The North America blockboard market size is projected to reach USD 3.92 billion by the end of 2026. The presence of several large scale companies in the United States will contribute to the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “North America Blockboard Market Size, Share & Industry Analysis, By Type (Softwood Type and Hardwood Type), Application (Engineering & Construction, Furniture Industry, Interior Decoration, and Others), and Country Forecast, 2020 – 2026,”
The market was worth USD 3.31 billion in 2019 and will exhibit a CAGR of 2.5% during the forecast period, 2020-2026.
Covid-19 Pandemic has Created Uncertainties in Supply Chain and Disrupted Services of Several Manufacturers
The recent coronavirus outbreak has had a drastic impact on several industrial sectors across the world. The rapid spread of the virus has compelled several large scale countries to implement strict measures. Unfortunately, these measures have had a toll on several businesses; SMEs remain the worst hit business categories. The Covid-19 pandemic has disrupted the supply chain in North America, particularly in the United States, where the coronavirus count has skyrocketed in the past few months.
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Blockboards are prepared from core timber and are shaped as wooden panels that are used as furniture across the world. The high durability and strength of the material is what makes it a preferred choice for manufacturers across the world. The rising investments in the development of efficient products, accounting to the demand for durable furniture, will have a massive impact on the growth of the overall market in the foreseeable future. The presence of several large scale companies will provide impetus to market growth. The ease of availability of raw materials, coupled with their low costs, will lead to a wider product adoption across the world. The increasing investments in technological integration in the manufacturing of efficient products will have a huge impact on the growth of the overall blockboards market in the foreseeable future.
Increasing Number of Product Launches Will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product launches has made the highest impact on market growth. Accounting to the massive competition in the market, companies are more likely to adopt strategies that will help them establish a stronghold in the market as well as edge over their counterparts. There are numerous countries that are maximizing the use of technology and using it towards the development of modern concepts. Technological integration has yielded a few exceptional products in recent times. In June 2018, Starrforest Inc. announced the launch of a new laminating plank that is directed towards use in wood based laminated manufacturing. The increasing number of such innovative products introduced by large scale companies across the world will bode well for the growth of the overall market in the coming years.
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US to Hold the Largest Market Share; Availability of Raw Materials to Aid Growth
The report analyses the ongoing market trends across all countries in North America. Among all countries, the market in United States is projected to emerge dominant in the coming years. The market in the US will hold the largest market share, driven by the ease of availability of raw materials. The increasing use of sawn softwood and hardwood based products in the US will contribute to the growth of the regional market. The presence of several large scale manufacturers, coupled with the availability of skilled labor and workforce will also emerge in the growth of the market in the US. Recent advancements in industrial woods, driven by the increasing investments in product R&D, will have a huge impact on the growth of the market in this region. The increasing roundwood use and consumption in Canada will be a pivotal factor in the growth of the market in this region.
List of companies profiled in the report:
- Century Plyboards Ltd. (Kolkata, India)
- Shanghai Sindo Panel Co. Ltd. (Shanghai, China)
- Saveplac Plywood Srl (Mage llano, Italy)
- Sinewood Industries Co. Ltd. (Shandong, China)
- Solid Ply Pvt. Ltd. (Vishakhapatnam, India)
- HS Timber Group (Wien, Austria)
- SWL Tischlerplatten BETRIEBS-GmbH (Langenburg, Germany)
- Starrforest Inc. (Quebec, Canada)
- BUFFALO VENEER & PLYWOOD (Minnesota, United States)
- Martin’s Furniture LLC. (Ephrata, United States)
March 2020 – HS Timber Group GmbH announced that it has completed the acquisition ofInterfloat Group, a manufacturer of solar glass for photovoltaic systems. Through this acquisition the Austria based company will look to introduce their presence in the solar glass business and in gaining a sustainable energy source for the wood processing system.
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