MENA Wood Based Panel Market Share 2023- Industry Trends, Revenue, Growth Drivers, Business Challenges, Opportunities and Future Competition till 2033: SPER Market Research
Because of their affordability and adaptability, wood-based panels, such as plywood, particleboard, and medium-density fiberboard (MDF), are frequently utilized for a variety of purposes. The wood fibers, chips, or veneers used to make these panels are fused together with adhesives under pressure and heat. Wood-based panels are widely used in furniture production, interior design, and both commercial and residential construction projects. The Middle East and Africa region has a consistent need for wood-based panels due to many factors like infrastructure development, urbanization, population increase, and a growing emphasis on environmentally friendly and sustainable building materials.
According to SPER market research, ‘Middle East and Africa Wood Based Panel Market Size – By Product , By Thickness , By Distribution Channel , By Application , By End-User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the MEA Wood Based Panel Market is predicted to reach USD 6.07 billion by 2033 with CAGR of 4.6%.
The demand for building and real estate projects is developing throughout the world due to disruptive megatrends and macroeconomic factors such growing urbanization, trade expansion, rising income levels among the population, technology, and sustainable surroundings. The construction of larger and more intricate structures is becoming more competitive for the wood products industry because to new technological advancements in EWPs and connections. Globally, the construction sector has grown to be a strong and productive manufacturing one. As a result, numerous initiatives have been launched to build sustainable, socially inclusive communities, since infrastructure development is the primary factor influencing any nation’s economic success.
The extreme unpredictability of raw materials presents numerous obstacles for producers of wood products. The increasing cost of materials is a result of the effects that each industrial processing step has on material utilization and cost efficiency. The most frequent problem faced by companies that produce wood goods is turning a profit while using high-cost, variable raw materials in a low-cost manufacturing process. Lack of some elements, such high product costs and high transportation costs, has made the supply chain ecology more unstable. Costs of raw materials that fluctuate a lot and poor price control might put a firm in serious jeopardy in the marketplace. The producers now have the ability to fix the cost of the product due to the fluctuation in raw material prices, which causes a loss for the makers.
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Impact of COVID-19 on Middle East and Africa Wood Based Panel Market
Like many other industries, the wood-based panel business experienced supply chain interruptions as a result of labour shortages, mobility restrictions, and lockdowns. Throughout the pandemic, the construction industry—a significant user of wood-based panels—saw slowdowns and project delays, which had an impact on the market for these goods. The demand for wood-based panels differed according to the use. Certain industries saw a fall in demand (like commercial construction), but other industries saw growth (like DIY projects and home improvements). To recuperate from the COVID-19 pandemic, the principal industry participants are executing several tactical initiatives. The players are working on several R&D projects to improve their products. To gain a larger portion of the market, they are expanding into new regions and researching other retail strategies.
Middle East and Africa Wood Based Panel Market Key Players
The building and furnishings industries are expanding significantly in the Middle East. Because of their expanding populations, rising rates of urbanization, and ongoing infrastructure projects, nations like South Africa, Nigeria, Kenya, and Ghana present favorable market prospects. Additionally, some of the market key players are EGGER, Starbank Panel Products Ltd, Dongwha Group, ARAUCO, Sonae Industria, Others.
MENA Wood Based Panel Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Product: Based on the Product, Middle East and Africa Wood Based Panel Market is segmented as; Plywood, Fiberboard, Oriented Strand Board, Cement-Bonded Particleboard, Lumber Panels, T-Beam Panels, Stress-Skin Panels, and Others.
By Thickness: Based on the Thickness, Middle East and Africa Wood Based Panel Market is segmented as; 9 MM, 10 MM, 18 MM, 20 MM, 40 MM, 50 MM, and Others.
By Distribution Channel: Based on the Distribution Channel, Middle East and Africa Wood Based Panel Market is segmented as; B2B, OEMS, Specialty Stores, E-Commerce, and Others.
By Application: Based on the Application, Middle East and Africa Wood Based Panel Market is segmented as; Outdoor Door, Window Trim, Ceiling Wall, Mantel, Floor, and Others.
By End-User: Based on the End-User, Middle East and Africa Wood Based Panel Market is segmented as; Residential Building, Commercial Building, Hotels, Vila, Hospitals, School, Malls, and Others.
By Region: This research also includes data for Egypt, Israel, Saudi Arabia, South Africa, U.A.E., Rest of Middle East and Africa.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report
For More Information, refer to below link:-
MENA Wood Based Panel Market Future Outlook
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