Asia Pacific excluding Japan (APEJ) continues to maintain its lead as one of the most lucrative markets for fibreboard globally. The APEJ fibreboard market is likely to grow at a CAGR of 8.7% during the assessment period 2018-2028, according to a new study by market research firm Fact.MR. The market in APEJ will remain concentrated in China, which accounts for over 90% consumption of fiberboards in the region. Gains will also be impressive in Australia & New Zealand, ASEAN, and India.
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According to the study, MDF/HDF fiberboards will continue to witness higher demand than other variants. Hardboards are a distant second in the market, will bulk of sales activity concentrated in the MDF/HDF segment. Demand for construction materials has witnessed a boom as public and private sector in China injects capital in infrastructure development projects. The construction sector in China will continue to ramp up demand for fiberboards during the review period. China is the largest exporter of fiberboard in the world. China’s annual fiberboard yield and consumption enables it to tower over other Asian countries.
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The India fiberboard market has been estimated have high growth potential, considering that most of the Indian wood-based panel market has been captured by cheap plywood as an alternative to plywood. In a rather optimistic scenario, fiberboard may witness high scope for growth if it were to replace a key chunk of the India plywood market. However, considering the low consumer acceptance for the comparatively higher expenses of fiberboard, the actual growth potential is not expected to be highly positive. China is expected to be at the forefront, spearheading the growth of the Asia Pacific fiberboard market during the forecast period.
Some of the key drivers for the growth of the fiberboard market include growing demand for fiberboard in cabinetry and economic consideration. As compared to solid wood, fiberboard is less expensive, and also reduces the chances of damage. Fiberboard is also highly preferred by manufacturers due to convenience in handling. One of the key technical advantages is the ability of fiberboard to be milled by computer-operated equipment, resulting in easy handling.
Companies involved in fiberboard manufacturing have their key focus on enhancing their production capacity, both by commencing operations in new production facilities, or by adding new lines in existing sites. The key motive is to have a global presence, either physical, or through exports. The manufacturers of fiberboard are likely to eye the lucrative regions of Middle East & Africa, and Asia Pacific in the coming years. Mass urbanization in these countries, coupled with improved standards of living, is expected to be the key driving force behind growth in demand for fiberboard, mainly for interior panelling and applications. The fiberboard market is in for a dramatic turn of events in the next decade, as the focus shifts towards the Asia Pacific.
Key players considered in the report on fiberboard market include Evergreen Fiberboard Berhad, KRONOSPAN Verwaltungs- und Beteiligungsgesellschaft mbH, Kastamonu Entegre Agac Sanayi ve Ticaret A.S., UAB Grigeo Baltwood, Georgia Pacific Building Products LLC, Jining Best Star Wood Co Ltd., Coillte Group, Finsa Forest Products S.A., Proteak Uno SAB de C.V., and Norbord Inc.
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