The global medium-density fiberboard market size was USD 38.25 billion in 2020. The market 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.
According to our researchers, medium-density fiberboards are generally thicker than plywood, along with being noticeably cost-effective. These influences make it an outstanding substitute material for utilization where humidity resistance and large effect resistance are not compulsory features. For example, Medium-Density Fiberboard (MDF) is chiefly applied in the structuring of furniture cabinetry and wood floor boards and surfaces.
COVID-19 Pandemic Expressively Interrupted Supply Chain of MDF
The complete wood industry has been troubled by the spread of COVID-19 virus. Countless prime wood producing nations had declared lockdowns since the first half of 2020, which has impacted the supply of wood and resultant sub-products such as wood fibers.
In addition, several businesses functioning in the worldwide medium-density fiberboard sector also confronted constraints in their production happenings, which has further created commotion in the whole supply chain of this market.
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Report Coverage
The report offers a general study of the market along with current trends and impending estimations to establish approximate investment gains. An extensive assessment of any forthcoming prospects, jeopardies, competitions or navigating aspects is also revealed in the report. Step by step, methodical regional review is also presented.
The COVID-19 impacts have been added to the report to assist stakeholders and commercial experts to comprehend the risks better. The chief players in the market are recognized, and their tactics to sspur the market growth are shared in the report.
Segmentation
By application, this market is classified into furniture, construction & flooring, interior designing, packaging, and others. Currently, furniture holds the leading share among other applications. Owing to its cost-effective characteristics, MDF is promptly substituting plywood in the manufacture of furniture.
On the basis of type, the global market is segregated into standard, moisture resistant, and fire-rated.
In terms of geography, the global market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints
Changing Demand from Plywood to MDF to Stimulate Market Growth
As both MDF and plywood have comparable characteristics, both of them have been principally employed in the manufacturing of furniture items such as tables, beds, sofas, as well as library shelves. MDF is substantially lower in terms of price in comparison with plywood, while having absence of particle grain and lumps in its structure.
On account of these characteristics, this fibreboard ascertains to be an outstanding alternative to plywood for application in areas wherein moisture and impact resistance are not the chief necessities. Therefore, this is expected to bolster the medium-density fiberboard market growth during the forecast period.
Regional Insights
Asia Pacific to Lead Market due to Increasing Presence of Manufactures
Asia Pacific held the maximum medium-density fiberboard market share and was worth USD 22.29 billion in 2019.
In Asia Pacific, the market is steered by the leading country, China, which presently owns about 90% share on the volume foundation in the regional market.
North America has witnessed massive growth in the former year, therefore, it is a crucial region for product manufacturers. The market in North America is estimated to be directed by the surging expenditure of people on prominent attractive visual imitations in centers of the houses and workplaces.
Competitive Landscape
Collaborations and Boosted Distribution Networks Are Key Tactics of Principal Companies
Product invention & collaborations with suppliers to advance the sales network are vital tactics applied by prime companies to sustain their position in the market.
Arauco is one of the most important corporations functioning in the market. The company is recognized for producing progressive wood composite boards utilizing an automatic manufacturing stage.
Source- https://www.fortunebusinessinsights.com/medium-density-fiberboard-market-104027
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