(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, United States, April 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Rise in the usage of high-density fiberboard (HDF) in a range of home interior applications is anticipated to augment the market. Increase in trend of advancement in the machining and milling processes for wood-based composites is expected to lead to the introduction of HDF products with attractive properties in the high-density fiberboard market.
Usage of paint, veneer, and laminate for high-density fiberboard results in superior finish surfaces, which is likely to increase adoption in interior décor applications. The global high density fiberboard market was valued at US$ 6.5 Bn in 2022 and is anticipated to expand at a cagr of 5.7% from 2023 to 2031. Rise in usage of engineered wood and eco-friendly wood composites in the manufacture of furniture is expected to augment market size.
Surge in preference for sustainable high density fiberboard over plywood in applications that require high resistance to moisture/water, durability, and cost-effectiveness is likely to offer significant business opportunities. Due to these properties, HDF is also preferred in toys, game boards, and packaging. Moreover, rise in usage of fiberboard in insulation boards is expected to propel market size.
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Key Findings of Study
Rise in Demand for Hardwood with High Density Fiberboard : Increase in utilization of eco-friendly wood composites in interior décor applications is expected to bolster market development. Surge in usage of sustainable HDF in laminate flooring and wall paneling is anticipated to drive the high density fiberboard market. Rise in adoption of hardwood with HDF is poised to boost market value in the next few years. Increase in Usage of High Density Fiberboard in Furniture and Interior Décor Applications : High density fiberboards are gaining traction in the furniture industry due to attractive mechanical and chemical characteristics of wood composites. These are preferred also because they are made of wood waste, making them more environmental-friendly than conventional wood furniture. Furthermore, rise in awareness about the environmental benefits of recycling fiberboard products among consumers is likely to bolster adoption of furniture made of HDF.
Key Drivers
Rise in trend of incorporating environmentally-friendly wood composites in several applications is a key driver of the high density fiberboard market. Favorable environmental aspects can be ascribed to usage of waste wood materials in HDF such as sawdust and wood fibers. Increase in awareness about benefits of attractive material characteristics of engineered wood among consumers is likely to bolster demand for high density fiberboard in wall paneling, interior design, and flooring applications in residential and commercial industries Surge in adoption of advanced production methods in the manufacture of HDF is likely to lead to introduction of low-cost wood composites with attractive physical and chemical characteristics such as strength and durability.
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Regional Growth Dynamics
Asia Pacific accounted for the leading market share in 2022. Increase in demand for high-density fiberboards in a number of applications is anticipated to propel the market in the region. China is one of the prominent markets in Asia Pacific. Rise in adoption of high density fiberboard in the construction industry is expected to spur the high density fiberboard industry growth in the region. North America is anticipated to account for significant share of the global high density fiberboard market during the forecast period. Advancement in production technology in HDF is expected to offer significant opportunities to companies in the region. Rise in demand for HDF in interior décor and flooring applications is expected to fuel the market in North America. Europe and Middle East & Africa are projected to be relatively less lucrative markets. However, manufacturers in these regions are expanding their geographical presence to established markets such as North America and Asia Pacific in order to increase revenue.
Competition Landscape
Prominent companies are focusing on R&D activities to develop high-performance and low-cost high density fiberboards. Key players operating in the high density fiberboard market are
Kronospan, Greenpanel Industries, Arauco, Jiangsu Hysen International Trading Co. Ltd., Swiss Krono Group, Masonite International, Masisa, Finsa, Pfleiderer, and Dare Wood-Based Panels Group.
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High Density Fiberboard Market Segmentation
By Type
Standard Hardboard Painted Hardboard Tempered Hardwood
By Raw Material
Hardwood Fibers Softwood Fibers
By Process
Furniture Packaging Construction Consumer Goods Others
Regions Covered
North America Europe Asia Pacific Middle East & Africa Latin America
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