Wood Based Panels Market Research Report – Global Forecast till 2030

Wood-based Panels Market Research Report Information Information By Product (MDF, HDF, OSB, Particleboard, Plywood and Others), By Application (Construction, Furniture and Packaging) and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) - Forecast Till 2030

ID: MRFR/CO/5665-HCR | 100 Pages | Author: Snehal Singh | June 2023         

Wood Based Panels Market Speak to Analyst Request a Free Sample

Global Wood-based Panels Market Overview


Wood-based Panels Market Size was valued at USD 80.6 billion in 2021. The wood-based panels market industry is projected to grow from USD 86.5 billion in 2022 to USD 141.6 by 2030, exhibiting a compound annual growth rate (CAGR) of 7.30% during the forecast period (2022 - 2030). Low product cost and exceptional qualities, including strength and durability, are the primary market drivers influencing demand for wood-based panels for roofing, flooring, ceiling, cladding, and furniture applications.
Global Wood-based Panels Market Overview
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Wood-based Panels Market Trends



  • Construction industry's potential for using wood frames to propel the wood-based panels market growth


The long-term fundamentals driving Chinese demand for wood are still favorable. By 2020, an additional 7-8 million new dwellings will be required due to the significant urbanization trend. As the Chinese government aims to achieve a 60% urbanization rate by 2020 and a 70% urbanization rate by 2030, another 50 million new residences would be required by that time, according to Margules Groome Publication. With a 6.9% annual growth in GDP per person, there is a rising desire for more expansive and high-quality homes. With less than 0.05% of the residential construction sector in China, the wood frame construction is now a marginal player. Notably, several demonstration projects for wooden buildings have been created since the market's growth potential is increasingly acknowledged. For instance, a six-story wooden building is expected to be completed this year, according to proof of concept building projects like the most recent proposal by Dingchi Wood Industry Co. Ltd. When completed; it will be China's tallest modern timber frame structure. Although the Chinese market for structural timber and engineered wood products has enormous growth potential, it is still in the early stages of development. Thus, this factor is driving the market CAGR for wood-based panels.


Figure 1: Construction industry growth        
Construction industry growth
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Furthermore, people are investing in home decor as housing conditions get better. The income that is available per person increased by 8.9% in 2018. The furniture industry has expanded tremendously due to this greater purchasing power. Furniture makers' revenue increased 1.5% to RMB711.72 billion (US$103.02 billion) in 2019, while overall profits increased 10.8% to RMB46.27 billion (US$6.69 billion), according to the National Bureau of Statistics. Furniture constructed of rosewood is highly prized since it is a fine hardwood. Rosewood, most frequently used today, is mahogany. As the need for eco-friendly furniture increases ly, this business is flourishing.


The construction sector has developed into a thriving and effective manufacturing sector. Demand for building and real estate projects is rising across all nations due to macroeconomic and disruptive megatrends such as rising urbanization, expanding trade, and demographic trends like rising income levels, technology, and sustainable surroundings. As a result, many initiatives have started to build sustainable, socially inclusive communities because infrastructure development is a key factor in any nation's economic ability.


However, the introduction of cutting-edge technologies for incorporation and ongoing improvement in the wood-based panels and their manufacturing process is a result of the growing need for increased product quality and reduced manufacturing costs. This aspect will accelerate wood-based panels market revenue ly during the anticipated period.


Wood-based Panels Market Segment Insights


Wood-based Panels Product Insights


The wood-based panels market segmentation has been segmented by product into MDF, HDF, OSB, particleboard, plywood and others. The paraffin wax segment dominated the wood-based panels market data in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. It is made by adhering to several thin layers of veneer. Over the forecast period, superior qualities supplied by the product, such as high strength, durability, impact, chemical, fire, and moisture resistance, are anticipated to propel the wood-based panels market.


On the other hand, it is projected that the particleboard category will grow significantly during the forecast period. Compared to conventional wood products and plywood, particleboard is denser and more homogeneous, which is anticipated to affect demand throughout the projection period positively. Particleboards come in various grades and are becoming popular for furniture, flooring, roofing, and insulation, among other things.


Wood-based Panels Application Insights


The wood-based panels market segmentation, is based on application, construction, furniture and packaging. The food & beverage segment dominated the wood-based panels market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The demand for premium hardwood furniture in home and office interior designs is on the rise, which presents potential growth prospects for the wood-based panels business and is predicted to experience significant growth. Hence, this would have a positive impact market growth for wood-based panels.


During the projected period, a considerable increase in the use of wood-based panels in the building sector is anticipated. In the upcoming years, the demand is anticipated to increase due to the availability of wood-based panels products in various colors, grades, and sizes.


Figure 2:  Wood-based Panels Market by Application, 2021 & 2030 (USD Billion)
Wood-based Panels Market by Application, 2021 & 2030
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Wood-based Panels Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific wood-based panels market accounted for USD 33.8 billion in 2021 and is expected to exhibit a 41.90% CAGR during the study period. The demand for the product in packaging and construction applications is expected to be driven by developing economies like China, India, and Japan. Due to its rapid population growth, which necessitates substantial construction expenditure, China is the largest manufacturer and consumer of wood-based panels in Asia-Pacific. Increasing industrial exports from the nation fueling an increase in packaging applications, boosting product demand.


