Report: Wood-Based Panel Market To Exceed $35 Billion By 2023

by | Dec 14, 2016 | News

Wood based panel market size was valued over USD 16 billion in 2015 and is anticipated to grow at CAGR of over 13% and exceed USD 35 billion by 2023.

In 2014, China wood based panel market accounted for more than 50,000 products for manufacturing and trading enterprises, employing more than 10 million workforce and generating an output of USD 155 billion. The utilization by these enterprises exceeds 520 million and the value of exports was USD 75 billion in 2014. However, the sector suffers from a poor image due to quality scandals. In 2015, Italy has recorded gain of 7%, with an optimistic business climate for the third consecutive quarter.

China exported 5.8 million tons of wood based panels which cost around USD 5,813 million in 2014, growing at a CAGR of 15% over the previous year. China trades with the U.S., where it exports around 15% of its total panel, accounting for 55% of the U.S. total imports. One of the challenges that both the North American and European panel makers are facing is the increasing imports from China.

Increasing deforestation has lead towards the global warming which has boosted the demand growth for efficient and effective utilization of timber. This is expected to fuel the industry demand over the forecast period. In addition, technological innovation and advancement along with the mounting efficiency in manufacturing is likely to bolster the demand from 2016 to 2023.

Modernization in infrastructure and rapid industrialization in developing economies of Asia Pacific is likely to be a chief industry driver for the global wood based panel market over the next few years.

From SATPRNews.com: https://satprnews.com/2016/12/13/wood-based-panel-market-size-to-exceed-usd-35-billion-by-2023-global-market-insights-inc/

Kronospan Plans $362 Million Expansion In Alabama

by | Aug 3, 2016 | News

Kronospan Plans $362 Million Expansion In Alabama

Kronospan announced plans for a $362 million expansion of its operations in Oxford, Ala. The expansion will consist of four projects: two laminate flooring and decorative paper impregnation lines; a particleboard and thermally infused laminate line; an expansion of the KronoChem resin plant; and development of a furniture cluster. Kronospan plans to hire an additional 160 persons for its workforce. Startup for the expansion projects will roll out from late 2016 through 2018.

“We sincerely appreciate the State of Alabama, acting through the Dept. of Commerce, the city of Oxford and Calhoun County, for supporting our expansion project and making it a reality,” comments Tim Pack, CFO of Kronospan. Once the expansion project is completed, Kronospan will have invested $650 million and will employ more than 270 at its Oxford operations. Kronospan will utilize the services of the local Alabama Career Center to recruit for the expansion. Hiring will be undertaken in phases and include a job fair in the near future.

Kronospan is a leading manufacturer of wood-based panel products and related value-added products. The company is privately owned, with more than 40 manufacturing and distribution sites throughout the world.

In 2008, Kronospan started up operations at Oxford where it currently manufactures MDF, HDF and resins. Notwithstanding very difficult market conditions in the housing industry, Kronospan has maintained its level of employment at the Oxford facility since startup.

In December 2015, Kronospan made another significant investment in the United States when it acquired Clarion Industries in Shippenville, Pa. Clarion Industries produces MDF, HDF and laminate flooring. The Pennsylvania operations employ 320.

 

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