The market for particle board is anticipated to register a CAGR of more than 5% during the forecast period. Particle board, also known as fiberboard, is an engineered material that is made of separate fibers. Fiberboards are generally made of engineered wood, which is either hard or soft wood. This is mixed with wax and resin binders by applying high pressure and temperature.
- Increase in demand for particle boards for furniture and easy availability of raw-materials are augmenting the growth of the market.
- Threat of medium density fiberboard as a substitute is likely to hinder the market’s growth.
- Development of new methods to manufacture particle boards is projected to act as an opportunity for the market in future.
Key Market Trends
Increasing Demand from the Furniture Industry
- Owing to the change in lifestyle of today’s population, preference for furniture style has changed drastically during the past years. Contemporary furniture consists of features, such as simple lines, square edged chairs, and different combination of colors.
- Owing to its high temperature resistance, fire resistance, and moisture resistance. Usage of these boards in the furniture industry is rapidly increasing. Besides that, the furniture made from particle board also impart properties, such as lightweight and high strength to weight ratio.
- With the increasing housing construction, population, and income-levels across the world, the demand for furniture, such as chairs, table, bed, sofa, shelves, and cupboard, has been increasing significantly.
- In the furniture industry, concepts related to interiors of homes, offices, and flats are changing, continuously. This is driving innovation and development, primarily, in terms of, designs, size, and colors. This is expected to augment the production volume of furniture across the world.
- Countries including China, United States and Germany accounts for the largest markets in furniture industry. China is the dominant exporter of wood furniture to the EU.
- Indonesia is one of the world’s leading furniture's manufacturers. Indonesia’s furniture industry maintains a positive growth.
- All the aforementioned factors, is expected to drive the global market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region to witness the robust growth in the particle board market, owing to the increasing construction and furniture industry in countries like China.
- China is the largest market-base in the Asia-Pacific region, owing to its ever-increasing population, rising income and rapid urbanization. It is also one of the major manufacturing hubs for almost every industries. Hence, the infrastructure development in the country will see a continuous rise.
- China’s construction industry developed rapidly, due to the central government’s push for infrastructure investment, to sustain economic growth.
- China is one of the largest furniture exporters in the world along with Italy. Wood furniture manufacturing makes up the largest proportion of the Chinese furniture manufacturing sector, contributing more than 50% of total furniture manufacturing revenue.
- China is the second-largest packaging market in the world. Fueled by the rapid growth in domestic consumption and consistent growth in GDP, the Chinese packaging industry has grown steadily and achieved rapid growth in its key categories.
- China has replaced Japan in terms of market size and is expected to surpass the US by 2020. The Chinese packaging industry’s key end-user markets, including retail and food and beverages, and the rapid development of e-commerce, due to increasing purchasing power, are poised for impressive growth in the forecast period.
- All these factors are augmenting the growth for particle board market in Asia- Pacific region.
The particle board market is fragmented in nature, due to the presence of several major players in different countries. Key players in the particle board market include Wanhua Ecoboard Co. Ltd, Georgia-Pacific Building Products, Krifor Industries, UPM-Kymmene Oyj, Roseburg Forest Products Company Inc., Columbia Forest Products, and Peter Benson (Plywood) Limited, among others.
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