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The particle board market size is forecast to increase by USD 4.8 billion at a CAGR of 4% between 2023 and 2028. The market is experiencing significant growth due to the increasing demand for this versatile material in various applications. In the realm of furniture manufacturing, particle boards are widely used for their affordability and ease of use. In construction, they are employed in both residential and commercial projects, particularly in affordable housing and modular construction. Sustainable building practices are gaining popularity, and the use of particle boards, which are derived from renewable resources, aligns with this trend. High-end particle boards, which offer enhanced properties like fire retardancy and moisture resistance, are increasingly preferred in high-end applications.
The market is a significant segment of the building materials industry, with applications spanning various sectors including furniture and construction. This market encompasses a range of engineered wood products, including laminated particle board, pre-laminated particle boards, low-density fiberboard, and plain particle board. In the furniture industry, particle boards are extensively used due to their affordability and versatility. These wood-based products offer aesthetic appeal and mechanical properties suitable for a wide range of furniture applications. Particle boards are often utilized in DIY projects and home improvement, providing cost-effective alternatives to solid wood. In construction, particle boards find extensive use in various applications. They are employed as prefabricated components in modular construction, contributing to the growth of sustainable building practices. Particle boards are also used as subfloors, offering excellent mechanical properties and dimensional stability.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The residential segment is estimated to witness significant growth during the forecast period. Particle board is gaining popularity as a versatile building material due to its various applications and affordable price point. This eco-friendly material is manufactured using wood waste, such as wood chips, sawdust, and shavings, combined with resin. In residential applications, particle board is frequently used as an alternative to plywood or medium-density fiberboard to cut down on construction costs.
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The residential segment was the largest segment and valued at USD 10.66 billion in 2018. Here are some common uses of particle board in residential settings: Furniture applications: Particle board is a preferred choice for furniture manufacturing due to its affordability and ease of use. It can be molded into various shapes and sizes, making it ideal for producing a wide range of furniture pieces, from cabinets and wardrobes to tables and chairs. Particle board is utilized in construction for various purposes, including as a substitute for plywood in roofing and wall sheathing. It is also used in the production of modular homes and pre-fabricated buildings, which are becoming increasingly popular for affordable housing solutions. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in Asia Pacific (APAC) is experiencing significant growth due to the thriving construction industry and the increasing demand for home improvement projects. Particle board is a popular choice for DIY projects and prefabricated components in both residential and commercial buildings. In countries like China, Japan, and India, the construction of single-family and multi-family houses is on the rise, leading to increased usage of particle board for ceiling and wall applications.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising number of infrastructural and construction activities is notably driving market growth. The market is experiencing significant growth due to the increasing construction activities in major economies, including the US. According to the US Census Bureau, there has been a notable increase in permits issued for new residential buildings, fueled by the rising demand for multi-family housing and urban migration. Additionally, countries such as Mexico, Australia, and Canada are witnessing steady growth in residential construction, underpinned by moderate economic expansion.
In developing countries like India and Australia, the demand for residential accommodation is on the rise due to population growth and urbanization, leading to an increase in construction projects. Furthermore, infrastructure development continues to be a global trend, with notable activity in regions like the Americas and the Middle East, as per the RICS Global Construction Monitor. Wood-based products, including laminated particle board and pre-laminated particleboard, are in high demand for various applications in residential construction and real estate transactions. Thus, such factors are driving the growth of the market during the forecast period.
Increasing need for eco-friendly materials is the key trend in the market. The particle board industry is experiencing notable progress, fueled by technological innovations. Modern manufacturing processes, including Computer Numerical Control (CNC) machining and digital monitoring systems, are being adopted to boost precision, minimize waste, and enhance overall efficiency.
This results in cost savings and a reduced environmental footprint. Moreover, advancements in adhesive technologies and the utilization of recycled materials are driving the production of eco-friendly particle boards. Fire-resistant and moisture-resistant properties are being incorporated into particle boards through advanced manufacturing techniques, expanding their applications across various industries. Thus, such trends will shape the growth of the market during the forecast period.
Low durability of particle board is the major challenge that affects the growth of the market. Particle boards, including particleboard cabinets and doors, are widely used in various applications such as subfloors, wood panel products, and ready-made furniture. However, their susceptibility to moisture damage is a significant concern. When exposed to moisture, particleboards can swell, warp, discolor, and even disintegrate. Moisture absorption can lead to shrinking, expanding, warping, and bending, which is undesirable in many applications.
This issue significantly impacts the durability of particleboards, particularly in humid environments. As a result, the low durability of particleboards is expected to hinder the growth of the market for particleboard-based products during the forecast period. Furthermore, particleboards are less suitable for use in environments where humidity levels fluctuate significantly due to their vulnerability to moisture damage. Fiberboards, an alternative to particleboards, offer better moisture resistance and durability.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Associate Decor Ltd: The company offers particle board products such as Interior Grade Particleboards, Exterior Grade Particleboards, and HMR Grade Particleboards.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to its extensive applications in both the furniture and construction industries. In furniture applications, particle board is preferred for its affordability and versatility, allowing for the production of various types of furniture, including cabinets, doors, and ready-made pieces. For construction, particle board finds extensive use in residential and office buildings, modular construction, and renovation projects due to its mechanical properties and prefabricated components. Sustainable building practices have led to an increase in demand for engineered wood products, such as particle board, in the global construction sector. These boards are manufactured using raw materials like sawdust, shavings, flakes, and chips, making them an eco-friendly alternative to traditional building materials.
Furthermore, its sound-absorbing properties make it suitable for interior applications, such as subfloors and wall panels. The market for particle board is vast and diverse, with applications ranging from affordable housing to luxury homes and commercial buildings. Its use in various sectors, including real estate transactions and home improvement, further boosts its demand. Furthermore, particle board's aesthetic appeal, combined with its cost-effectiveness and durability, makes it a popular choice for various DIY projects and renovations. Wood-based products, such as laminated particle board and pre-laminated particleboard, are also gaining popularity due to their enhanced mechanical properties and design flexibility.
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Market Scope |
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Report Coverage |
Details |
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Page number |
129 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4% |
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Market growth 2024-2028 |
USD 4.8 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.8 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 39% |
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Key countries |
US, China, Germany, India, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Associate Decor Ltd., Boise Cascade Co, Century Prowud, Columbia Forest Products Inc., D and R Henderson Pty Ltd., Dakota Premium Hardwoods LLC, Fritz Egger GmbH and Co. OG, Kastamonu Integrated Wood Industry and Trade Inc., Koch Industries Inc., Krifor Industries Pvt. Ltd., Kronospan Ltd., Peter Benson (Plywood) Ltd., Roseburg Forest Products Co., Siam Riso Wood Products Co. Ltd., Sonae SGPS SA, Timber Products Co., UCS Forest Group, Uniboard Canada Inc., Wanhua Ecoboard Co. Ltd., and West Fraser Timber Co. Ltd. |
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Market dynamics |
Parent market analysis, market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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