(MENAFN- GlobeNewsWire - Nasdaq)
New York, June 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Medium Density Fiberboard (MDF) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)' -
The market was negatively impacted by COVID-19 in 2020. According to the Associated General Contractors of America (AGC), COVID-19 impact has delayed or disrupted projects in the United States. Around 16% of the projects in the United States is likely to experience a shortage of materials, equipment, or parts, 11% of the projects will see a shortage of craft workers, including subcontractors, 18% of the projects will witness a shortage of government workers, and 8% of the projects will be disrupted by an infected worker, who may have a potential to infect a worksite.
Key Highlights
Over the short term, a major factor driving the market studied is the increase in demand for MDF for furniture.
The furniture segment dominated the market, and it is expected to expand at the fastest rate during the forecast period, owing to the rapid growth in residential construction activities across the world.
Emissions from building and furnishing materials, such as medium density fiberboard (MDF), are potentially important contributors to indoor VOCs. Stringent government regulations are expected to hinder the growth of the market studied.
Asia-Pacific dominated the market across the world with the largest consumption, followed by Europe.
Key Market Trends
Increase in the Demand for MDF for Furniture
Medium density fiberboard (MDF) is the staple of the mass-manufacturing furniture industry and the preferred choice of ready-made furniture manufacturers. The demand for branded, readymade, and low-maintenance furniture is increasing daily, which is propelling the demand for MDF in furniture applications.
Medium density fiberboard (MDF) is a reconstituted wood-based panel product. It is made by breaking down hardwood or softwood residuals into wood fibers, often in a defibrillator, combining it with wax and a resin binder, and forming panels by applying high temperature and pressure.
The global furniture market comprises 65% of domestic home furniture, followed by office furniture comprising 15%, and hotels and others include 15% and 5%, respectively.
According to the US Census Bureau, in the United States, In November 2021, the furniture and home furnishing store sales were estimated to reach approximately USD 13.31 billion, up from the month before in where the sales stood at USD 12.44 billion. The graph shows a slump in the furniture market in the country owing to the impact of the COVID-19 outbreak in the country. However, the country have registered a steady recovery in the furniture market.
India is the fifth largest producer and fourth larhest consumer of furniture in the world. According to National Investment Promotion and Facilitation Agency, the total rental furniture and appliances market in india reached INR 33,500crores during FY21.
Germany is the largest market for furniture in the European region. According to the Association of the German Furniture Industry (VDM), the turnover for the furniture industry valued at Euro 17.2 billion in 2020. Furthermore, according to VDM, German exports of furniture increased by 17 percent year-on-year and reached 6.2 billion euros (USD 7 billion) in the first nine months of 2021.
Overall, the growth in the residential and commercial market is expected to drive the use of MDF in the furniture through the forecast period.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region dominated the global market, holding a share of more than 60%. The increasing construction activities in China, India, and Japan are boosting the demand for MDF in the region.
China accounted for almost more than 40% of the global share. The rapid growth in consumption of medium density fiberboard (MDF) in China has been majorly driven by the ample developments in the residential and commercial construction sectors, which are being supported by the growing economy.
The consumption of MDF is likely to witness a positive strides in China, as the country is investing USD 1.43 trillion in the next five years till 2025 in major construction projects. According to National Development and Reform Commission (NDRC), the Shanghai plan includes the investment of USD 38.7 billion in the next three years, whereas Guangzhou has signed 16 new infrastructure projects with an investment of USD 8.09 billion.
Japanese construction industry is expected to be blooming as the country will host the World Expo in 2025 in Osaka, Japan. Furhtermore, Toranomon Azabudai District Redevelopment project, Yaesu redevelopment project and a 61-storey, 390 m tall office tower due for completion in 2023 and 2027 respectively.
Furthermore, the furniture market in Indonesia accounts for over 1.23% of the country's total exports as the furniture export in 2020 stood at USD 1.91 billion, registering a growth of 7.7% per annum, thus it will provide huge market for MDF in forecast period.
Such factors, in turn, are likely to boost the demand in the MDF market in the region.
Competitive Landscape
The medium density fiberboard (MDF) market is highly fragmented in nature. Some of the major players in the market(not in any particular order) includes Kronoplus Limited, ARAUCO, SWISS KRONO GROUP, Sonae Arauco and Duratex.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report:
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