According to Future Market Insights, the global plywood market is valued at US$85.5bn as of 2023. The market is expected to grow at a CAGR of 6.3% during the period 2023-2033, and by 2033, the market is expected to be valued at US$156.9bn.
Asia-Pacific is expected to be the largest plywood market during the forecast period. China is expected to grow at a CAGR of 6.7%, and India at a CAGR of 6.4%.
One of the major factors behind market growth is rapid urbanisation. This has led to the growth of the construction sector because of the increase in infrastructural activities.
Companies which are involved in infrastructural activities are making use of plywood because of its robust physical properties and its ability to absorb moisture. Apart from that, plywood comes with the ability to provide seamless operation in areas which are prone to seismic activities and cyclonic winds.
Moreover, even the maritime sector is increasingly making use of plywood. The ability to control the growth of fungus, coupled with the ability to withstand the effects of water is expected to surge the adoption in marine industry.
Increase in disposable income has also led to a number of people investing in new houses, which in turn affects the demand for plywood, as investors are mainly betting on its stability and strength-to-weight ratio.
Apart from that, the ability to be resistant to chemicals ensures that the plywood is highly durable.
Most importantly, a surging interior design and furniture industries represent a massive scope for the market. Both sectors are gradually replacing conventional woods by plywood owing to its versatility and generation of low waste.
The furniture sector also uses plywood to accommodate short-term overload. The interior design sector counts on the panel shear of plywood, which is almost double of what is offered by conventional wood.
Source: Future Market Insights