U.S. Plywood Market To Witness A Significant Growth Of USD 15.59 Billion By 2030

 San Francisco, 13 Feb 2023: The Report U.S. Plywood Market Size, Share & Trends Analysis Report By End-use (Residential, Commercial), By Application (Structural, Non-Structural), By Region, And Segment Forecasts, 2022 - 2030

The U.S. plywood market size is expected to reach USD 15.59 billion by 2030, according to Grand View Research, Inc. It is anticipated to expand at a CAGR of -1.9% from 2022 to 2030. The growth is positively impacted by the growth of the organized retail segment, including super-market, hyper-markets, and departmental stores, which also contributed to the growth of commercial buildings.

The construction industry in the U.S. has been a significant contributor to the country’s growth and development of construction and real estate industries had been growing consistently till the outbreak of COVID-19. However, post the outbreak, the global economic flow was disrupted. Hence, to revive the market, several construction projects were launched in 2021 and 2022.

Refurbishment includes renovation and remodeling of old buildings to make them energy-efficient, visually pleasing, and sustainable. In this process, maintenance, replacement, and repair of buildings and building components are made to give the structure a longer life. This involves changing of windows & doors, structural alterations & modifications, and making the structure aesthetically more pleasing.

The real estate market in the U.S. is already more developed compared to most countries. The lifespan of a building ranges from 31 to 50 years after its completion; hence, once the structure becomes old, its quality and strength are compromised. If such buildings are not put through regular maintenance and care, they prove to be a threat to the residents. Hence, the majority of old buildings are renovated and refurbished regularly to ensure a longer life and safety of the inhabitants. This is triggering the demand for plywood in the construction sector and contributing to the growth of plywood in the U.S.

The refurbishment has become a common practice in urban areas due to changing consumer tastes and market trends and increasing disposable income. The people are actively investing and reinvesting to modify their places of work and business to please the customers and keep up with varying customer tastes. The increasing rate of fire accidents and electrical mishaps is also responsible for increased refurbishment within the region, along with the demand for plywood in the U.S.

Since the outbreak of COVID-19, there has been disruption along the supply lines, which has resulted in price fluctuations in the U.S. market. The prices of wood and adhesives have been increasing over the last year, due to which the cost of manufacturing plywood has increased. However, it is expected that prices to come down and reach the pre-pandemic level over the forecast period.

The U.S. plywood industry is fragmented by the presence of large-, medium-, and small-sized players. The plywood quality and price differentiation among market players are low, which results in plywood manufacturers striving for higher market dominance. This can result in intense competitive rivalry among vendors. Moreover, with growing investments in the refurbishment of commercial structures, the market rivalry is expected to increase over the forecast period. 

Access Research Report of U.S. Plywood Market @ https://www.grandviewresearch.com/industry-analysis/us-plywood-market-report

U.S. Plywood Market Report Highlights

• The structural application segment accounted for 68.6% of the revenue share in 2021 due to its application for sheathing, bracing for roofs and floors, storage decks, hoardings, packing crates, outdoor furniture, and playing equipment
• The furniture segment of the non-structural segment accounted for the largest revenue share of 40.5% in 2021. This is attributed to the U.S. furniture manufacturing industry is one of the major markets for hardwood plywood
• The residential segment in the U.S. is expected to account for 64.6% of the total revenue share by 2030. This is due to the growing applications of plywood in residential constructions for furniture, interiors, and modifications
• The commercial segment in the U.S. accounts for 33.8% of the revenue share in 2021. The increasing number of new commercial buildings in the U.S. is expected to drive the demand over the coming years
• The Southern region is expected to reach 55.5% of the total revenue share in 2021, as the big economies such as Texas, Virginia, Florida, and Georgia witness an increase in population along with a high standard of living

List of Key Players in the U.S. Plywood Market

• Georgia Pacific
• PotlatchDeltic Corporation
• Weyerhaeuser Company Ltd.
• Boise Cascade Company
• Roseburg Forest Products
• West Fraser
• Columbia Forest Products
• RoyOMartin
• Timber Products Company
• Coastal
• Hood Industry
• BlueLinx
• South Coast Lumber Co. & Affiliates

Access Press Release of U.S. Plywood Market @ https://www.grandviewresearch.com/press-release/us-plywood-market-analysis