Wood Panelling Manufacturing in Canada - Industry Market Research Report

Knock on wood: Industry performance is expected to be subdued due to tighter financial conditions

Wood panelling manufactures supply plywood, veneer, medium-density fibreboard, oriented strand board (OSB) and particleboard. These products are primarily used in residential and commercial construction. While domestic construction markets are a significant source of industry demand, a notable portion of the industry's revenue stems from exports to the United States. As a result, industry performance is closely tied to the health of the housing markets in Canada and the United States. A boom in spending on housing renovation and construction during 2020 and 2021 raised industry revenue, but as spending dropped in response to higher interest rates in 2022, revenue experienced a sharp drop. As a result, revenue is expected to decline at a CAGR of 6.0% to $7.6 billion, reflecting a net decrease over the period as a whole. Revenue is expected to fall a further 3.5% in 2023 alone as buyer markets weaken. The Wood Panelling Manufacturing industry in Canada manufactures veneer or plywood, engineered wood or reconstituted wood products. The industry does not include companies that primarily engage in sawmilling or wood preservation, nor does it include companies that primarily produce dimensions stock. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.