According to Research Nester, the global plywood market is projected to experience growth by the end of 2017, driven up by the burgeoning demand from construction of houses and numerous other factors. Additionally, the economical prices of plywood will act as a further boost for the market.
In regards to demand for plywood, North America regularly leads the global market – mostly due to high consumption of plywood in the construction industry – with Europe coming in second. However, the Asia Pacific (APAC) region is predicted to show strong growth in the area within the next few years, with the demand for plywood booming alongside the massive surge forecasted in the construction industry.
Aside from the factors mentioned earlier, nations with rich forests and woodlands like Brazil, India, and various other South Asian countries will have the potential to become vital suppliers of plywood in the near future. Already, there is a growing demand for plywood in India as the disposable income among the burgeoning middle and affluent classes in the nation continue to rise alongside the developing infrastructure – thus making India a crucial consumer of plywood.
Growing preferences for well-designed ceilings, floors, and walls for both commercial and residential purposes are also fuelling the demand for plywood. A booming global population and rising disposable income levels coupled with flourishing inclinations for branded plywood has impacted the global plywood market, expanding it.
The utilisation of plywood is also expected to rise in automotive flooring as well as the marine industry, and driving up the growth of the plywood market across the world.
However, the expanding plywood industry is facing stiff resistance from both the plastic industry and a growing preference for other materials, much like various metals; the fact that numerous organisations around the world are incorporating green practices into their manufacturing processes; and the relatively high cost of plywood as compared to oriented strand boards (OSB), which is projected to negatively impact the plywood market as consumers start to shift from plywood to the more economical OSB.
Sources: Research Nester, Woodworking Network