Study #: 3938 | Published: 12/2020 | Pages: 86 | Individual User License: US$ 2,900

The US market for plywood is projected to expand at a 0.5% annual rate through 2024 to 14.9 billion square feet on a 3/8-inch basis, a substantial deceleration from the 2014-2019 period. Demand in value terms will climb 1.7% annually to $6.7 billion in 2024. Despite longer term gains, plywood demand is forecast to fall in 2020 due to the impact of the COVID-19 pandemic, which is expected to cause:

  • a decline in new home construction
  • a heavy drop in commercial construction spending as many businesses were forced to shut down or operate at reduced capacities
  • a fall in the production of wood furniture, engineered wood products, and other manufactured goods

Demand will return to growth beginning in 2021 and continue to expand through 2024, principally driven by increased spending on home renovation projects and rising manufacturing output.

Industrial Market to Be a More Significant Driver of Demand Gains than for Other Products

The industrial market is expected to account for more than half of all plywood demand gains through 2024. Despite stagnation in production of furniture – the largest application for plywood in industrial markets – suppliers will benefit from:

  • increases in overall manufacturing shipments, which will boost use of material handling products such as pallets and crates
  • rising production of transportation equipment like boats and trailers

Plywood to Lose Share to Oriented Strand Board in Multiple Applications

Plywood accounts for the second largest share of wood panel demand behind oriented strand board (OSB). However, plywood is expected to lose share through 2024 in applications where softwood plywood competes with OSB – such as roofing and wall sheathing – because OSB typically offers similar performance at a lower cost. Plywood will continue to compete successfully in:

  • applications where superior performance is of greater importance
  • more visible applications because of its superior aesthetics and consumer perception that it is of higher quality than composite boards

Construction Market Is Expected to Grow Despite Industry Weakness

In the construction market, plywood will find increased use in flooring applications:

  • For finish flooring, rising consumer preferences for hard surface flooring over alternatives such as carpet will support hardwood plywood demand.
  • Demand for plywood used as subflooring will be supported by its ease of installation and compatibility in a variety of building types.

Demand for plywood for roofing and wall sheathing, on the other hand, is expected to decline due to competition from less expensive OSB as well as from non-wood materials.


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Table of Contents

1. Executive Summary

2. About This Report

Report Details

Study Scope & Product Description

Impact of COVID-19 Pandemic

3. Overview

Historical Market Trends

Supply & Demand

Demand by Type

Demand by Market

Construction Markets

Industrial Markets

Pricing Trends

Competitive Products

4. Softwood Plywood

Product Description

Supply & Demand

Trade

Demand by Market

Competitive Products

Capacity & Leading Producers

5. Hardwood Plywood

Product Description

Supply & Demand

Trade

Demand by Market

Competitive Products

Capacity & Leading Producers

6. Key Suppliers & Market Share

Industry Composition

Market Share

Mergers & Acquisitions

7. Appendix

Scope

Definitions

Freedonia Methodology

Study Specific Methodology

Sources

Related Studies & Reports

Macroeconomic Assumptions

Economic Environment

Demographic Trends

Residential Building Construction

Residential Improvements & Repairs

Commercial Building Construction

Commercial Building Improvements & Repairs

Manufacturers' Shipments


List of Tables

3. Overview

Table 3-1 | Plywood Demand, 2009 - 2019 (million dollars & million square feet - 3/8-inch basis)

Table 3-2 | Plywood Supply & Demand, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 3-3 |Plywood Demand by Type, 2009 - 2029 (million dollars & million square feet - 3/8-inch basis)

Table 3-4 | Plywood Demand by Market, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 3-5 | Construction Plywood Demand by Type & Application, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 3-6 | Industrial Plywood Demand by Type & Application, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 3-7 | Plywood Average Prices by Type, 2009 - 2029 (dollars per thousand square feet - product standard basis)

4. Softwood Plywood

Table 4-1 | Softwood Plywood Supply & Demand, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 4-2 | Softwood Plywood Demand by Market, 2009 - 2029 (million square feet - 3/8-inch basis & million dollars)

Table 4-3 | US Softwood Plywood Production Capacity, 2019 (million square feet)

5. Hardwood Plywood

Table 5-1 | Hardwood Plywood Supply & Demand, 2009 - 2029 (million square feet - 3/4-inch basis)

Table 5-2 | Hardwood Plywood Demand by Market, 2009 - 2029 (million square feet - 3/4-inch basis & million dollars)

Table 5-3 | US Hardwood Plywood Production Capacity, 2019 (million square feet)

6. Key Suppliers & Market Share

Table 6-1 | Selected Mergers & Acquisitions

7. Appendix

Table 7-1 | Relevant Industry Codes

Table 7-2 | Relevant HS Codes

Table 7-3 | Macroeconomic Indicators, 2009 - 2029 (billion 2012 dollars)

Table 7-4 | Population & Households, 2009 - 2029 (million persons)

Table 7-5 | Residential Building Construction Expenditures, 2009 - 2029 (billion 2012 dollars & billion dollars)

Table 7-6 | Residential Improvement & Repair Expenditures, 2009 - 2029 (billion 2012 dollars & billion dollars)

Table 7-7 | Commercial Building Construction Expenditures, 2009 - 2029 (billion 2012 dollars & billion dollars)

Table 7-8 | Commercial Building Improvement & Repair Expenditures, 2009 - 2029 (billion 2012 dollars & billion dollars)

Table 7-9 | Manufacturers' Shipments, 2009 - 2029 (billion 2012 dollars & billion dollars)


List of Figures

1. Executive Summary

Figure 1-1 | Plywood Market Outlook

2. About This Report

Figure 2-1 | Plywood Demand, 2009 - 2024 (million square feet - 3/8-inch basis)

3. Overview

Figure 3-1 | Plywood Demand, 2009 - 2019 (million dollars)

Figure 3-2 | Plywood Demand by Type, 2009 - 2029 (million square meters - 3/8-inch basis)

Figure 3-3 | Plywood Demand by Market, 2009 - 2029 (million square feet - 3/8-inch basis)

Figure 3-4 | Construction Market for Plywood by Application, 2009 - 2029 (million square feet - 3/8-inch basis)

Figure 3-5 | Industrial Market for Plywood by Application, 2009 - 2029 (million square feet - 3/8-inch basis)

Figure 3-6 | Plywood Average Price by Type, 2009 - 2029 (dollars per thousand square feet - product standard basis)

Figure 3-7 | Comparative Growth: Plywood & Competitive Products, 2019 - 2024 (% CAGR)

4. Softwood Plywood

Figure 4-1 | Softwood Plywood: Product Examples

Figure 4-2 | Softwood Plywood Trade, 2009 - 2019 (million square feet - 3/8-inch basis)

Figure 4-3 | Softwood Plywood Competitive Products

5. Hardwood Plywood

Figure 5-1 | Hardwood Plywood: Product Examples

Figure 5-2 | Hardwood Plywood Trade, 2009 - 2019 (million square feet - 3/4-inch basis)

Figure 5-3 | Hardwood Plywood Competitive Products

6. Key Suppliers & Market Share

Figure 6-1 | US Plywood Market Share by Company, 2019 (million dollars)

7. Appendix

Figure 7-1 | Annual Growth in Real GDP, 2000 - 2019, Compared to 1980 - 2005 Average (percent)

Figure 7-2 | Annual Population Growth, 2004 - 2019 (percent)


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