Middle East and Africa Wood Based Panel Market Share, Demand, Growth Strategies, Challenges, Opportunities and Future Outlook Till 2034: SPER Market Research
Wood-based panels are engineered wood products made by using adhesives to bind wood veneers, fibres, or particles under pressure and heat. These panels are made of medium-density fibreboard (MDF), particleboard, plywood, and orientated strand board (OSB). Because of their consistency, adaptability, and economical use of wood resources, they are extensively utilised in interior design, furniture production, and building. Wood-based panels are a sustainable substitute for solid wood because of their superior strength-to-weight ratios and dimensional stability. Additives and surface treatments can improve their qualities, such as their resistance to moisture and ease of machining, to meet the needs of certain applications across a range of sectors. Furthermore, improvements in manufacturing methods have made these products more environmentally friendly and durable.
According to SPER Market Research, ‘Middle East and Africa Wood Based Panel Market Size– By Product, By Thickness, By Distribution Channel, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ states that Middle East and Africa Wood Based Panel Market is estimated to reach USD 6.07 billion by 2034 with CAGR of 4.06%.
As consumer spending on wood-based panels for furniture and home renovations increases, so too is the need for wood-based panels in residential and commercial buildings. The improvement and increase in building rehabilitation projects that utilise wood-based panels to enhance aesthetics is another factor driving the market’s growth. Wood-based panels are specialised goods that offer improved durability, long-term performance, and increased performance at a lower cost of production and use. A wide range of structural and aesthetic uses are possible using wood-based panels. Wood-based panels are becoming more and more popular in residential construction because to their better performance, affordability, and versatility in design. Additionally, the market is expanding due to nations’ balanced import and export policies for wood panels.
Despite the fact that the production process varies from product to product, wood-based panels share some characteristics with regard to the main environmental concerns. The primary growing concerns during the production of wood panel goods that are producing health and environmental issues include formaldehyde, dust, and organic compound emissions. Price fluctuations for raw materials will have an impact on the cost of producing goods made from wood-based panels. A manufacturer’s position in the market might be seriously jeopardised by highly variable raw material costs and poor price management. Manufacturers now have the ability to set the price of their products due to fluctuations in raw material prices, which causes them to lose money.
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Due to shipping limitations, supply chain disruptions, and workplace closures, Covid-19 had an effect on a number of manufacturing businesses. Over the past few years, the market has seen a decline in sales as a result of the lockdown, which has caused retail locations to close and customer access to be restricted. In an effort to recover from COVID-19, the major market participants are taking a variety of calculated risks. To enhance their products, the players are engaged in a number of R&D initiatives. By investigating various retail channels and entering new markets, they are increasing their market share.
Saudi Arabia dominates the Middle East and Africa wood based panel market due to rising consumer spending on wood-based panels for furniture and home renovations in the region. Some of the key players are – EGGER, Starbank Panel Products Ltd, Dongwha Group, ARAUCO, Sonae Industria.
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Middle East and Africa Wood Based Panel Market Growth
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