Wood Based Panel Market - Forecast 2021 - 2026
Wood Based Panel Market Overview Wood Based Panel market size is forecast to reach US$224.8 billion by 2026, after growing at a CAGR of 6.5% during 2021-2026. The Wood Based Panel products are flat, sometimes curved, sheets made from wood-based materials that are bonded together with synthetic adhesives such as urea-formaldehyde adhesives, and phenol-formaldehyde resins. Low product cost coupled with superior properties including strength and durability is the key factor driving the demand for wood-based panels for ceiling, cladding, roofing , flooring and furniture applications. The market is witnessing an increase in demand, due to the construction industry's growth, where the product finds extensive applications. The latest trends, such as lightweight wood products and furniture and innovations in the surfacing technology to apply coating materials, are expected to drive the Wood Based Panel market substantially during the forecast period. COVID-19 Impact The outbreak of Corona...