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  • Published In : Jan 2020
  • Code : CMI2212
  • Pages :120
  • Formats :
      Excel and PDF
  • Industry : Advanced Materials

Plywood Market – Insights

Plywood is manufactured from softwoods, hardwoods, and combination of both. It consists of face and back core. The plies are glued together by strong adhesives such as urea formaldehyde resin or phenol. Plywood is widely used as a building material due to its useful properties such as strength, recyclability, and others. It is an economical, factory-produced sheet of wood with precise dimensions that do not crack or wrap with the changes in atmospheric moisture.

The applications of plywood in the construction industry include formation of light partition or external walls, to make framework or mold for wet concrete, for manufacturing light doors and shutters, to produce furniture such as cupboards, kitchen cabinets, and others. Moreover, plywood finds application in various non-construction industries which include upholstered furniture, materials handling, truck trailers, packaging, and other applications.

The global plywood market is predicted to grow substantially over the forecast period, owing to factors such as growth of end-use industries including construction, packaging, furniture, and others, together with rising applications of plywood as building materials on account of various excellent properties offered such as high strength, dimensional stability, high impact resistance, panel shear/braced panels shear, flexibility or bendability, water and chemical resistance, thermal and sound insulation, and others.

Nevertheless, availability of various substitutes such as glass and plastic coupled with high cost of plywood in comparison with oriented starboard is expected to restrain growth of the plywood market globally.

The global plywood market is pegged at 105.9 million cubic meter in 2018 in terms of volume, and is expected to exhibit a CAGR of 3.3%, over the forecast period (2019-2027), to reach 144.7 million cubic meters by 2027.

According to the Coherent Market Insights' analysis, among regions, Asia Pacific held the largest share of the plywood market in 2018. Furthermore, Asia Pacific is predicted to record the fastest growth in the global plywood market over the forecast period (2019 to 2027). Growth of the market is driven by expansion of infrastructure, and the housing and construction sector in countries such as India and China.

Figure 1. Global Plywood Market Share (%), By Region, 2018


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Source: Coherent Market Insights, 2018-19

Various initiatives launched by governments to provide accommodation to its country people is likely to contribute to the construction industry growth. This, in turn, is projected to propel demand for plywood in the upcoming years. For instance, in India, the Pradhan Mantri Awas Yojana (PMAY) or The ‘Housing for all by 2022’ schemes were launched in 2015. These programs aim to provide affordable housing to all citizens by 2022, and as per government estimates, this could require construction of 20 million houses by 2022. Moreover, China is the world’s largest producer of plywood, owing to the economical labor, simple technology, and local machine suppliers.

Based on application, construction and furniture segments together accounted for the largest market share and accounted for more than 50.0% of the global plywood market share in 2018. The applications of structural plywood include internal structures, subfloors, shipping crates, and wall & roof bracing. Whereas, applications of exterior and interior plywood include outdoor floorings, roof linings, stables, ceilings, interior cladding, indoor furniture, and others. Non-construction applications of plywood also include docks and boats in marine industry. Increasing demand for environment-friendly products in place of plastics is one of the major factors contributing to higher demand for plywood from various end-use industries.

Figure 2. Global Plywood Market Share (%), By Application, 2018


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Source: Coherent Market Insights, 2018-19

Key companies operating in the global plywood market are Century Plyboard (India) Ltd, Atlantic Plywood Corporation, Greenply Industries Ltd., Weyerhaeuser Company, Eksons Corp. Bhd., Roseburg Forest Products Co., Uniply Industries Ltd., Boise Cascade LLC, Ainsworth Lumber Co. Ltd., and Georgia-Pacific Corporation.

Major players operating in the plywood market are focused on adopting various strategic initiatives such as mergers & acquisitions and new product developments in order to expand their product portfolio and global presence. For instance, in April 2016, Century Plyboards Limited, a leading company for manufacturing plywood in India, announced the merger with Shyam Century Ferrous Alloy. The merger has helped the company expand its product portfolio and global presence.

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