The global medium-density fiberboard market size is expected to reach USD 55,791.6 million by 2027, exhibiting a CAGR of 5.5% during the forecast period. The growing demand for furniture cabinetry and wood flooring subsurface will foster the healthy growth of the market, states Fortune Business Insights, in a report, titled “Medium-Density Fiberboard Market Size, Share & COVID-19 Impact Analysis, By Type (Standard, Moisture Resistant, Fire-Rated), Application (Furniture, Construction & Flooring, Interior Designing, Packaging, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 39,765.6 million in 2019.
Chemical industry has undergone tremendous changes in the past 10 years. The industry has been successful in creating an extensive range of products in developing as well as developed regions. Post the economic recession of 2007, this industry has flourished steadily. Increasing awareness about environment and evolving consumer preferences are positively impacting this industry. As per the European Chemical Industry Council, the demand for chemicals in Europe is anticipated to increase. Increasing investments in the chemical business is likely to keep the factories. Furthermore, the demand for chemicals is fueling owing to the increase in consumer spending. Jobs in this sector are increasing at a rapid rate, which in turn, is expected to create growth opportunities. All the aforementioned factors are expected to drive the market in the forthcoming years.
The report on the medium-density fiberboard market features:
- Comprehensive study of the market
- Essential facts about prominent players
- Main regions in the market
- Key drivers and trends
- Significant development
- COVID impact
Market Driver:
Heavy Demand for MDF in Furniture Manufacturing to Propel Growth
The shift from plywood to MDF for the manufacturing of tables, sofas, beds, and library shelves will have an excellent impact on the global market. The cost-effectiveness of MDF compared to plywood along with its sturdy structure will spur opportunities for the market, in turn, boosting the growth of the market. The superior properties of MDF make it an excellent alternative to plywood, thus enabling speedy expansion of the market. The growing utilization of MDF in commercial spaces is expected to bolster the healthy growth of the market. The increasing renovation and revamp of offices will bode well for the market in the near future.
Disrupted Supply Chain to Impede Business Amid Coronavirus
The timber industry has witnessed a massive drop in revenue owing to the imposition of lockdowns and restrictions to curb coronavirus spread. The disrupted supply of wood and consequent products like wood fibers will further aggravate the growth of the market. However, the work from culture has resulted in enormous spending on furniture such as tables, chairs, stands, and dining counters. Besides, the rising inclination towards mesmeric aesthetics for home furniture among consumers will enable speedy expansion of the market in the forthcoming years.
Browse Complete Summary of research Report: https://www.fortunebusinessinsights.com/medium-density-fiberboard-market-104027
List of the Leading Companies Profiled in the Global Medium-Density Fiberboard Market:
- Arauco (Chile)
- Kaindl KG (Austria)
- Wayerhaeuser (U.S.)
- Unilin (Belgium)
- Uniboard (Canada)
- Daiken Corporation (Japan)
- VRG Dongwha (Vietnam)
- Roseburg Forest Products (U.S.)
- Fantoni Spa (Italy)
- Greenpanel (India)
- Rushil Décor (India)
- Swiss Krono Group (Switzerland)
- Centuryply (India)
- West Fraser Timber Co. Ltd. (Canada)
- Dynea (Norway)
- Duratex (Brazil)
- Other Key Players
Regional Analysis:
Significant Demand for Furniture to Stimulate Market in Asia Pacific
The market in Asia Pacific stood at USD 23,069.4 million in 2019. The growth in the region is attributed to the significant demand for medium-density fiberboard for construction & flooring applications. The market is primarily driven by China, which currently holds about 90% share on the volume basis in the regional market. The market in China is projected to grow at a CAGR of over 6% during the forecast period. The growing utilization of MDF in India and Southeast Asia for the production of furniture cabinetry and aesthetically designed interiors for the residential sector will contribute positively to the market in the region. The market in North America is expected to hold the largest share during the forecast period owing to the increasing spending of people on mesmeric visual impressions in the interiors of the houses and offices.