Plywood Market

The global plywood market is expected to continue an upward consumption trend over the next eight-year period, with a forecasted CAGR of +1.4% in volume and +3.2% in value from 2022 to 2030. In 2022, approx. 111M cubic meters of plywood were consumed worldwide, with the largest consumer being China. The global plywood market saw a decline in both consumption and production in 2022, while there was a decrease in plywood imports and exports. China, the United States, and Japan were among the top importers of plywood, while China, Indonesia, and Vietnam were the key exporters. The average plywood import price stood at $556 per cubic meter in 2022, with noticeable variations among importing countries. Vietnam emerged as the fastest-growing exporter with a CAGR of +25.6% from 2012 to 2022. Overall, the global plywood market is facing fluctuations in consumption, production, imports, and exports, with varying trends across different countries.

Market Forecast

Driven by increasing demand for plywood worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 124M cubic meters by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market value to $73.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Plywood

In 2022, approx. 111M cubic meters of plywood were consumed worldwide; reducing by -1.5% compared with the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak volume of 116M cubic meters. From 2014 to 2022, the growth of the global consumption failed to regain momentum.

The global plywood market value declined slightly to $57.5B in 2022, which is down by -4.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a slight decline. Over the period under review, the global market hit record highs at $69.9B in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The country with the largest volume of plywood consumption was China (45M cubic meters), comprising approx. 40% of total volume. Moreover, plywood consumption in China exceeded the figures recorded by the second-largest consumer, the United States (14M cubic meters), threefold. The third position in this ranking was held by India (12M cubic meters), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to -2.8%. In the other countries, the average annual rates were as follows: the United States (+2.2% per year) and India (+9.5% per year).

In value terms, China ($21.7B) led the market, alone. The second position in the ranking was held by the United States ($8.2B). It was followed by India.

In China, the plywood market shrank by an average annual rate of -4.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+1.4% per year) and India (+6.1% per year).

The countries with the highest levels of plywood per capita consumption in 2022 were Canada (44 cubic meters per 1000 persons), the United States (43 cubic meters per 1000 persons) and Japan (34 cubic meters per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Pakistan (with a CAGR of +26.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Plywood

In 2022, production of plywood decreased by -3.8% to 111M cubic meters for the first time since 2018, thus ending a three-year rising trend. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 6.4%. As a result, production attained the peak volume of 118M cubic meters. From 2014 to 2022, global production growth remained at a somewhat lower figure.

In value terms, plywood production fell to $55.4B in 2022 estimated in export price. Over the period under review, production recorded a noticeable downturn. The pace of growth appeared the most rapid in 2021 with an increase of 22%. Over the period under review, global production reached the maximum level at $77B in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Production By Country

The country with the largest volume of plywood production was China (54M cubic meters), accounting for 49% of total volume. Moreover, plywood production in China exceeded the figures recorded by the second-largest producer, India (12M cubic meters), fivefold. The United States (9.3M cubic meters) ranked third in terms of total production with an 8.3% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to -2.2%. In the other countries, the average annual rates were as follows: India (+9.7% per year) and the United States (-0.3% per year).

Imports

World Imports of Plywood

In 2022, after two years of growth, there was decline in supplies from abroad of plywood, when their volume decreased by -4% to 32M cubic meters. The total import volume increased at an average annual rate of +4.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 21%. As a result, imports reached the peak of 33M cubic meters, and then fell modestly in the following year.

In value terms, plywood imports declined to $17.7B in 2022. The total import value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 39% against the previous year. As a result, imports attained the peak of $18.9B, and then shrank in the following year.

