NEW YORK, April 20, 2018 (GLOBE NEWSWIRE) -- The global wood-based panel market is expected to witness a CAGR of 4.5%, and is projected to reach 575.2 million cubic meters by 2024. The growing demand for efficient timber utilization due to significant rise in deforestation has fostered market growth over the period of forecast. In addition, considerable increase in construction activities around the world is likely to fuel the demand over the years to come.

Wood being an environment friendly alternative to other building materials has the capacity to store carbon, thereby making a major contribution towards reduction in carbon emissions. Moreover, growing technological advancements in wood based panel industry such as evolution of bio-degradable MDFs along with increased manufacturing efficiency has further led to market expansion.

Construction segment drives the demand owing to majority usage.

Wood based panels can be used for various applications such as construction, packaging, furniture as well as transportation. However, their augmenting use for construction and furniture is likely to bolster market growth over the period of forecast. Increasing use of wood based panels in the manufacture of flooring and decking, windows, sidings and doors is projected to boost industry demand significantly. 

Wood-Based Panel Market - Regional insight

Asia Pacific is likely to record highest growth owing to the increasing infrastructural activities majorly in China, India and South Korea. Additionally, the growing urbanization along with lifestyle upgradation of consumers in these regions is expected to spur the market growth over the coming years. China, U.S. and a few other European countries being the major consumers of wood based panels is projected to positively influence the industry growth.

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Key findings from the report:

• The global wood-based panel market is likely to reach 575.2 million cubic meters by 2024
• The particle board segment accounted for the major share of the market in 2017, and the trend is expected to continue over the forecast period.
• The construction application segment held the maximum share of the market in 2017
• Asia Pacific is anticipated to witness the highest CAGR over the forecasted period
• Some of the key companies operating in the industry include Weyerhaeuser Company, Georgia-Pacific, West Fraser Timber Company Limited, Kronospan Limited, Interfor, Louisiana-Pacific Corporation, Hampton Lumber, Pfeifer Group, Klausner Group, among others.
• As of 2017, Georgia-Pacific acquired PAX Corrugated Products, an Ohio based manufacturer of custom corrugated products as a part of its expansionary plans.

The report segments wood based panel market on the basis of type, application and region.

By Type

• Particle Board
• Fibre Board
• Medium-Density Fibreboard (MDF)
• Oriented Strand Board (OSB)
• Plywood
• Veneer Sheets
• Hardwood and Insulating Board

By Application

• Furniture
• Construction
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World (ROW)

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