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Global Wood Based Panel Market: Rising demand for interior design and furniture expected to drive growth of the wood based panel market over the forecast period

Wood based panel are wood sheet having material with significant proportion of wood in various variety of forms such as stripes, veneers, chips, and fibres. These panels can be used for internal or external design/application purpose, in dry and humid conditions and for structural and non-structural applications.

Increasing industrialization and rising awareness towards global warming are major factors driving growth of the global wood based panel market. In addition, increasing infrastructural activities in developed and developing countries, along with growing demand for interior design from housing sector as well as from commercial sector are other factors expected to drive growth of the global wood based panel market.

However, high cost of wood based panel is a major factor restraining growth of the global wood based panel market. In addition, having less refurbished market as compared to steel and other panels and stringent government regulations regarding wood supply and deforestation are other factors expected to challenge growth of the global wood based panel market.

Technological advancement such as use of jute and coir based composite for plywood and medium density fibre board is expected to present new opportunities for market players operating in the global wood based panel market over the forecast period.

The Global wood based panel market is segmented on the basis of type, end user and region. On the basis of region, the global wood based panel market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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North America market accounts for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to well-developed application segment such as construction and furniture, also rise in number of people opting for wood based panel. Europe market accounts for the second largest revenue share contribution to the global wood based panel market followed by markets in Asia Pacific, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to have the fastest growth in terms of revenue, owing to increase in infrastructural activities in emerging economies in this region.

Prominent market players operating in the global wood based panel market are Kronospan Ltd., Weyerhaeuser Company Limited, Georgia-Pacific Corp, West Fraser Timber Co. Ltd., Canfor Corporation, Hampton Resources, Inc., Resolute Forest Products Inc., Interfor Corporation, Timber Products Company, and Shanghai Jechen Group Co. Ltd.