In terms of value, the plywood market is estimated to grow from USD 47.39 billion in 2024 to USD 60.31 billion by 2030, at a CAGR of 4.21%. The construction segment represents the largest application segment of the plywood market. This dominance is attributed to increasing urbanization and infrastructure development. Plywood is strong, versatile, and affordable, making it a crucial material in the building industry for various projects such as flooring, roofing, and wall sheathing. It is also used to create forms for concrete and temporary structures. Due to its engineered properties, plywood can withstand wear and tear, resist warping or cracking, and is easy to work with during construction. This ease of use is important for both large and small building projects. As the population increases and government-funded infrastructure development rises, the demand for plywood has surged, particularly in developing regions. Additionally, plywood’s adaptability to modern construction methods and its durability in the face of environmental stress further solidify its dominance in the construction sector.
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The key players profiled in the plywood market are Georgia-Pacific (US), Boise Cascade Company (US), Weyerhaeuser Company (US), UPM (Finland), SVEZA Group (Russia), Austral Plywoods (Australia), PotlatchDeltic Corporation (US), Greenply Industries Limited (India), Metsä Group (Finland), and CenturyPly (India). These companies have implemented various strategies to strengthen their market position. Some of these strategies include the introduction of new technologies, company expansions, acquisitions, and the launch of new products to increase the firm’s market share.
Boise Cascade Company is a key player in the North American plywood market, consistently ranking among the top producers and distributors of engineered wood products. The company primarily focuses on supplying high-quality, fire-retardant, and sustainable plywood panels, catering especially to the needs of sustainable construction projects and green builders. In July 2022, Boise Cascade acquired the manufacturing facilities of Coastal Plywood Company in Havana, Florida, and Chapman, Alabama. This acquisition enhanced Boise Cascade’s production capacity for veneer and plywood, solidifying its position in the high-demand southeastern US market. Additionally, the firm invested another USD 50 million in its Southeast manufacturing facilities to increase its production capacity for engineered wood products (EWP) and optimize supply chain efficiency.
Weyerhaeuser Company is recognized as one of the major producers of structural plywood and engineered wood products, including plywood and laminated veneer lumber. The company’s operations are built on a vertically integrated model, which combines extensive, sustainably managed timberlands with modern manufacturing units. In May 2022, Weyerhaeuser Company purchased 80,000 acres of timberlands in North and South Carolina. The investment made the company’s ability to source logs close to its already existing mills and distribution centers easier. The company’s business model, which involves owning extensive timberlands and operating state-of-the-art manufacturing facilities, allows it to achieve cost leadership while providing high-quality plywood products designed for structural and industrial applications.
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The market for plywood is highly fragmented, with five major players accounting for around 10-15% of the market share at the global level. Boise Cascade Company is the leading player in the market with its wide range of plywood and wide integration in end-use applications like packaging, building & construction, and furniture. Weyerhaeuser Company holds a significant place in the market due to its quality work in engineered wood and global supply activities, mainly in North America. As a result of powerful manufacturing, available forests, and various offerings, Georgia-Pacific continues to expand in the plywood market for uses in construction at both homes and companies. Both UPM and SVEZA Group hold strong positions in the market due to the widespread use of their structural-grade plywood in construction projects. The remainder of the market is predominantly made up of regional manufacturers. These regional companies are agile in adapting to customer demands, offering a diverse range of sizes, finishes, and grades of plywood. Key factors driving competition in this market include advancements in engineered wood, an increasing demand for sustainable and durable materials, and the rising use of plywood in building and construction, packaging, interiors, and related applications in emerging markets.
