Middle East and Africa Plywood Market Size Set to Grow at Steady CAGR of 6.58% During 2023–2029, Touching USD 4.23 Billion by 2029

Published | 28 November 2023

Middle East and Africa plywood market is flourishing due to rapid urbanization, construction activities, the demand for sustainable building materials, infrastructural development, population growth, and a rising focus on eco-friendly practices.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa plywood market size at USD 2.71 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Middle East and Africa plywood market size to grow at a significant CAGR of 6.58% reaching a value of USD 4.23 billion by 2029. Middle East and Africa plywood market's driving factors include rapid urbanization and construction projects, leading to increased demand for plywood in the region. Also, a growing population, rising disposable incomes, and a surge in the furniture manufacturing sector are fueling the market's expansion. Infrastructure development, particularly in the Middle East, and the need for plywood in various applications, such as interior decor, packaging, and the automotive sector are contributing to market growth. Further, environmental regulations and sustainable construction practices are encouraging the use of plywood, driven by its eco-friendly properties, which is also propelling market growth.

Plywood - Overview

Plywood is a versatile engineered wood product commonly used in the building and construction sector and furniture making. It is made by layering thin sheets of wood, known as veneers, with their grains oriented at right angles to one another and bonding them with adhesive. This cross-grain construction enhances plywood's strength, stability, and resistance to warping. Plywood comes in various grades and thicknesses, making it suitable for a wide range of applications, from sheathing in buildings to crafting cabinets and decorative panels. It is known for its cost-effectiveness, durability, and ability to withstand moisture, making it a popular choice for diverse woodworking and structural projects.

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Impact of COVID-19 on Middle East and Africa Plywood Market

Middle East and Africa plywood market experienced significant disruptions due to the COVID-19 pandemic. Lockdowns and restrictions on construction activities led to supply chain interruptions and decreased demand, affecting plywood production and distribution. The uncertainty surrounding the virus's spread and economic impacts also hindered investments and expansion plans. However, as the region gradually adapted to new safety protocols, the market showed resilience, with an increased focus on sustainable and durable construction materials. In the long term, the pandemic may accelerate the adoption of modern construction practices and technologies, influencing the plywood market's evolution in the Middle East and Africa. 

Middle East and Africa Plywood Market – By Type

Based on type, Middle East and Africa plywood market is divided into Softwood Plywood, Hardwood Plywood, Tropical Plywood, Aircraft Plywood, and Decorative Plywood segments. Softwood plywood segment is the largest segment in the Middle East and Africa plywood market by type, which is widely used for construction and structural applications due to its affordability and versatility. This category of plywood is popular for its strength and ease of availability, making it a primary choice for a wide range of building projects in the region. While other segments such as Hardwood Plywood, Tropical Plywood, Aircraft Plywood, and Decorative Plywood also play significant roles in specialized applications, Softwood Plywood remains the dominant segment due to its broad utility in the construction industry.

Competitive Landscape

Middle East and Africa Plywood Market is fiercely competitive. Major companies in the market include Danube Group, United Timber Works, Al Sorayai Group, Al-Kayan Decor Company, Safari Group, Panel World, Swiss Krono Group, Weyerhaeuser, UPM Plywood, and Uniply Industries Ltd. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Middle East and Africa plywood market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Middle East and Africa Plywood Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Middle East and Africa Plywood Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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