structural Insulated Panels (SIPS)

    2. 7.2 Other Opportunities

**Subject to Availability
You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

Wood-based Panel Industry Segmentation

Wood-based panels are a general term for a variety of different board products with an impressive range of engineering properties. Some of the major types of wood-based panels include plywood, fibreboard, and particleboard.

The wood-based panel market is segmented by product type, application, and geography. By product type, the market is segmented into medium-density fiberboard (MDF)/high-density fiberboard (HDF), oriented strand board (OSB), particleboard, hardboard, plywood, and other product types (lumber panels, softboard, chipboard, beadboard). By application, the market is segmented into furniture, construction, packaging, and other applications (artistry, industrial prototyping, toys, etc). The report also covers the market size and forecasts for the wood-based panel market in 27 countries across major regions. For each segment, the market sizing and forecasts were made on the basis of volume (million cubic meters).

Product Type
Medium-density Fiberboard (MDF)/High-density Fiberboard (HDF)
Oriented Strand Board (OSB)
Particleboard
Hardboard
Plywood
Other Product Types (Lumber Panels, Softboard, Chipboard, and Beadboard)
Application
Furniture
Residential
Commercial
Construction
Floor and Roof
Wall
Door
Other Constructions (Decorative Applications, Wooden Frames, and Accessories)
Packaging
Other Applications (Artistry, Industrial Prototyping, Toys, etc.)
Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Spain
NORDIC
Turkey
Russia
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Nigeria
Qatar
Egypt
United Arab Emirates
Rest of Middle East and Africa
Need A Different Region Or Segment?
Customize Now

Wood Based Panel Market Research FAQs

The Wood-based Panel Market size is expected to reach 403.87 million cubic meters in 2024 and grow at a CAGR of greater than 3% to reach 474.36 million cubic meters by 2029.

In 2024, the Wood-based Panel Market size is expected to reach 403.87 million cubic meters.

Kronoplus Limited, West Fraser, ARAUCO, EGGER and Kastamonu Entegre are the major companies operating in the Wood-based Panel Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Wood-based Panel Market.

In 2023, the Wood-based Panel Market size was estimated at 391.75 million cubic meters. The report covers the Wood-based Panel Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Wood-based Panel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Wood Based Panel Industry Report

Statistics for the 2024 Wood Based Panel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wood Based Panel analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

Wood Based Panels Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)