Medium Density Fiberboard Market To Hit Value .64 Billion By 2030 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on January 29th, 2024

San Francisco, 29 January 2024: The ReportMedium Density Fiberboard MarketSize, Share & Trends Analysis Report By Product (Standard MDF, Moisture Resistant MDF, Fire Resistant MDF), By Application (Furniture, Construction, Interior Decoration), By Region, And Segment Forecasts, 2023 - 2030

The global medium density fiberboard market size is expected to reach USD 67.64 billion by 2030 to expand at a CAGR of 6.9% from 2023 to 2030 according to a new report by Grand View Research, Inc. The demand for medium density fiberboard (MDF) is expected to increase in the forecast period on account of its rising consumption in construction, furniture, and building & construction industry. Medium density fiberboard panels are widely used in manufacturing furniture pieces for use in homes, hotels, and workplaces. The panels can be carved into attractive designs to provide an aesthetic appeal to the aforementioned spaces. These factors are likely to drive the product demand in furniture application in the forecast period.

The production of wood-based panels in recent years has been pushed by the advancements in production technology and adhesive formulations, accompanied by control techniques and online measuring. The need to improve product quality and minimize manufacturing costs has resulted in the aforementioned changes. Furthermore, the production of lightweight furniture & wood products and innovations in surfacing to apply new coating materials have emerged as the key trends in the industry. Efforts to reduce the side-effects of medium density fiberboard panels on the human and overall environment have brought up formaldehyde emissions to a safer side.

Growing population, rainfall uncertainty, and rapid industrialization across the globe are some of the major factors that have resulted in deforestation, which, in turn, has led to low availability of the raw materials. This has also contributed to an increase in raw material prices, thereby negatively impacting the cost of medium density fiberboard panels. Increasing product prices and high competition among the industry players are expected to hamper the profit margins of the market players over the forecast period. Factors such as unique manufacturing technologies adopted by these players, level of backward, and forward integration have resulted in variation in their product prices, thus affecting their value chain with different price structures.

Medium density fiberboard (MDF) is commercially known as MDF panels or MDF products. The market growth is attributed to the rising product consumption in the construction, furniture, and interior decoration sectors. Low product cost and the availability of several varieties of application-specific panels, are some of the factors that are likely to compel manufacturers to opt for these products in construction and furniture applications. The demand for MDF products is anticipated to increase due to their superior qualities, including their high strength and durability as well as resistance to moisture and fire, during the forecast years. Additionally, technical innovations and improvements in the production process have resulted in the manufacturing of these products with superior durability and extended lifespan. Superior adhesion techniques with low-emission formaldehyde-based resins have surged product innovations in the industry.

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The U.S. dominates North America's medium density fiberboard market, accounting for the highest revenue share in terms of consumption, owing to the increased penetration of the product in the residential sector, with an increasing number of single-family houses as well as the strengthening of residential replacement market across the country. Moreover, major companies in the U.S. are increasingly opting for smart wood packaging products to meet strict guidelines laid by government bodies regarding the safe storage of food products over a long duration, as well as to improve medical compliance rates.

Medium Density Fiberboard Market Report Highlights

• Furniture application accounted for the highest share of 60.4% in 2022. The rising demand for MDF products to manufacture residential and home furniture, ready-to-assemble (RTA) products, and furniture cabinetry is expected to positively impact the market growth over the forecast period. In addition, the growing population, increasing consumer disposable income, rapid urbanization, and changing consumer lifestyles are factors expected to influence the demand for furniture, thereby impacting the market on a positive note over the upcoming period.
• In the construction industry, the MDF panels are used for windows, doors, flooring, and siding applications. Rising construction activities in North America, Asia Pacific, and Europe region is anticipated to propel the demand for MDF panels. High demand for construction in Asia Pacific regions, including India and China on account of the growing population, is anticipated to support the market growth. Furthermore, rising trends for single family home constructions in North American countries coupled with ongoing large scale construction projects in the U.S. is likely to ascend the product demand till the forecast period.
• The market in Canada is expected to witness significant growth over the forecast period on account of growth in application industries. Construction activities in the country are anticipated to propel the demand MDF products for wall structures and interior decorations. Moreover, furniture industry in Canada has been a significant contributor to wood industry and is projected to continue this trend in the coming years. This is expected to boost the demand for MDF panels in the country.
• The market in Saudi Arabia is expected to grow with an increase in demand for real estate development and residential property. In addition, the government initiatives coupled with foreign investments have stimulated the growth of construction, furniture, and interior design across the country. The growth in these industries is likely to propel the demand in the forecast period.
• Innovators, market leaders, and emerging players characterize the competition in the global market. The market has witnessed extensive competition on account of increasing innovations and growing demand. A large number of manufacturers are engaged in the research & development activities to introduce sustainable materials.

MDF panels are used in a variety of production processes in the construction sector, including siding, flooring, window, and door panels. In the aforementioned applications, these panels could take the place of conventional building materials like cement, glass, plywood, and plastic. The demand for MDF panels is therefore expected to increase throughout the forecast period along with the expansion of the building industry.

Government initiatives to increase residential development, along with population growth and rising urbanization, are projected to fuel demand for wooden furniture. The demand for furniture is anticipated to increase as a result of remodeling and renovation projects brought on by improving living standards. The development of office spaces and corporate buildings in emerging nations has impacted the demand for wood furniture as a result of the expansion of the service sector.

Medium Density Fiberboard Market Report Scope

Standard medium density fiberboard led the market and accounted for the largest revenue share of 80.2% in 2022. Standard MDF products have a range of applications in the construction and furniture industries. Rising demand for these products for use in furniture, floor, and cabinet manufacturing is expected to drive market growth during the forecast period. Recovery of the construction industry in Europe, coupled with rapid growth in the residential and commercial building & construction sectors in Asia Pacific, is expected to positively impact the market in the coming years.

List of Key Players of Medium Density Fiberboard Market

• Dongwha Malaysia Holdings Sdn. Bhd.
• Kronospan Limited
• Dare Panel Group Co., Ltd.
• EGGER Group
• Norbord Inc.
• Kastamonu Entegre
• Georgia-Pacific
• ARAUCO
• West Fraser Timber Co. Ltd.
• Nag Hamady Fiber Board Co