Global Plywood Market Overview 2018, Demand by Regions, Share and Forecast to 2023
united states, 7 August 2018 -- Over the recent years, the global plywood market has been witnessing a healthy growth. Some of the factors which are giving impetus to the market include thriving construction activities, strengthening furniture industry, and widespread applications in the residential and commercial sector.
Plywood refers to an engineered wood which is produced from various layers of thin wood veneer. These layers are glued together using wood grains of adjacent layers that are rotated at a 90O angle. On account of several advantages such as reusability, flexibility, high strength, easy installation as well as resistance to moisture, chemical and fire, plywood finds extensive application in roofing, flooring, furniture, doors, interior walls and external cladding. Moreover, plywood is also used as a substitute of other wood boards owing its enhanced quality and strength. A new research report titled “Plywood Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” by IMARC Group estimates that the global plywood market was worth US$ 38 Billion in 2017. The report further expects the market to cross US$ 54 Billion by 2023, at a projected CAGR of 6% over the forecast period.
A surge in the global construction activities coupled with expanding furniture industry has led to an increase in the use of plywood, particularly in building homes as well as commercial buildings, and renovating their floorings, walls and ceilings.
A special grade plywood is used in the marine industry in order to endure occasional exposure to humidity and water for resisting against a fungal attack. In the industry, plywood is used for constructing walls, seats, stringers, floors, boat cabinetry, etc.
In comparison with a raw wood, plywood acts as a low-cost substitute owing to which it is rampantly used by the consumers. Additionally, the go-green strategy of plywood manufacturers acts as another significant factor which is bolstering the growth of the global plywood market.
Nonetheless, plywood comprises of several thin veneers which makes it hard to cut without splintering. Further, plywood should not be exposed to moisture in the air as it becomes prone to damage.
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