Wood Paneling Manufacturing in the US
The Wood Paneling Manufacturing industry manufactures wood panel and products from softwood and hardwood lumber and adhesives, such as resin. While these products can serve a variety of purposes, construction, particularly new home construction, is the industry's largest market. Therefore, industry demand largely depends on the number of housing starts and the value of investments in residential construction. However, industry participation has stagnated during the five-year period. The largest companies in the industry have made gains in market share. The industry's major players have also increased their vertical integration of upstream timber tracts, which has enabled them to reduce input costs and maintain profitability amid a gradual rise in import penetration and the resulting increase in price-based competition. Over the five years to 2024, IBISWorld anticipates that the residential construction market will continue to grow, albeit at a slower rate, sustaining demand for industry products. Wood will remain dominant in single-family residential construction, causing this market to continue to be the most significant driver of demand; however, a recent rise in awareness of the environmental benefits of wood in construction may present opportunities for operators to increase their sales to commercial markets, in which they have historically experienced far greater substitute competition.
The industry includes companies that manufacture veneer, plywood, engineered wood or reconstituted wood products. The industry does not include companies that primarily engage in sawmilling or wood preservation, nor does it include companies that primarily produce dimensions stock.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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