Wood Based Panel Market Size To Reach $284.2 Billion By 2030

Wood Based Panel Market Growth & Trends

The global wood based panel market size is anticipated to reach USD 284.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 5.9% from 2025 to 2030. Rising demand for these panels to manufacture residential and home furniture, Ready-to-Assemble (RTA) products, and small accent pieces is anticipated to positively impact the growth.

Recent advancements in production technology, adhesive formulations accompanied by control techniques, and online measuring are transforming the production of wood based panels. The trends such as production of lightweight furniture and wood products and innovations in surfacing to apply the new coating materials are expected to drive the market in the forthcoming years.

New entrants in the market are witnessing a strong competition from the established players. The new entrants have resorted to the production of advanced and unique products through low cost manufacturing techniques which allows them to penetrate into the market, thereby limiting the sales and profit margins of the established players.

Contract manufacturing is one of the major strategies adopted by several players, such as An Cuong Wood Joint Stock Company; Beecher & Myers Co., Inc.; and Pasquier Panel Products Inc. to improve profit margins and gain a strong foothold in the market. These players are also expanding their product line through addition of more customized offerings.

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Wood Based Panel Market Report Highlights

• Plywood segment accounted for the largest wood based panels market share of 40.5% in 2024, owing to the exceptional properties offered by the product such as high strength, durability, and moisture resistance 

• Furniture dominated the application segment in 2024 and is expected to remain as the largest application of wood based panels over the forecast period owing to rising adoption of recyclable and eco-friendly furniture for residential and non-residential purposes 

• The demand in construction application is expected to register a CAGR of 7.0% during the forecast period, on account of rising product demand for manufacturing durable and lightweight doors, windows, and wall solutions 

• Malaysian Conglomerate Samling Group of Companies established a joint venture with Masonite International Corporation, an American global building products company, for the manufacturing and distribution of woods

Wood Based Panel Market Segmentation

Grand View Research has segmented the global wood based panel market report based on product, application, and region:

Wood Based Panel Product Outlook (Volume, Thousand Cubic Meters; Revenue, USD Million, 2018 - 2030)

• MDF

• HDF

• PB

• OSB

• Softboard

• Hardboard

• Plywood

Wood Based Panel Application Outlook (Volume, Thousand Cubic Meters; Revenue, USD Million, 2018 - 2030)

• Furniture

• Construction

• Packaging

Wood Based Panel Regional Outlook (Volume, Thousand Cubic Meters; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • Spain

  • Italy

  • France

  • Russia

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Singapore

  • Australia

  • Malaysia

  • Thailand

  • Indonesia

  • Vietnam

  • Philippines

  • Pakistan

  • Taiwan

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • South Africa

  • Qatar

  • UAE

  • Kuwait

  • Oman

  • Iran

  • Israel

  • Algeria

  • Egypt

  • Lebanon

List Of Key Players in the Wood Based Panel Market

• Ainsworth Lumber Co. Ltd.

• Arauco

• Boise Cascade Company

• EGGER Group

• Georgia-Pacific LLC (Koch Industries)

• Kronospan

• Louisiana-Pacific Corporation (LP)

• Norbord Inc.

• Panels & Furniture Group (PFM Group)

• Pfleiderer Group S.A.

• Roseburg Forest Products

• Swiss Krono Group

• U.S. Lumber Group LLC

• West Fraser Timber Co. Ltd.

• Weyerhaeuser Company