Global Particle Board Market Size, Share, Growth Analysis, By Application(Furniture, construction and others), By End-use(Commercial, residential and industrial) - Industry Forecast 2024-2031

Global Particle Board Market size was valued at USD 11.08 billion in 2021 and is poised to grow from USD 11.78 billion in 2022 to USD 19.2 billion by 2030, growing at a CAGR of 6.3% during the forecast period (2023-2030).

The global particle board market has experienced substantial growth in recent years and is poised for further expansion. Particle board, also known as chipboard, is a cost-effective engineered wood product widely used in various applications such as furniture, construction, packaging, and others. The market is primarily driven by the increasing demand for affordable and durable furniture solutions, particularly in residential and commercial sectors. Additionally, the growing construction industry and infrastructure development projects across emerging economies have fueled the demand for particle board as a construction material. The market has witnessed technological advancements and product innovations, resulting in improved strength, moisture resistance, and fire retardant properties of particle board, further enhancing its appeal. Furthermore, the shift towards sustainable and eco-friendly building materials has boosted the demand for particle board, as it is manufactured from recycled wood chips and residues. However, the market faces challenges such as volatile raw material prices and concerns over formaldehyde emissions from low-quality particle boards. Stringent regulations and standards regarding formaldehyde emission levels have prompted manufacturers to develop low-emission and environmentally friendly alternatives. Geographically, Asia Pacific dominates the global market due to the presence of a large consumer base, rapid urbanization, and extensive use of particle board in the furniture industry. North America and Europe also hold significant market shares owing to the growing demand for sustainable construction materials. Key players in the global particle board market who continually focus on product innovation, expansion strategies, and mergers and acquisitions to maintain their competitive edge in the market. Overall, the global market is expected to witness steady growth in the coming years, driven by increasing urbanization, infrastructure development, and the demand for cost-effective and sustainable building materials.