(MENAFN- EIN Presswire) EINPresswire/ -- What Is The Plywood Market Size And Growth?
The progression of the plywood market has been steady in the past few years. It is forecasted to expand from a worth of $125.43 billion in 2024 to a value of $131.63 billion in 2025, illustrating a compound annual growth rate (CAGR) of 4.9%. Factors such as the development of emerging markets, global population increase, a rise in residential construction ventures, and favorable low-interest rates contribute to the historical growth of this market.

The plywood industry is predicted to witness substantial expansion in the coming years, reaching a value of $163.8 billion by 2029 with an annual growth rate of 5.6%. The predicted growth during this period is due to factors such as government backing, an increase in refurbishment activities, growing urbanization, and a heightened demand for wooden furniture. The foreseeable future will see trends such as technological breakthroughs, invention of unique products, the application of eco-friendly chemicals for wood preservation, the production of termite-proof and water-resistant plywood, the creation of zero-emission plywood, the development of fire-resistant plywood, expansion of new facilities, and partnerships and acquisitions.

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What Are The Current Leading Growth Drivers For Plywood Market?
The rise in building projects is anticipated to boost the plywood market's growth. The term ""construction"" denotes the process of assembling various components to create a structure in a specific location, following a detailed blueprint and plan. Plywood contributes significantly to these processes, providing structural support, versatility, and cost-effectiveness. For instance, in August 2024, the Sunshine Coast Council in Australia, which supplies information about its services, initiatives, and community engagement, reported a record peak in building project approvals, valued at $2.3 billion - an increase of $100 million from 2022-23. This signifies a tremendous milestone in the local area's construction activity. The surge illustrates a strong demand for building projects in the region, thereby fuelling the expansion of the plywood market due to the increased construction activities.

Which Companies Are Currently Leading In The Plywood Market?
Major players in the Plywood include:

. UPM-Kymmene Oyj
. Boise Cascade Company
. Metsä Group
. West Fraser Timber Co. Ltd
. Weyerhaeuser Company
. Georgia-Pacific, LLC
. Greenply Industries Limited
. Sveza-Les LLC
. Austal Plywoods Private Limited
. Century Plyboards India Ltd

What Are The Prominent Trends In The Plywood Market?
The trend of creating fire-resistant plywood is becoming increasingly prevalent in the plywood market. Also referred to as FR-grade plywood, fireproof plywood is specifically treated with unique fire-retardant chemicals during its production, which enhances its ability to resist fire. This type of plywood is primarily used in public locations where there is a need to minimize the risk of fire. This includes large restaurant kitchens, public theatre and hall interiors, and railway train compartments. Its use can also extend to residential homes and offices, car interiors, and other areas where controlling fire spread is essential. In a recent example from July 2022, Indian interior infrastructure firm Greenply Industries Limited introduced its latest offering: 'Green Platinum'. This product is a fire-resistant plywood with E-0 compliance, offering twice the fire-resistance and waterproof capabilities of other comparable plywood products. It includes PEN Tech technology that incorporates a protective mesh within and on top of the plywood, providing double the fire resistance.

How Is The Plywood Market Segmented?
The plywood market covered in this report is segmented –

1) By Type: Softwood, Hardwood
2) By Application: Furniture, Building And Construction, Transportation, Packaging, Other Applications
3) By End-User: Residential, Commercial

Subsegments:
1) By Softwood: Pine Plywood, Spruce Plywood, Fir Plywood, Cedar Plywood, Larch Plywood
2) By Hardwood: Oak Plywood, Birch Plywood, Maple Plywood, Beech Plywood, Teak Plywood, Cherry Plywood

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Which Is The Dominating Region For The Plywood Market?
In 2024, the Asia-Pacific commanded the plywood market as the most extensive region. Furthermore, it is projected to have the most rapid growth in forthcoming years. The plywood market report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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