May 08, 2023 04:25 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, May 08, 2023 (GLOBE NEWSWIRE) -- The global medium-density fiberboard market size was USD 38.25 billion in 2020 and is projected to grow from USD 39.04 billion in 2021 to USD 57.11 billion in 2028 at a CAGR of 5.6% during the 2021-2028 period. Half Inch Plywood
The report titled "Medium-Density Fiberboard Market, 2021-2028" is being presented to you by Fortune Business Insights™
As per our team's research, it has been found that medium-density fiberboards (MDFs) typically have a greater thickness compared to plywood, while also being notably cost-efficient. These factors render MDFs an exceptional alternative material to be employed in scenarios where humidity resistance and high impact resistance are not critical requirements. For instance, MDFs find widespread usage in the construction of furniture cabinetry, wooden flooring, and surface areas. The substantial thickness of MDFs imparts greater stability and durability to the finished products, while also being a budget-friendly option.
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List of Key Players Covered in the Medium-Density Fiberboard Market Report
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The market for Medium Density Fiberboard (MDF) can be categorized into various applications, including furniture, construction & flooring, interior designing, packaging, and other miscellaneous uses. Among these, furniture holds the largest market share currently. MDF's cost-effective attributes have made it a popular alternative to plywood in the furniture manufacturing industry.
In addition to the application, the global MDF market is further segmented by type, with standard, moisture-resistant, and fire-rated being the three main categories. These types offer varying degrees of resistance to moisture and fire, making them suitable for use in different environments and applications.
Geographically, the MDF market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa regions. Each region has its unique market characteristics, with different factors influencing the demand and supply of MDF.
Overall, the global MDF market is experiencing steady growth, thanks to its versatility, cost-effectiveness, and eco-friendly properties. With increasing demand from various applications and regions, it is expected to continue its upward trajectory in the coming years.
COVID-19 Pandemic Expressively Interrupted Supply Chain of MDF
The global wood industry has been grappling with the repercussions of the COVID-19 pandemic. Many prominent wood-producing countries enforced lockdowns starting in early 2020, leading to significant disruptions in the supply of wood and its byproducts, including wood fibers.
Furthermore, numerous enterprises operating in the international medium-density fiberboard industry have faced various constraints in their production processes, further exacerbating the upheaval in the overall supply chain of this market. These challenges have forced industry players to adopt innovative strategies to mitigate the impact of the pandemic on their operations.
The report provides a comprehensive analysis of the market, including current trends and projected estimates to determine potential returns on investment. Additionally, the report presents a thorough evaluation of upcoming opportunities, threats, competition, and other navigational aspects. A detailed and methodical review of various regions is also included.
The report has been updated to include the impact of COVID-19, helping stakeholders and business professionals better understand the associated risks. Furthermore, the report identifies key players in the market and outlines their strategies for driving market growth.
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MDF and plywood share comparable characteristics and are commonly used in the manufacturing of furniture items like tables, beds, sofas, and library shelves. However, MDF is significantly cheaper than plywood and does not have particle grain or lumps in its structure.
Due to these characteristics, MDF proves to be an excellent substitute for plywood in areas where moisture and impact resistance are not the primary requirements. As a result, the market growth of medium-density fiberboard is expected to increase during the forecast period.
Asia Pacific to Lead Market Due to Increasing Presence of Manufactures
In 2019, the medium-density fiberboard market share in Asia Pacific was at its highest, valued at a staggering USD 22.29 billion. The driving force behind this growth in the Asia Pacific region is none other than China, which currently boasts a dominant market share of around 90% based on volume.
North America, on the other hand, has experienced significant expansion in the previous year, making it a crucial region for manufacturers of this product. The market in North America is predicted to be led by the rising expenditure of individuals on visually appealing decorative accents in their homes and workplaces, which is driving demand for medium-density fiberboard.
To maintain a competitive edge in the market, leading companies rely on a variety of strategic tactics, including product invention and collaboration with suppliers to expand their sales network. One prime example of such a company is Arauco, a prominent corporation known for its cutting-edge wood composite boards produced through an automated manufacturing process.
Innovation and partnership are key ingredients in the recipe for success, and Arauco has mastered both. By continually developing new products and working closely with suppliers, they have been able to establish themselves as sa top player in the industry.
Their progressive wood composite boards, which utilize advanced manufacturing technology, have garnered widespread acclaim for their durability and performance. This innovative approach has allowed Arauco to differentiate itself from competitors and remain at the forefront of the market.
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