MDF
Is Gaining Traction as Demand for Furniture in The Residential Sector Increases
The global construction sector is
driving the medium-density fiberboard (MDF) industry. The construction
industry's output volume is estimated to rise by 85% by 2030. China, United
States and India are estimated to account for almost 57% of the construction
industry's expected growth. In the United States, the construction sector is
recovering from the recession and seeing a robust growth in new construction
projects. Growth in the residential and industrial sectors is driving up
demand for medium-density fiberboard (MDF) in the United States. The expansion
in single-family residences in recent years has contributed to the residential
sector's growth. The renovation and repair work being done in existing
structures to fulfil the region's green building regulations are likely to
boost the MDF sector even more. Domestic house furniture accounts for 65% of
the global furniture market, with office furniture accounting for 15% and
hotels and others accounting for 15% and 5%, respectively. India is the world's
fifth-largest manufacturer and fourth-largest consumer of furniture. According
to the National Investment Promotion and Facilitation Agency, the Indian
furniture market was worth US$ 17.4 Bn in financial year 21. It is expected to
reach US$ 37.7 Bn by 2026. Germany has the largest furniture market in the
European Union. As reported by the Association of the German Furniture Industry
(VDM), the 449 companies of this size would have an achieved turnover of
US$ 22.2 Bn in 2022. This was a nearly 7 percent rise over the previous year.
Furthermore, the shift away from corporate workplaces has resulted in a demand
for more efficient and flexible home furnishings. Work from home is focused on
home decor, boosting the furniture sector and therefore growing the MDF
market in the forecast period, whether it is an office desk, ergonomic chair or
study table. During the forecast period, the residential and commercial
market expansion is expected to encourage the usage of MDF in furniture.
Sustainability in Construction and Interior
Design Will Drive Market Growth
Several governments throughout
the globe are working to improve the sustainability of the construction
industry, which has increased demand for wood products including plywood,
MDF and particle boards. For example, Japan's Ministry of Agriculture,
Forestry, and Fisheries (MAFF) has passed laws to encourage the use of wood
products in public building construction. In the near future, such initiatives
are projected to increase demand for these wood-based products. Since it is
produced from wood waste, it has become a preferred material among consumers to
support the green building trend. Furthermore, owing to the easy availability
of the major raw materials, wood and adhesives, the material is gaining
traction in developing countries in Asia and South America. The global usage
ratio of MDF to plywood is 80:20. However, since this type of fiberboard is
affordable than plywood and perform similarly, demand in these emerging
economies is expected to rise dramatically during the forecast period.
Increasing Adoption of MDF in Furniture
Increasing Demand of Moisture-Resistant Segment
MDF is widely used in the manufacture
of furniture and products including as shoe cabinets, photo
frames, door skins and display boards. Additionally, it is often used as a
subsurface for wooden flooring. These places are prone to humidity and water
spills, that can seriously damage the wood fibres used in conventional
fiberboards. Manufactures in the industry have introduced products with
moisture resistant qualities by applying a hydrophobic resin layer during the manufacturing
process to reduce this impact and such products are expected to gain
traction during the forecast period.
Formaldehyde
Emissions Limit Its Utilization, Which Hampers the Market
MDF production involves the use
of adhesives and resins containing formaldehyde as a constituent material.
Exposure to excessive amounts of formaldehyde has been associated to the development
of cancer in humans and hence the emission of formaldehyde from such
products has caused various regulations prohibiting the use of fiberboard with
excessive formaldehyde concentration. For example, the ANSI A208.2 regulation
provides a standard the formaldehyde emission limits from fiberboards.
Additionally, laws established by the California Air Resources Board (CARB) and
the United States Environmental Protection Agency (EPA) have set the maximum
limits of formaldehyde emission for MDF panels at 0.11 ppm. Such regulations
are likely to stymie the adoption of medium density fiberboards. To address the
impact of these regulations, manufacturers including as Arauco,
Roseburg and Uniboard have manufactured no-added formaldehyde and
ultra-low emitting formaldehyde products. Another factor that is anticipated to
limit market expansion is the availability of substitutes like eco-board and
wood-plastic composites.
Kronoplus invested
US$ 473.26 Mn in June 2022 to establish a new manufacturing plant for
wood-based panels in Tortosa with a targeted capacity of 720,000 m3/year on 25
hectares. This will enhance the company's presence in the medium density
fiberboard (MDF) industry.
