- Flourishing Construction Industry in East Asia to Give Tailwinds to Fiberboard Market Growth, Pushing the Sales Past US$ 19.5 Bn
- Fact.MR's extensive study on the fiberboard market brings to fore important insights concerning major growth dynamics, including drivers, restraints and opportunities. The report also provides a holistic overview of the expected trends and factors driving the sales for the next decade.
NEW YORK, Feb. 24, 2022 /PRNewswire/ -- The global fiberboard market is projected to expand at a CAGR of 8.1% during the forecast period 2022-2032 and reach US$ 25.1 Bn by 2022.
Medium density fiberboard (MDF) is a composite wood product made of wood fibers mixed with wax and resin and molded by applying high temperature and pressure. Expansion of construction trade and interior decoration industries has led to an upsurge in demand for wood products.
Hence, numerous furnishing industry players are eyeing MDF as an alternative substitute for low-density ply due to its smooth texture, and durability. On account of this, the demand for fireboards is expected to surge over the coming years.
Federal Reserve Economic Data of USA displays incessant growth in sales for furniture stores with US$12.5 Mn in January 2022 with an upturn of almost 30%. Nevertheless, the perception of MDF being lightweight wood' and having a lack of strength might impede the growth in the market.
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Further, as MDF is versatile and has countless unique features, making them highly sought-after compared to the other wood boards such as chipboards, layer boards, and others. Hence, with diverse applications of MDF due to its qualities/characteristics and ease of working, the sales in the market are expected to accelerate.
Report Attributes | Details |
Base Year Value (2021A) | US$ 24.8 Billion |
Estimated Year Value (2022E) | US$ 25.1 Billion |
Projected Year Value (2032F) | US$ 54.7 Billion |
Global Growth Rate (2022-2032) | CAGR 8.1% |
Key Takeaways:
- East Asia is projected to account for nearly 32% of the overall market valuation for fiberboard in 2021, surpassing US$ 19.5 Billion by the end of 2032.
- In terms of board type, the medium density fiberboard segment held the maximum market share of 48% in 2021 and is expected to gain 570 BPS through 2022 & beyond
- India and China are anticipated to lead the growth in South and East Asia fiberboard market over the assessment period.
- Based on applications, the construction segment is anticipated to hold a market share of ~83.4% in 2022 and is likely to reach US$ 48.7 Billion by the end of 2032.
Growth Drivers
- Soaring demand for fiberboards in furniture and building materials such as tables, chairs, stands, owing to their excellent machinability will propel the fiberboard market.
- Low cost of MDF as compared to ply is pushing the key companies to increase the production, fueling sales.
- Easy availability of raw materials is likely to boost the demand for medium-density fiberboards in the upcoming future.
- Development of new production processes of MDF and rising applications is projected to drive the market.
Key Restraints:
- Exposure to formaldehyde is considered to the leading cause of cancer and thus, the emission of formaldehyde from these products might hamper the sales.
- Consequently, several regulations against the utilization of fiberboard with high formaldehyde content will impede the growth.
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Competitive Landscape:
Leading players in the fiberboard market are offering various marketing strategies such as mergers and acquisitions, expansions, collaborations, and partnerships.
For instance,
- CenturyPly- a prominent manufacturer in this market has a versatile range of fiber cement boards. These boards are weather-resistant thanks to the amalgamation of fiber and cement which makes them perfect for external wall cladding. Moreover, these boards don't warp or wrinkle or become brittle due to high UV radiation.
Key Companies Profiled by Fact.MR
- Evergreen Fiberboard Berhad
- KRONOSPAN Verwaltungs-und mbH
- Kastamonu Entegre Agac Sanayi ve Ticaaret A.S.
- UAB Grigeo Baltwood
- Georgia Pacific Building Products LLC
- Jining Best Star Wood Co Ltd.
- Coillte Group
- Finsa Forest Products S.A.
- Norbord Inc.
More valuable Insights on Fiberboard Market:
Fact.MR provides a detailed analysis of the global fiberboard market, providing forecast statistics for the period of 2022-2032. In order to gain a better perspective of the global market potential, its growth, and scope, the market is segmented on the basis of -
By Board Type:
- Hardboard
- Medium/Hard Density Fiberboard MDF/HDF
- Other Fiberboard
By Application:
- Construction
- Roofing
- Sound Proofing
- Exterior Sheathing
- Flooring & Paneling
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions covered in the Fiberboard Market Report
- What is the global fiberboard market scenario?
- How far is the global demand expected to reach over the forecasted period?
- What was the last 5-year CAGR for the demand in the demand in the fiberboard market?
- Who are the prominent players in the global fiberboard market?
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