The Business Research Company’s Plywood Market Research Report delves into the main drivers, trends, and growth opportunities in the market.
LondonAnd the November 1, 2022 /PRNewswire/ — Plywood companies are increasingly incorporating automation and robotics into their operations to boost productivity and lower costs. Automation is used to reduce the time it takes to manufacture reconfigured wood products and thus improve process efficiency. For example, in June 2019several units of plywood industries in Yamunanagar, India It began to adopt automation in the manufacturing process, in part or in full, due to rising labor costs and dwindling sales due to the recession in the real estate sector.
The Global plywood market size It is expected to grow from 50.83 billion dollars In 2021 to 54.79 billion dollars in 2022 at a compound annual growth rate (CAGR) of 7.8%. The global plywood market share is expected to grow to $79.65 billion in 2026 with a compound annual growth rate of 9.8%.
Rising urbanization is the main driver of the growth of the plywood market
Economic growth and rapidly increasing urban population are expected to increase the demand for new residential and commercial buildings and furniture during the forecast period, thus driving up the demand for the plywood market. According to the World Bank, the world will have nearly 57% of the urban population in 2021. Moreover, according to the United Nations, the urban population is set to increase by about 700 million by 2030 bringing their total to 5.2 billion. This rapid urbanization is expected to increase the demand for wood materials for construction and furniture and drive the plywood market further.
UPM-Kymmene Oyj was the biggest competitor in the plywood market in 2021
UPM-Kymmene Oyj was The biggest competitor in the plywood market 2021 with 0.52% of the market share. UPM-KymmeneOyj is a forest products company that manufactures and distributes pulp and paper, plywood, sawnwood, labels, composites, wood products, forest products, specialty paper, bioenergy, transportation biofuels, biochemicals and nano products. UPM’s growth strategy focuses on modernizing its product lines through strategic investments. For example, in December 2021UPM has announced plans to invest $9.83 million (10 million euros) to develop a plywood plant in Joensuu, Finland. This investment includes new workspaces, 720 square meters of new production space and new production lines.
plywood market segmentation
The Global plywood market fragmentary –
1) By type: soft wood, hard wood
2) By application: Furniture, flooring, building, automotive interiors, packaging, marine, etc
3) By end user: residential, commercial
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