Further, the major countries studied in the market report for wood-based panels are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3:  WOOD-BASED PANELS MARKET SHARE BY REGION 2021 (%)
WOOD-BASED PANELS MARKET SHARE BY REGION 2021
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


The European wood-based panels market is expected to grow at a substantial CAGR from 2022 to 2030. The region's demand is primarily driven by Germany, the region's leading furniture market. The region's furniture industry's expansion is also expected to boost particleboard demand in the coming years. Further, the Germany wood-based panels market held the largest market share, and the UK wood-based panels market was the fastest-growing market in the European region


North American wood-based panels market accounts for the second-largest market share. Rising consumer spending on furniture and significant growth in the construction industry is expected to drive up demand for wood-based panels in this region. Furthermore, the main market for the wood-based panels industry is expected to grow rapidly due to rapid industrialization and infrastructure upgrades in the coming years. Moreover, US wood-based panels market held the largest market share, and the Canada wood-based panels market was the fastest-growing market in this region.


Wood-based Panels Key Market Players & Competitive Insights


The major market players are spending a lot on R&D to increase their product lines, which will help the wood-based panels industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, mergers and acquisitions, increased investments, contractual agreements, market developments and collaboration with other organizations. To grow and remain in a wood-based panels industry that is becoming more competitive and growing, industry competitors must provide affordable products.


Manufacturing locally to cut operational costs is one of the main business methods manufacturers use in the worldwide wood-based panel industry to benefit customers and grow the sector. In recent years, the wood-based panel business has given medicine some of the most important advantages. The wood-based panels market major player such as Ante Group – Germany, Donghwa Group - South Korea, Klein Holz AG, Kronospan, Caihong Wood Co, Weyerhaeuser Company and Norbord.


An American timberland corporation, The Weyerhaeuser Company, administers 14,000,000 acres of additional forests under long-term licenses in Canada and owns over 12,400,000 acres of timberland in the United States. The business also makes wood items. The real estate investment trust is how it runs. In 2021, the high-quality Alabama timberlands will be purchased by Weyerhaeuser Company from Soterra for 69,200 acres. For about $149.00 million, the business bought these timberlands. In addition to growing its clientele and potential export markets, the company will improve its operations in the timberland sector.


Also, in the overall environmentally friendly wood supply chain, Kronospan plays a significant role. Wood waste from the sawmill industry is used to make wood-based panels, helping maintain timber's value as a scarce raw material. In 2019, to enhance its annual plywood production in the market, Kronospan Limited entered the plywood business in Belarus under the Kronobuild brand.


Key Companies in the wood-based panels market include



Wood-based panels Industry Developments


January 2022: The Luxembourg Institute of Science and Technology and Kronospan have agreed to a framework collaboration for five years (LIST). This Partnership Framework Agreement promotes environmental protection, sustainability, and activities, including producing wood-based panels as part of a Ph.D. collaborative training program.


November 2020: By acquiring Norbord, West Fraser created a leader in diverse wood products. This acquisition has improved the business's reputation in the marketplace and will aid in its efforts to diversify.


April 2019: To expand its distribution network across North America, CanWel Building Materials Group Ltd. purchased Lignum Forest Products LLP, which distributes wood and other forest products in western Canada and the United States.


Wood-based Panels Market Segmentation


Wood-based Panels Product Outlook



  • MDF

  • HDF

  • OSB

  • Particleboard

  • Plywood

  • Others


Wood-based Panels Application Outlook



  • Construction

  • Furniture

  • Packaging


Wood-based Panels Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America





Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 80.6 Billion
Market Size 2022 USD 86.5 Billion
Market Size 2030 USD 141.6 Billion
Compound Annual Growth Rate (CAGR) 7.30% (2022-2030)
Base Year 2021
Forecast Period 2022-2030
Historical Data 2018 & 2020
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Ante Group – Germany, Donghwa Group - South Korea, Klein Holz AG, Kronospan, Caihong Wood Co, Weyerhaeuser Company and Norbord
Key Market Opportunities Rising investments for consumers on home décor Introduction of cutting-edge technologies for incorporation and ongoing improvement in the wood-based panels
Key Market Dynamics Construction industry's potential for using wood frames to propel the market growth for wood-based panels


Frequently Asked Questions (FAQ) :

The wood-based panels market size was expected to be USD 80.6 billion in 2021.

The market for wood-based panels is expected to register a CAGR of ~7.30% over the next ten years.

Asia Pacific held the largest market share in the wood-based panels market.

Ante Group – Germany, Donghwa Group - South Korea, Klein Holz AG, Kronospan, Caihong Wood Co, Weyerhaeuser Company and Norbord are the key players in the wood-based panels market.

The plywood category led the product segment in the market.

The furniture category had the largest market share in the market for wood-based panels.

Key Questions Answered

  • ✅ Global Market Outlook
  • ✅ In-depth analysis of global and regional trends
  • ✅ Analyze and identify the major players in the market, their market share, key developments, etc.
  • ✅ To understand the capability of the major players based on products offered, financials, and strategies.
  • ✅ Identify disrupting products, companies, and trends.
  • ✅ To identify opportunities in the market.
  • ✅ Analyze the key challenges in the market.
  • ✅ Analyze the regional penetration of players, products, and services in the market.
  • ✅ Comparison of major players’ financial performance.
  • ✅ Evaluate strategies adopted by major players.
  • ✅ Recommendations
Request Free Sample

Why Choose Market Research Future?

  • ✅ Vigorous research methodologies for specific market.
  • ✅ Knowledge partners across the globe
  • ✅ Large network of partner consultants.
  • ✅ Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • ✅ Trusted by fortune 500 companies/startups/universities/organizations
  • ✅ Large database of 5000+ markets reports.
  • ✅ Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid