Plywood Global Market Report 2024

The plywood market size has grown strongly in recent years. It will grow from $121.13 billion in 2023 to $128.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The expansion observed in the historical period can be attributed to the growth in emerging markets, an increase in the world population, a rise in residential construction activity, and low-interest rates.

The plywood market size is expected to see strong growth in the next few years. It will grow to $162.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period can be attributed to government support, increasing renovation activities, rising urbanization, and a growing demand for wooden furniture. Key trends expected in the forecast period include technological advancements, product innovations, the use of biodegradable chemicals for wood preservation, the development of termite-free and waterproof plywood, the creation of zero-emission plywood, the production of fire-resistant plywood, new plant expansions, and collaborations and acquisitions.

The anticipated surge in construction activities is poised to drive the expansion of the plywood market in the foreseeable future. Construction, involving the assembly of various elements to create structures based on detailed designs and plans, relies significantly on plywood for its structural support, versatility, and cost-effectiveness. In June 2021, building activities in New Zealand, reported by Stats NZ Tatauranga Aotearoa, increased by 3.7 percent, with residential activities experiencing a 4.3 percent rise compared to 2020. Furthermore, data from the US Census Bureau indicates a 10.2 percent growth in the value of construction activities, reaching $1,792.9 billion in 2022 from $1,626.4 billion in 2021. The escalating construction endeavors underscore the pivotal role of plywood, making it a key driver for market growth.

Renovation activities by governments in emerging economies such as India and Brazil, coupled with increasing demands for precast concrete, are contributing to the plywood market's growth. Renovations in the hospitality sector and rising public and private investments driven by industrialization are further propelling market expansion. For example, the government of India's ambitious investment plan of $1.5 trillion in the construction sector by 2025 aims to enhance infrastructure quality in various sectors. This surge in renovation and investment activities is expected to bolster the overall operations of the plywood market.

The emergence of fire-resistant plywood stands out as a noteworthy trend gaining traction in the plywood market. Fireproof plywood, treated with special fire-retardant chemicals during manufacturing, offers enhanced fire resistance, often referred to as FR-grade plywood. This type of plywood finds applications in public spaces, kitchens of large restaurants, interior woodwork in theaters, halls, and railway compartments, among other areas where fire risk needs reduction. In July 2022, Greenply Industries Limited, an India-based interior infrastructure company, introduced 'Green Platinum,' a fire-resistant plywood with E-0 compliance. This innovative product, twice as effective in fire resistance and waterproof properties, incorporates PEN Tech technology, providing a protective mesh between layers and on the surface.

Strategic partnerships are playing a crucial role in shaping the plywood market as companies seek collaborative efforts to meet customer demands. Boise Cascade Millwork, a US-based plywood manufacturer, formed a partnership with Simpson Door Company, enhancing its offering of premium doors and services in Atlanta. Additionally, Quant, a Sweden-based industrial maintenance company, collaborated with Metsä Wood, a Finland-based plywood manufacturer, to elevate proactive and predictive maintenance.


In February 2021, West Fraser, a Canada-based plywood manufacturer, completed the acquisition of Norbord, another Canadian company specializing in plywood manufacturing. This strategic move positions West Fraser well for the future, reflecting a new era for both companies' employees and shareholders.

Major companies operating in the plywood market report are UPM-Kymmene Oyj, Boise Cascade Company, Metsä Group, West Fraser Timber Co. Ltd., Weyerhaeuser Company,Potlatch Deltic Corporation, Georgia-Pacific, LLC, Greenply Industries Limited, Sveza-Les LLC, Austal Plywoods Private Limited, Century Plyboards India Ltd., Kitply, Sarda Plywood, National Plywood, Kamdhenu Plywood, Oriental Veneer Products Ltd., Luli Group, Yingang Wood Based Panel Co Ltd., CNSIC, Shandong Xingang Group, Xinle Plywood Group, Jiangsu Shengyang Industrial Joint Stock Co Ltd., Specialized Panel Products Ltd., Ply-Tek, Caledonian Plywood Company, Holdex Plywood Ltd., Stonebridge UK Ltd., Sydenhams Plywood & Panel Products, Viking Plywood & Timber Ltd., Timb Ply Ltd., Stora Enso, Russia Forest Products, Wotan Forest a.s, UNILES Inc., Segezha Group, KPPD-Szczecinek SA, Ilim Timber LLC, West Fraser Allendale, Canfor Corporation, Hancock Timber Resource Group, RSH Forest Products, PotlatchDeltic Corporation, Sierra Pacific, Berneck, Araupel, Linea Parana Madeiras Ltda, Imaribo, Middle East Wood, Mazi Orman Urunleri Ltd., Dastas Demircioglu Agac AS, Daco Parquet Factory AS, Gabon Veneer, Merensky, Miro Forestry, Timber Products, United Forest Products, Afeefa Overseas Sarl Gabon, Okoume Face Veneer, Brick Plyboards, Boschetto Timbers.

Asia-Pacific was the largest region in the plywood market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plywood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the plywood market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main types of plywood are categorized as softwood and hardwood. Softwood plywood features front and back veneers made from softwood, primarily used for decorative purposes such as furniture making. Plywood is utilized in various applications, including furniture, flooring, construction, automotive interiors, packaging, marine projects, and others. Its usage extends to both residential and commercial settings.

The plywood market research report is one of a series of new reports that provides plywood market statistics, including plywood industry global market size, regional shares, competitors with a plywood market share, detailed plywood market segments, market trends and opportunities, and any further data you may need to thrive in the plywood industry. This 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 plywood market consists of sales of off-core plywood, lumber plywood, and marine plywood. 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.