By 2033, the plywood market will reach an estimated value of US $156.9 billion
By 2023, the global plywood market is estimated at 85.5 billion dollars. From 2023 to 2033, the market is expected to grow at a compound annual growth rate of 6.3%. By 2033, the market’s valuation is expected to reach US $156.9 billion.
One of the main factors behind the market growth is rapid urbanization. This eventually 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. Companies involved in infrastructure construction began to use plywood. In addition, plywood can also provide seamless operation in areas prone to seismic activity and cyclone.
In addition, the maritime sector is also increasingly using plywood. The ability to control the growth of fungi, coupled with the ability to withstand the impact of water, is expected to increase sharply in the use rate 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 the increase in demand for plywood, because 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 booming interior design and furniture industry represents a huge market space. Due to the versatility of plywood and low waste generation, both industries are gradually replacing traditional wood with plywood. In addition, the furniture industry was 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, the door frame is more suitable for using plywood.
