The global Wood Based Panel market is forecast to reach USD 259.54 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand, due to the properties offered by the product, such as durability and strength, along with a low-cost factor. The product is used in cladding, ceiling, roofing, furniture, and flooring applications. New players entering the market have focused on making unique and advanced products, which leads to increasing demand for the product.
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The report offers a comprehensive analysis of the competitive landscape along with profiles of the companies, their product portfolios, and lucrative business strategies undertaken by them to gain a robust footing in the global industry. It also discusses in detail the recent mergers and acquisitions, partnerships, collaborations, and product launches among others.
Further key findings from the report suggest:
The Offline Segment occupied 75.8% of the market share in 2019. This is because consumers like to physically examine the product before buying, to make sure it fits their requirements.
In terms of Application, Packaging is forecasted to grow at a CAGR of 6.7%. This is because the product offers high strength and impact resistance. This makes it ideal for packaging material, even in long-distance transportation. It is recyclable, which is leading to the replacement of non-recyclable materials, such as plastics, being replaced by Wood Based Panels.
Softboard is forecasted to grow at a CAGR of 7.0% in the forecast period. This is due to the properties it offers, such as prevention against cold and overheating. They also act as an acoustic barrier against noise transfer. These provide easy to install capabilities.
The Middle East and Africa occupied 4.9% of the market share in 2019. This is due to the increasing R&D activities by the players present in the region. There are constant innovations in the region to make the product to be cost-effective and high performing. The region has a relatively higher distribution cost than other regions, which can hamper the market demand.
China is the largest producer as well as consumer of Wood Based Panel. This is primarily due to the high population growth in the country, which leads to the growth of the construction industry. Also, due to a high amount of exports from the country, the product is used extensively in packaging applications.
Key participants include Georgia-Pacific, Kastamonu Entegre, Norbord Inc, EGGER Group, Starbank Panel Products Ltd., SGS Industrial Services, Dare Panel Group Co., Ltd., Kronospan Limited, Klenk Holz GmbH, and Robin Wood, among others.

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The market is further segmented on the basis of product types offered in the market and the application spectrum. On the basis of types, the segmentation covers:
Product Outlook (Revenue, USD Billion; 2017-2027)
Plywood
Hardboard
Softboard
Oriented Strand Board
Particleboard
High Density Fiberboard
Medium Density Fiberboard
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Offline Stores
Online Stores
Application Outlook (Revenue, USD Billion; 2017-2027)
Packaging
Construction
Furniture

The report is further segmented into key geographical regions along with their countries to impart a better understanding of the market. The report focuses on the economic growth, technological advancements, investment and funding, R&D activities, production and consumption ratio, current and emerging trends, and presence of key players in each region.
The regional analysis covers the following key regions of the world:
North America (U.S.A., Canada)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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