Wood-based Panel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The wood-based panel market was estimated at over 1000 million cubic meters in 2020, and the market is projected to register a CAGR of over 6% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Owing to the COVID-19 scenario, several countries around the world went into lockdown, which led to complete disruption in the supply chain. Several countries have imposed anti-dumping duty on the import of a certain variety of fiberboard used in furniture in order to aid domestic producers. For instance, in India, domestic producers, like Greenply Industries, Greenpanel Industries, Century Plyboards, and Rushil Décor, have alleged that they are being impacted due to dumped imports from foreign players. Thus, the slowing down of exporting activities due to the economic slowdown caused by the COVID-19 outbreak is expected to have a negative impact on the growth of the market studied in the short/mid-term. All the construction work and other activities were put on hold to curb the spreading of the virus, thereby negatively affecting the market. However, conditions are expected to recover in 2021, which is expected to restore the growth trajectory of the market during the forecast period.
Key HighlightsThe wood-based panels market is fragmented, with numerous players. The major players include Kronoplus Limited, Binderholz GmbH, West Fraser, Georgia-Pacific Wood Products LLC, and EGGER Group, among others.
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