Market Size of Wood-based Panel Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
