Veneer Sheets Market

The global market for veneer sheets is expected to experience positive growth in both consumption and production volumes over the next eight years, with consumption volumes forecasted to reach 26M cubic meters by 2030. The market value is also expected to increase to $40B by the same year. While there have been fluctuations in consumption and production volumes over the years, certain countries such as China, Vietnam, and Indonesia have emerged as key players in the market. The export and import prices have shown a declining trend in recent years, with notable differences in prices across different products and countries. Overall, the global market for veneer sheets is expected to see steady growth in the immediate future.

Market Forecast

Driven by increasing demand for veneer sheets 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 +3.9% for the period from 2022 to 2030, which is projected to bring the market volume to 26M cubic meters by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market value to $40B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Veneer Sheets

After four years of growth, consumption of veneer sheets decreased by -9.1% to 19M cubic meters in 2022. The total consumption volume increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak volume of 21M cubic meters, and then reduced in the following year.

The global veneer sheets market revenue dropped to $26.3B in 2022, shrinking by -14.7% 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). Over the period under review, the total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +54.0% against 2017 indices. As a result, consumption reached the peak level of $30.8B, and then declined in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (4.2M cubic meters), Vietnam (2.3M cubic meters) and Indonesia (1.4M cubic meters), together accounting for 42% of global consumption.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +21.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest veneer sheets markets worldwide were the United States ($5.5B), China ($5.4B) and Vietnam ($3B), together accounting for 52% of the global market.

Among the main consuming countries, Vietnam, with a CAGR of +21.8%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of veneer sheets per capita consumption was registered in New Zealand (57 cubic meters per 1000 persons), followed by Vietnam (23 cubic meters per 1000 persons), Malaysia (15 cubic meters per 1000 persons) and Spain (12 cubic meters per 1000 persons), while the world average per capita consumption of veneer sheets was estimated at 2.4 cubic meters per 1000 persons.

From 2012 to 2022, the average annual growth rate of the veneer sheets per capita consumption in New Zealand stood at -6.6%. In the other countries, the average annual rates were as follows: Vietnam (+20.4% per year) and Malaysia (+3.2% per year).

Production

World Production of Veneer Sheets

In 2022, global veneer sheets production fell to 18M cubic meters, waning by -9.3% against the year before. The total output volume increased at an average annual rate of +2.6% 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 when the production volume increased by 28% against the previous year. As a result, production attained the peak volume of 20M cubic meters, and then dropped in the following year.

In value terms, veneer sheets production shrank sharply to $26.2B in 2022 estimated in export price. Over the period under review, the total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +39.4% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 68%. As a result, production attained the peak level of $31.6B, and then contracted dramatically in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (2.9M cubic meters), Vietnam (2.3M cubic meters) and Russia (1.6M cubic meters), with a combined 37% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Vietnam (with a CAGR of +20.9%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Veneer Sheets

Global veneer sheets imports rose markedly to 7.9M cubic meters in 2022, picking up by 6.9% compared with the year before. Overall, imports saw a remarkable increase. The pace of growth was the most pronounced in 2020 with an increase of 52%. Over the period under review, global imports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, veneer sheets imports expanded significantly to $5B in 2022. In general, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +43.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 30% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

China (1.9M cubic meters) and Spain (1.3M cubic meters) were the main importers of veneer sheets in 2022, recording approx. 24% and 17% of total imports, respectively. India (422K cubic meters) took a 5.3% share (based on physical terms) of total imports, which put it in second place, followed by France (5%). The following importers - Nigeria (281K cubic meters), Malaysia (242K cubic meters), Italy (240K cubic meters), Taiwan (Chinese) (201K cubic meters), Mexico (197K cubic meters), South Korea (175K cubic meters), Latvia (140K cubic meters), Belgium (136K cubic meters) and Poland (127K cubic meters) - together made up 22% of total imports.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +59.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest veneer sheets importing markets worldwide were China ($530M), India ($271M) and Italy ($255M), with a combined 21% share of global imports. Spain, France, Poland, Malaysia, Nigeria, South Korea, Taiwan (Chinese), Belgium, Mexico and Latvia lagged somewhat behind, together accounting for a further 23%.

Nigeria, with a CAGR of +50.1%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (4.6M cubic meters) represented the major type of veneer sheets, constituting 59% of total imports. Wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (1.7M cubic meters) ranks second in terms of the total imports with a 22% share, followed by wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (18%).

Imports of wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm increased at an average annual rate of +10.4% from 2012 to 2022. At the same time, wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (+15.1%) and wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (+6.4%) displayed positive paces of growth. Moreover, wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm emerged as the fastest-growing type imported in the world, with a CAGR of +15.1% from 2012-2022. From 2012 to 2022, the share of wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm and wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm increased by +7.1 and +4.3 percentage points, respectively.

