Marine Plywood Global Market Report 2024

Marine plywood is a high-quality material made from Douglas fir or western larch that has not undergone chemical treatment. It is known for its strength and is commonly utilized in the construction of boats, docks, and related components. This type of plywood is particularly suitable for environments where prolonged exposure to moisture is expected.

The main applications of marine plywood can be categorized into marine and non-marine applications. Due to its exceptional structural properties and resistance to water, marine plywood is widely used in marine applications. Its construction ensures minimal gaps between plies, even after sawing and treatment with heat and pressure. Marine plywood finds use in various marine applications, including decks, docks, boats, and more. In non-marine applications, it is employed for crafting outdoor patio furniture or wooden structures, especially in regions with moist climate conditions.

The marine plywood market research report is one of a series of new reports that provides marine plywood market statistics, including marine plywood industry global market size, regional shares, competitors with a marine plywood market share, detailed marine plywood market segments, market trends and opportunities, and any further data you may need to thrive in the marine plywood industry. This marine plywood market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marine plywood market size has grown strongly in recent years. It will grow from $11.82 billion in 2023 to $13 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The expansion observed in the historical period can be attributed to several factors, including growth in the shipbuilding industry, development of marine infrastructure, construction of waterfront properties, adherence to marine safety regulations, the popularity of recreational boating, and various architectural applications. These factors collectively contributed to the increased demand and utilization of marine plywood during this period.

The marine plywood market size is expected to see rapid growth in the next few years. It will grow to $19.46 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The projected growth in the forecast period can be attributed to factors such as the increasing demand for renewable energy, the growth in tourism, rising demand for luxury yachts, a focus on climate resilience, and the continued expansion of global shipping and trade. Noteworthy trends expected in this period include the adoption of eco-friendly materials, the development of innovative plywood technologies, the emphasis on coastal protection, the integration of digital transformation in marine applications, and the utilization of innovative bonding agents in plywood manufacturing.

The surge in demand for high-speed and luxurious recreational boats stands out as a key driver fueling the growth of the marine plywood market. The global marine tourism sector has experienced significant growth, with coastal and marine tourism projected to become the largest value-adding segment of the ocean economy by 2030, contributing to over 26% of the global ocean economy. This growth has led to an increased demand for marine plywood in various applications such as stringers, flooring, transoms, boat cabinetry, walls, and seating, significantly impacting the marine plywood market.

The upward trajectory of the construction industry is poised to further propel the marine plywood market. With a focus on planning, designing, building, and maintaining structures and infrastructure, the construction sector has witnessed substantial growth. Marine plywood, valued for its durability and resistance to moisture-related damage, finds extensive use in residential construction, particularly in regions prone to high humidity and wet conditions. An annual increase of 12.7% in the construction sector has been reported, emphasizing the industry's robust growth. The use of marine plywood in construction applications is expected to continue driving the marine plywood market.

A notable trend in the marine plywood market is the advancement of marine plywood in roofing and doors. Recognized for its performance in humid and wet conditions, marine plywood contributes to enhanced durability and structural strength in construction. Its characteristics include improved structural strength, lightweight nature, and excellent resistance to warping, bending, and delamination. This trend is reflected in the increasing utilization of marine plywood in building rooftops and doors in residential spaces, showcasing its resilience in challenging environmental conditions.

Major companies in the marine plywood market are embracing sustainability by introducing new products such as sustainably sourced plywood. Sustainably sourced plywood is manufactured using environmentally responsible and ethical practices across the entire supply chain. Plyco, an Australia-based provider of timber-based panel products, launched a sustainably sourced plywood range, featuring popular options like birch plywood, European poplar plywood, and hoop pine plywood. The Hoop Pine Plywood, known for high-quality finishing, is carefully selected from sustainably managed plantations, reflecting Plyco's commitment to environmentally friendly practices.

In July 2022, Boise Cascade, a US-based wood products manufacturing company, acquired Coastal Plywood Company for $512 million. This strategic move enhances Boise Cascade's veneer capacity, contributing to better service for its customer base. The acquisition aligns with Boise Cascade's plans to invest $50 million in its Southeast operations over three years, bolstering engineered wood products (EWP) production capacity. Coastal Plywood Company, a US-based wood products manufacturer, represents a valuable addition to Boise Cascade's portfolio, reinforcing its position in the wood products market.

Major companies operating in the marine plywood market include UPM Plywood, Potlatch Corporation, Roseburg Forest Products Company, Greenply Industries Ltd., Mampilly Plywood Industries, SVEZA Group, Joubert Plywood Pvt Ltd., Asia Plywood Company Sdn Bhd, Samling Group of Co, Austral Plywoods Pty Ltd., Bahar Orman Urunleri, Van Styn, The Indian Plywood Mfg Co Pvt Ltd., Consmos plywood factory, Bellotti Spa, Anurag Decorative Pvt Ltd., Swanson Group Inc., Wolstenholme International Inc., Georgia-Pacific LLC, Samko Timber Ltd., West Fraser Timber Co. Ltd., Boise Cascade Company, Metsa Group, Weyerhaeuser Company, Century Plyboards Ltd., Jaya Tiasa Holdings Berhad, Mohawk Industries Inc., Plum Creek Timber Company Inc., Murphy Plywood, Coastal Forest Resources Company

Europe was the largest region in the marine plywood market in 2023. The regions covered in the marine plywood market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the marine plywood market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The marine plywood market consists of sales of high-density overlay and medium-density overlay. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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