Plywood market seen reaching $100.2 billion by 2032

Allied Market Research says the global plywood market was worth $55.7 billion in 2022 and is on track to nearly double to $100.2 billion by 2032. Construction demand, furniture use and Asia-Pacific growth are the biggest drivers in the forecast.

Why it matters: - Plywood demand is tied closely to construction, furniture and infrastructure spending, so the forecast points to continued activity in those industries through 2032. - The market’s projected rise to $100.2 billion suggests room for suppliers, manufacturers and distributors to expand in both residential and non-residential segments.

What happened: - Allied Market Research published a new global plywood market report covering 2023-2032. - The report values the market at $55,663.5 million in 2022 and projects $100,155.6 million by 2032. - The forecast implies a 6.1% compound annual growth rate over the period.

The details: - The report breaks the market down by type: hardwood, softwood and others. - The report also segments the market by application: construction, industrial, furniture and others. - End-user categories include residential and non-residential. - The softwood segment held more than half of market revenue in 2022. - The furniture segment accounted for half of market revenue in 2022. - The residential segment held more than half of revenue in 2022. - Asia-Pacific accounted for half of market share in 2022. - China held the largest share of the Asia-Pacific plywood market. - The report identifies construction and infrastructure growth as a major driver. - The report says plywood’s design flexibility, strength, cost-effectiveness, sustainability, consistent quality and ease of handling make it a preferred choice for furniture makers. - The report says plywood is relatively cost-effective compared with solid wood and is attractive for budget-conscious residential projects. - The report says plywood’s uniform structure and dimensional stability help reduce waste during construction. - The report says many manufacturers use sustainable forestry practices and low-VOC adhesives. - The COVID-19 pandemic hurt the market because manufacturing plants temporarily closed and sales were disrupted. - The report lists major players including Weyerhaeuser Company, Boise Cascade Company, Green Ply Industries Limited, Georgia-Pacific LLC, Uniply Industries Ltd, JAYA TIASA HOLDINGS BERHAD, UPM Plywood, SUBUR TIASA HOLDINGS BERHAD, SVEZA and Duro Ply Industries Limited.

Between the lines: - The report points to a market shaped by both cost pressure and sustainability preferences. - The regional data suggests Asia-Pacific remains the center of gravity for plywood demand, while developed markets focus on technology upgrades to defend share. - The company list shows a mix of North American, European and Asian suppliers competing through new products, expansion and acquisitions.

What’s next: - Softwood and furniture-linked demand are expected to stay important through the forecast period. - The report expects the “others” category in product type, application and end user to grow at a significant CAGR. - Non-residential demand is also expected to grow at a significant CAGR as construction activity expands. - The report says Asia-Pacific is expected to continue growing at a significant CAGR through 2032. - More information