According to IMARC Group latest report titled” Marine Plywood Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market reached a value of US$ 9.1 Billion in 2020. The global Marine Plywood market to exhibit moderate growth during the next five years.
Marine plywood refers to a good-quality hardwood plywood made with waterproof glue. They are usually used to construct boats and ships and any other material in which the plywood can be exposed to water. This wood is highly durable and resists bending, wrapping or delamination. Moreover, with the increasing technological advancements, marine plywood is now also being used for several commercial and residential purposes.
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The growing adoption of marine plywood in the marine industry for manufacturing stringers, transom, floor, boat cabinetry, walls, seating, etc., is primarily driving the growth of the market. Additionally, the increasing popularity of marine plywood in other applications like building rooftops and doors in residential and commercial spaces is further fueling its demand. Furthermore, plywood is cheaper than wood boards, owing to which the manufacturers are extensively utilizing marine plywood to build interiors of hotels, restaurants, modular kitchens, etc. This, in turn, is providing a positive outlook to the market. Several other factors, including rapid urbanization, escalating demand for waterproof plywood and inflating disposable income of the consumer, will continue to augment the market growth in the coming years.
Historical, Current and Future Market Trends
Marine Plywood Market Segmentation:
Our report has categorized the market based on Region and Application.
Market Breakup by Application:
- Marine Applications
- Non-Marine Applications
Market Breakup by Region:
- Asia Pacific
- North America
- Latin America
- Middle East and Africa
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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