(MoneyNewsWire.Net, November 14, 2019 ) According to the latest report by IMARC Group, titled “US Plywood Market Report: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the US Plywood Market is growing at a positive rate. Plywood refers to an engineered wood material that is made from fine layers or loose strands of wood veneers. These strands are attached by placing wood grains at right angles to one another. Plywood is generally described as a combination of chip board (particle board) and medium density fiberboard (MDF). Some common types of wood that are used for producing plywood include maple, oak, ash, mahogany and teak. It is used for various interior, structural, marine and exterior purposes ranging from internal paneling to formwork. Plywood is gaining popularity owing to its several benefits, including high impact resistance, high strength to weight ratio, chemical resistance, increased stability, dimensional surface stability, and panel shear. At present, there are various types of plywood available in the market, which include softwood, flexible, hardwood, tropical, birchwood, and decorative. In the United States, softwood plywood is made from Douglas fir, cedar, redwood, pine and spruce. On the other hand, birchwood and hardwood plywood are imported in the country from countries such as Canada, Brazil, Russia and China.
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US Plywood Market Trends:
Over the past few years, the plywood industry in the US has been significantly influenced by the growth of the housing market, led by a surge in existing home sales and building permits for new residential spaces. Furthermore, easy credit availability and increasing per capita income in the country have enabled consumers across both the residential and non-residential sectors to refurbish their properties with high-quality plywood products. Market players are currently investing heavily in the industry, thus driving the market for plywood in the country. For instance, in January 2019, the US-based wood products manufacturer, Southern Veneer Products, entered into an agreement with the US-based producer, Boise Cascade. Under this agreement, Southern Veneer would acquire the plywood operations of Boise Cascade, based in Moncure, North Carolina. The former will work on upgrading the equipment at the plant to expand its geographical presence with a diverse portfolio of plywood products. On account of the factors mentioned earlier, the plywood industry in the US is projected to witness steady growth in the coming years.
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Key Market Segmentation:
Market Breakup by Technology:
1. Hole Technology
2. Surface Mount Technology
3. Fine Pitch Technology
The market has been bifurcated on the basis of the end use sector, which consists of commercial and residential.
Market Breakup by Application:
1. Consumer Electronics
The report has analyzed the market according to the application, which includes new construction and replacement.
Market Breakup by Region:
1. Asia Pacific
3. North America
4. Middle East and Africa
5. Latin America
On the geographical front, the market has been divided into the Northeast, Midwest, South and West regions.
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