MENA Wood Based Panel Market Trends, Revenue, Share, Demand, Challenges, Opportunities, Key Players and Competitive Analysis 2023-2033

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MENA Wood Based Panel Market Trends, Revenue, Share, Demand, Challenges, Opportunities, Key Players and Competitive Analysis 2023-2033: SPER Market Research



 Published: Jan-2024
 Author: SPER Analyst


Middle East and Africa Wood Based Panel Market is projected to be worth USD 6.07 billion by 2033 and is anticipated to surge at a CAGR of 4.06%.  

The term "wood-based panel" is often used to describe a variety of board products with good engineering diversity. Certain panel types are relatively new to the market, whereas others were created and effectively released over a century ago. Panel types may always be able to be improved upon, though, as they have a lengthy history of ongoing optimization that is far from being completed. Wood-based panels and their manufacturing processes are continuously improved by technological advancements on the one hand, new market and regulatory requirements on the other, and a constantly shifting raw material situation.
 
Middle East and Africa Wood Based Panel Market Driving Factors and Challenges
It is anticipated that an increase in consumer expenditure on wood-based panels for furniture and home refurbishment will increase demand for wood-based panels in both commercial and residential structures. Additional factors propelling the market's expansion include improvements and a rise in building renovation activities involving the use of wood-based panels for improved aesthetics. Furthermore, the market's expansion has been facilitated by the rising development of stately homes, resorts, and public buildings with ornate wood paneling. Wood-based panels are becoming more and more common in residential construction due to their superior performance, affordability, and versatility in terms of design, construction, and renovation. With speedier construction, higher fiber utilization, reduced waste, and increased quality control, wood-frame building has significantly improved.

The cost of producing goods made from wood-based panels will fluctuate depending on the price of raw materials. Manufacturers' revenue is subject to fluctuations in production costs. Wood pulp is harvested from trees; however, because of the increased demand for it in various areas, import and export of wood pulp are limited to the designated amount. The variability in quality and cost of the raw material is a significant challenge for manufacturers engaged in wood-based production. A manufacturer in the market may be seriously jeopardized by highly variable raw material costs and poor price control. As a result of the raw material price fluctuations, manufacturers are now able to fix the cost of the product, which causes a loss for them.
  

Impact of COVID-19 on Middle East and Africa Wood Based Panel Market 
In 2020–2021, COVID-19 caused job closures, supply chain disruptions, and transportation limitations, which had an impact on a number of manufacturing businesses. Because of the lockdown, the market has seen a decline in sales over the previous few years as a result of retail establishment closures and access limitations. Nonetheless, a greater number of people working from home and more discretionary income are credited with the market's post-pandemic expansion. The need for furnishings has grown as a result of this. In order to recover from COVID-19, the major market players are implementing a number of strategic moves. To enhance their products, the players are engaged in a variety of R&D projects. They are growing into new areas and investigating various retail methods in order to increase their market share.

Middle East and Africa Wood Based Panel Market Key Players
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as major key players are EGGER, Starbank Panel Products Ltd, Dongwha Group, ARAUCO, Sonae Industria, EVERGREEN FIBREBOARD BERHAD, Weyerhaeuser Company, Timber Products Company and various others.


Middle East and Africa Wood Based Panel Market Segmentation:

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


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