Imports By Country

In 2022, the United States (5.8M cubic meters), distantly followed by Belgium (2.5M cubic meters), France (2M cubic meters) and the Netherlands (1.8M cubic meters) were the main importers of plywood, together comprising 38% of total imports. Japan (1,332K cubic meters), South Korea (1,263K cubic meters), Germany (1,141K cubic meters), the UK (1,110K cubic meters), Thailand (994K cubic meters), Canada (743K cubic meters), Mexico (732K cubic meters), the United Arab Emirates (698K cubic meters) and Poland (690K cubic meters) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to plywood imports into the United States stood at +7.7%. At the same time, Belgium (+21.5%), Thailand (+17.4%), France (+17.1%), the Netherlands (+14.9%), Poland (+13.3%), Canada (+3.1%), Mexico (+2.7%) and the United Arab Emirates (+2.6%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing importer imported in the world, with a CAGR of +21.5% from 2012-2022. South Korea and the UK experienced a relatively flat trend pattern. By contrast, Germany (-1.1%) and Japan (-7.6%) illustrated a downward trend over the same period. While the share of Belgium (+6.2 p.p.), the United States (+5.1 p.p.), France (+4.3 p.p.), the Netherlands (+3.5 p.p.) and Thailand (+2.2 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of the UK (-1.6 p.p.), South Korea (-1.6 p.p.), Germany (-2.5 p.p.) and Japan (-9.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($3.8B) constitutes the largest market for imported plywood worldwide, comprising 22% of global imports. The second position in the ranking was held by Japan ($1.5B), with an 8.7% share of global imports. It was followed by Germany, with a 5.5% share.

In the United States, plywood imports increased at an average annual rate of +7.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-3.4% per year) and Germany (+1.7% per year).

Import Prices By Country

The average plywood import price stood at $556 per cubic meter in 2022, reducing by -2.5% against the previous year. Over the period under review, the import price recorded a mild setback. The pace of growth appeared the most rapid in 2021 when the average import price increased by 15% against the previous year. Global import price peaked at $643 per cubic meter in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($1,150 per cubic meter), while Belgium ($183 per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+4.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Plywood

In 2022, overseas shipments of plywood decreased by -11% to 32M cubic meters for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 18% against the previous year. As a result, the exports attained the peak of 36M cubic meters, and then shrank in the following year.

In value terms, plywood exports declined to $17.6B in 2022. The total export value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 41% against the previous year. As a result, the exports reached the peak of $20.7B, and then dropped in the following year.

Exports By Country

In 2022, China (9.8M cubic meters) represented the key exporter of plywood, generating 31% of total exports. Indonesia (4.6M cubic meters) held the second position in the ranking, distantly followed by Brazil (2.3M cubic meters), Vietnam (1.9M cubic meters) and Russia (1.7M cubic meters). All these countries together took approx. 33% share of total exports. Malaysia (1,143K cubic meters), Belgium (1,097K cubic meters), Chile (980K cubic meters), Spain (949K cubic meters), the United States (706K cubic meters), Finland (645K cubic meters), Canada (633K cubic meters) and Poland (620K cubic meters) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +1.7% from 2012 to 2022. At the same time, Vietnam (+25.6%), Spain (+18.1%), Belgium (+14.8%), Poland (+12.9%), Canada (+9.0%), Brazil (+8.4%), Chile (+5.8%) and Indonesia (+3.4%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +25.6% from 2012-2022. Russia, the United States and Finland experienced a relatively flat trend pattern. By contrast, Malaysia (-2.9%) illustrated a downward trend over the same period. While the share of Vietnam (+5.2 p.p.), Brazil (+2.6 p.p.), Belgium (+2.2 p.p.) and Spain (+2.2 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Russia (-1.8 p.p.), Malaysia (-3.4 p.p.) and China (-6.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($4.5B), Indonesia ($2.4B) and Vietnam ($1.4B) constituted the countries with the highest levels of exports in 2022, with a combined 47% share of global exports.

Among the main exporting countries, Vietnam, with a CAGR of +28.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average plywood export price amounted to $552 per cubic meter, declining by -4.4% against the previous year. In general, the export price recorded a slight decline. The pace of growth appeared the most rapid in 2021 an increase of 19% against the previous year. Over the period under review, the average export prices hit record highs at $659 per cubic meter in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Finland ($810 per cubic meter), while Belgium ($315 per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+2.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform