Global Wood-Based Panel Market To Reach $174 Billion By 2025
The global wood-based panel market size is expected to reach $174.55 billion by 2025, registering a 7.7 percent compound annual growth rate (CAGR) during the forecast period, according to a new report by Grand View Research.
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”.
The global industry is dynamic and highly competitive in nature. Investments, divestments, and regional expansions are key strategies adopted by players to strengthen their presence in the market.
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. Companies are investing in R&D activities to come up with environmentally-friendly manufacturing wood-based panels.
From Trade Arabia: tradearabia.com.
Latest News
Luoma Announces Retirement
Longtime executive and manager in the wood products industry, for years with LP, Brian Luoma announced he is retiring at the end of 2023 from his position as president and CEO of The Westervelt Co. Luoma joined Alabama-based Westervelt as president and CEO in 2017, and has been instrumental in the company’s expansion of its lumber and timberlands divisions…
Huber Takes Another Swing
Huber Engineered Woods appears to be looking at building its sixth OSB plant in Shuqualak, Miss. in Noxubee County. In March, the U.S. Army Corps of Engineers and the Mississippi Dept. of Environmental Quality released a joint public notice for Huber’s application for a permit pursuant to the Clean Water Act, and in May MDEQ released a Large Construction Notice of Intent under the Large Construction General Permit applied for by Huber at Shuqualak…
48 Years Of Westmill & Still Going Strong
Established in 1975, Victor Crondahl started Westmill Industries supplying parts and equipment to the Canadian plywood manufacturing industry. Now, nearly five decades later Westmill continues to grow under its current owner, Mike Crondahl, son of the founder. Westmill has become a world leader in the design and manufacture of veneer drying equipment and technologies. Twenty-five years after Westmill installed the plywood…
Find Us On Social
Newsletter
The monthly Panel World Industry Newsletter reaches over 3,000 who represent primary panel production operations.
Subscribe/Renew
Panel World is delivered six times per year to North American and international professionals, who represent primary panel production operations. Subscriptions are FREE to qualified individuals.
Advertise
Complete the online form so we can direct you to the appropriate Sales Representative. Contact us today!