In value terms, wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($3.2B) constitutes the largest type of veneer sheets imported worldwide, comprising 64% of global imports. The second position in the ranking was held by wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($911M), with an 18% share of global imports. It was followed by wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm, with a 17% share.

From 2012 to 2022, the average annual growth rate of the value of wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm imports totaled +5.4%. For the other products, the average annual rates were as follows: wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (+6.5% per year) and wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (+5.4% per year).

Import Prices By Type

The average veneer sheets import price stood at $636 per cubic meter in 2022, rising by 3.1% against the previous year. In general, the import price, however, showed a perceptible decline. The pace of growth was the most pronounced in 2021 when the average import price increased by 31% against the previous year. Global import price peaked at $935 per cubic meter in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major imported products. In 2022, major imported products recorded the following prices: in wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($690 per cubic meter) and wood, tropical; dark red meranti, light red meranti, meranti bakau, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($667 per cubic meter), while the price for wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($493 per cubic meter) and wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($630 per cubic meter) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by wood, tropical; dark red meranti, light red meranti, meranti bakau, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (+2.9%), while the other products experienced a decline in the import price figures.

Import Prices By Country

The average veneer sheets import price stood at $636 per cubic meter in 2022, surging by 3.1% against the previous year. Overall, the import price, however, showed a pronounced decrease. The pace of growth appeared the most rapid in 2021 when the average import price increased by 31%. Global import price peaked at $935 per cubic meter in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Poland ($1,113 per cubic meter), while Spain ($148 per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (+9.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Veneer Sheets

In 2022, approx. 6.8M cubic meters of veneer sheets were exported worldwide; increasing by 9.4% on the year before. Over the period under review, exports continue to indicate a buoyant increase. The growth pace was the most rapid in 2021 with an increase of 31% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, veneer sheets exports amounted to $5B in 2022. In general, total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +38.0% against 2018 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 33%. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Exports By Country

The shipments of the twelve major exporters of veneer sheets, namely Spain, Russia, Canada, China, France, Gabon, the Netherlands, Brazil, Denmark, Finland, Ukraine and Thailand, represented more than two-thirds of total export. Indonesia (141K cubic meters) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Denmark (with a CAGR of +69.0%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($671M), Canada ($448M) and Ukraine ($320M) were the countries with the highest levels of exports in 2022, together accounting for 29% of global exports. Gabon, Russia, Spain, Indonesia, France, Finland, Brazil, the Netherlands, Denmark and Thailand lagged somewhat behind, together comprising a further 20%.

Among the main exporting countries, Denmark, with a CAGR of +21.1%, recorded 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.

Exports By Type

In 2022, wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (3.8M cubic meters) was the key type of veneer sheets, generating 55% of total exports. It was distantly followed by wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (2.3M cubic meters) and wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (0.7M cubic meters), together making up a 44% share of total exports.

From 2012 to 2022, the biggest increases were recorded for wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (with a CAGR of +11.3%), while shipments for the other products experienced more modest paces of growth.

In value terms, wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($3.6B) remains the largest type of veneer sheets supplied worldwide, comprising 71% of global exports. The second position in the ranking was taken by wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($735M), with a 15% share of global exports. It was followed by wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of the value of wood; n.e.s. in heading no. 4408, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm exports amounted to +7.2%. With regard to the other exported products, the following average annual rates of growth were recorded: wood, tropical; (as in subheading note 1, chapter 44, customs tariff), n.e.s. in item no. 4408.31, sheets for veneer or plywood, other wood sawn length wise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (+6.5% per year) and wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (+4.3% per year).

Export Prices By Type

The average veneer sheets export price stood at $740 per cubic meter in 2022, falling by -4.3% against the previous year. In general, the export price saw a pronounced curtailment. The most prominent rate of growth was recorded in 2016 an increase of 6.3%. Over the period under review, the average export prices attained the maximum at $1,023 per cubic meter in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was wood, tropical; dark red meranti, light red meranti, meranti bakau, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($1,319 per cubic meter), while the average price for exports of wood; coniferous, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm ($318 per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by wood, tropical; dark red meranti, light red meranti, meranti bakau, sheets for veneer or plywood, other wood sawn lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, not thicker than 6mm (+8.1%), while the other products experienced a decline in the export price figures.

Export Prices By Country

In 2022, the average veneer sheets export price amounted to $740 per cubic meter, falling by -4.3% against the previous year. In general, the export price saw a perceptible reduction. The most prominent rate of growth was recorded in 2016 when the average export price increased by 6.3% against the previous year. The global export price peaked at $1,023 per cubic meter in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ukraine ($1,857 per cubic meter), while the Netherlands ($74 per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+4.6%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform