Rising furniture industry demand and increasing prevalence of infrastructural and construction projects across the globe are some of the key factors driving the Particle Board market revenue growth.
Vancouver, Nov. 14, 2023 (GLOBE NEWSWIRE) — The global particle board market, valued at USD 22.20 Billion in 2022, is projected to exhibit a steady 3.7% revenue CAGR in the upcoming years. The surge in furniture industry demand, coupled with accessible raw materials and a global uptick in construction projects, primarily fuels this growth. Particle board, a cost-effective and versatile material, plays a pivotal role in furniture manufacturing. Its preference over other wood-based panels stems from being lighter, more manageable, and offering a smooth surface for various finishes, elevating both appearance and durability.
The market expansion is further propelled by the rise in infrastructural projects, especially in regions experiencing rapid urbanization like Asia Pacific and Latin America. Particle boards, crafted from wood waste and resin, align with the trend of eco-friendly construction materials, preserving natural resources and reducing the reliance on fresh timber. The emergence of Medium-density Fiberboard (MDF) as a formidable substitute presents a challenge. MDF, with its superior durability and appearance, competes with particle boards, offering consumers a choice based on project objectives, preferences, and budget constraints.
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The market observes a surge in home construction due to urbanization and a growing global population, where particle boards find extensive use as a cost-effective and environmentally friendly alternative for various applications. Asia Pacific, with countries like China, India, and Vietnam, is set to dominate the market due to escalating urbanization and demand for economic housing and infrastructure enhancements. The wood segment is predicted to drive the fastest revenue growth, utilizing wood fragments in various forms, especially shavings, due to their uniformity and strength. Bagasse, a byproduct of sugarcane, remains a significant raw material due to its strength and environmental friendliness.
The furniture sector holds the largest revenue share due to particle board’s cost-effectiveness, eco-friendly nature, and adaptability despite certain limitations related to moisture and strength. Meanwhile, the construction segment is poised for rapid growth, facilitated by increased building activities in residential, commercial, and industrial domains. Within the product segments, the moisture-resistant particle board category is expected to witness substantial growth, catering to demands in humid regions and applications requiring resistance to water exposure. Plain particle boards remain popular due to their versatility, being the most basic and widely used type.
Asia Pacific led the market in 2022, driven by rapid urbanization and industrialization, with key players expanding their production capabilities. North America and Europe are poised for significant growth due to rising demand in construction and furniture industries, with a keen focus on sustainability driving innovation in particle board production. The particle board market is propelled by a confluence of factors, from rising furniture demand to the construction boom and the pursuit of sustainable solutions. As consumer preferences evolve and regions witness dynamic growth, the market continues to adapt, offering diverse product options and driving innovation in the industry.
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Scope of Research
|Market size in 2022||USD 22.20 Billion|
|Revenue forecast to 2032||USD 31.91 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Raw material, product, application, sector, and region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||West Fraser, Krifor Industries Pvt. Ltd, Century Prowud, Boise Cascade, Kastamonu Entegre, Timber Products Company, Shirdi Industries Ltd. (ASIS India), Wanhua Ecoboard Co. Ltd, EGGER and Siam Riso Wood Products Co. Ltd|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global particle board market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective particle board solutions. Some major players included in the global particle board market report are:
- West Fraser
- Krifor Industries Pvt. Ltd
- Century Prowud
- Boise Cascade
- Kastamonu Entegre
- Timber Products Company
- Shirdi Industries Ltd.
- Wanhua Ecoboard Co. Ltd
- Siam Riso Wood Products Co. Ltd
- Roseburg Forest Products
- D&R Henderson Pty Ltd
- Peter Benson (Plywood) Limited
- Associate Decor Ltd
- Asian Prelam Industries Pvt. Ltd.
- Archidply Decor Ltd.
- EverGreen Boardlam Pvt. Ltd.
- FA Mitchell
In June 2023, Associate Decor Limited launched its second particle board plant in Karnataka, India. A plain and pre-laminated particle board with excellent moisture resistance and low formaldehyde emission will be produced at this plant, which has an annual capacity of 2,40,000 CBM which is equivalent to 24 lakh square meters of particle board.
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For the purpose of this report, Emergen Research has segmented the global particle board market on the basis of raw material, product, application, sector, and region
- Raw Material Outlook (Revenue, USD Billion; 2019-2032)
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Fire-Resistant Particle Board
- Moisture-Resistant Particle Board
- Plain Particle Board
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Sector Outlook (Revenue, USD Billion; 2019-2032)
- New Construction
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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