Seattle, WA -- (SBWIRE) -- 11/07/2019 -- Plywood consists of sheets or layers of wood veneer which is bonded together with adhesives and is basically used as a substitute for plain wood due to its excellent properties such as resistance to shrinking, twisting, and splitting.

Softwood plywood is manufactured by gluing several layers of dry softwood veneers together with an adhesive and is used for wall siding, roof decking, concrete form boards, sheathing, floors, and containers whereas hardwood plywood is used across interior applications such as paneling, furniture, architectural millwork, flooring, store fixtures, cabinets, and doors.

Market Dynamics

The growing construction industry is the major factor in fueling market growth. For instance, in 2015, global construction perspectives and oxford economics together stated that the global construction market is set to grow by US$ 8 trillion by 2030, reaching a total size of US$ 17.5 trillion and growing by an average annual rate of 3.9% by 2030

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On the other side, the high cost associated with the plywood as compared to Oriented Starboard (OSB) is expected to hamper the market growth of the global plywood market, as OSB offers similar characteristics as plywood.

Market Outlook

According to the Coherent Market Insights' analysis, Asia Pacific is expected to be the fastest-growing plywood market over the forecast period, and this can be attributed to the growing housing and infrastructure sectors in the region. For instance, in India, Pradhan Mantri Awas Yojana (PMAY) or The 'Housing for all by 2022' launched in 2015, aims to provide affordable housing to all citizens by 2022, and as per government speculation, this could entail construction of 20 million houses by 2022. China is the world's largest producer of plywood, owing to presence of large economical manual labor force, simple technology, and in-house machine suppliers.

Key Players

Key players operating in the global plywood market include Atlantic Plywood Corporation, Greenply Industries Ltd., Weyerhaeuser Company, Ainsworth Lumber Co. Ltd., Roseburg Forest Products Co., and Century Plyboard (India) Ltd.

Market Segmentation

By Product Type

- Hardwood Plywood

- Softwood Plywood

- Decorative Plywood

- Tropical Plywood

By Application

- Furniture

- Packaging

- Transport

- Construction

Middle East & Africa

By Region

- North America

- Latin America

- Europe

- Asia Pacific
- Middle East & Africa

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.