Kastamonu, the leading
manufacturer in Russia's wood processing industry, unveiled new decors for its
Evogloss range of MDF boards in January 2022.
Duratex SA (DEXCO), EGGER Group, Arauco,
Daiken Corporation, Eucatex SpA, Masisa SA (Grupo Nueva Company), Kastamonu
Entegre, Fantoni SpA, Korosten MDF manufacture, Nelson Pine Industries Limited,
Kronoplus Limited, Roseburg, West Fraser, Sonae Indústria, Swiss Krono and
Weyerheause Company are some of the prominent market players operating in the
global medium density fiberboard (MDF) market.
China Provides
Enhanced Growth Opportunities to the Medium-Density Fiberboard (MDF) Industry
The Asia-Pacific region dominates
the global market, accounting for more than half of all revenue. Growing
construction activity in China, India and Japan is driving up demand for
MDF in the country. The rapid growth in utilization of medium-density
fiberboard (MDF) in China has been primarily driven by abundant developments in
the residential and commercial building sectors, which are aided by the
country's expanding economy. According to the Ministry of Industry and
Information Technology, total earnings of major Chinese furniture-making firms
were US$ 1.5 Bn in January-April 2022, increasing 2.9 percent year on year. The
'Pradhan Mantri Awas Yojana' of the Indian government is also a game changer
for the sector. By 2024, this program aims to have built more than 20 Mn
affordable homes for the urban poor. The Japanese construction sector is
expected to boom as the government is planning to host the World Expo in Osaka,
Japan in 2025. In addition, the Toranomon Azabudai District
Reconstruction Project, the Yaesu Reconstruction Project, and a 61-story,
390-meter-tall office skyscraper are due for completion in 2023 and 2027,
respectively. According to Business-Indonesia, Indonesian furniture manufacturers
are aiming for US$ 5 Bn in furniture and handicrafts exports by the end of
2024, up from US$ 2.9 Bn in 2022, providing a significant market for MDF
throughout the forecast period. Such factors are projected to raise demand in
the region's MDF market.
The report provides a detailed
overview of the medium density fiberboard (MDF) market insights in regions
including North America, Latin America, Europe, Asia-Pacific, Oceania, and the
Middle East and Africa. The country-specific assessment for medium density
fiberboard (MDF) market has been offered for all regional market share, along
with forecasts, market scope estimates, price point assessment, and impact
analysis of prominent countries and regions. Throughout this market research
report, Y-o-Y growth and CAGR estimates are also incorporated for every country
and region, to provide a detailed view of the medium density fiberboard (MDF)
market. These Y-o-Y projections on regional and country-level markets brighten
the political, economic and business environment outlook, which are anticipated
to have a substantial impact on the growth of the medium density fiberboard
(MDF) market. Some key country and region included in the medium density
fiberboard (MDF) market report as follows:
North America (U.S., Canada)
Latin America (Mexico, Argentina,
Brazil, Peru, Chile)
Europe (Germany, France, Italy, U.K.,
BENELUX, Nordics, Spain, Poland, Russia, CIS)
Asia Pacific (China, ASEAN, India,
Japan, South Korea)
Oceania (Australia, New Zealand)
Middle East and Africa (South
Africa, GCC Countries, Turkey, Israel, Iran)
The Medium Density Fiberboard (MDF) Market Research Report Covers In-depth Analysis on:
·
Medium density fiberboard (MDF) market segments
·
Medium density fiberboard (MDF) market dynamics
·
Medium density fiberboard (MDF) market value and
share analysis
·
Recent trends, restraints, opportunities in medium
density fiberboard (MDF) market
·
Companies & competition involved medium
density fiberboard (MDF) market
·
Latest technologies in medium density fiberboard
(MDF) market
·
Supply chain and value chain medium density
fiberboard (MDF) market
·
Medium density fiberboard (MDF) market sales and
distribution strategies
Medium Density Fiberboard (MDF) Market
Growth Highlights:
·
A comprehensive overview of parent market
·
Market dynamics, demand and trends in the
industry
·
Current, historical and anticipated market size in
terms of volume
·
In-depth market segmentation
·
Competition landscape
·
Key strategies of leading companies and product
portfolio
·
Medium density fiberboard (MDF) industry trends
and developments
·
Potential and country, regions and segments
exhibiting future growth
·
A detailed viewpoint on medium density
fiberboard (MDF) market forecast by countries
·
Essential information to enhance market position
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