By 2033, the plywood market will reach a valuation of $156.9 billion
As of 2023, the global plywood market is valued at $85.5 billion. During the period from 2023 to 2033, the market is expected to grow at a compound annual growth rate of 6.3%, and by 2033, the estimated valuation of the market is expected to reach $156.9 billion.
One of the main factors behind market growth is rapid urbanization. This ultimately led to the growth of the construction industry. With the increase of infrastructure construction, plywood has strong physical properties and the ability to absorb water, and companies involved in infrastructure construction have begun to use plywood. In addition, plywood can also provide seamless operation in areas prone to seismicity and gas cyclones.
In addition, the maritime department is also increasingly using plywood. The ability to control fungal growth, coupled with the ability to withstand water impacts, is expected to see a surge in usage in the marine industry.
The increase in disposable income has led many people to invest in new houses. The increase in the number of houses inevitably means an increase in demand for plywood, as investors mainly bet on the stability, strength, and weight ratio of plywood. In addition, the ability to resist chemicals ensures the high durability of plywood.
Most importantly, the thriving interior design and furniture industry represents a huge market space. Due to the versatility and low waste generation of plywood, both industries are gradually replacing traditional wood with plywood. In addition, the furniture industry is shocked by the ability of plywood to adapt to short-term overload. The interior design department mainly relies on the panel shear force of plywood, which is almost twice that of traditional wood. Therefore, door frames are more suitable for using plywood.
Therefore, based on the report provided by FMI researchers, it can be inferred that “the increase in urbanization rate, coupled with the increase in disposable income and other factors, is expected to lead to a surge in the use of plywood during the forecast period
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