Global Veneer Sheets Market to Reach 17B Square Meters by 2030 with +4.1% CAGR

IndexBox has just published a new report: World - Veneer Sheets And Sheets For Plywood And Other Wood Sawn Lengthwise - Market Analysis, Forecast, Size, Trends and Insights.

The global market for veneer sheets and plywood sheets is on the rise, driven by increasing demand. By 2030, market volume is expected to reach 17B square meters with a value of $16.9B. With an anticipated CAGR of +4.1% in volume and +5.4% in value, the industry shows promising growth prospects.

Market Forecast

Driven by increasing demand for veneer sheets and sheets for plywood and other wood sawn lengthwise worldwide, the market is expected to continue an upward consumption trend over the next six-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.1% for the period from 2024 to 2030, which is projected to bring the market volume to 17B square meters by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2024 to 2030, which is projected to bring the market value to $16.9B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Veneer Sheets And Sheets For Plywood And Other Wood Sawn Lengthwise

In 2024, consumption of veneer sheets and sheets for plywood and other wood sawn lengthwise was finally on the rise to reach 13B square meters for the first time since 2021, thus ending a two-year declining trend. Over the period under review, consumption enjoyed buoyant growth. Global consumption peaked at 17B square meters in 2021; however, from 2022 to 2024, consumption stood at a somewhat lower figure.

The global veneer sheet market revenue expanded modestly to $12.3B in 2024, growing by 3.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a prominent expansion. Over the period under review, the global market reached the peak level at $13.6B in 2021; however, from 2022 to 2024, consumption stood at a somewhat lower figure.

Consumption By Country

China (5B square meters) constituted the country with the largest volume of veneer sheet consumption, comprising approx. 37% of total volume. Moreover, veneer sheet consumption in China exceeded the figures recorded by the second-largest consumer, the United States (817M square meters), sixfold. The third position in this ranking was held by India (676M square meters), with a 5.1% share.

In China, veneer sheet consumption increased at an average annual rate of +20.8% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+6.7% per year) and India (+8.7% per year).

In value terms, the largest veneer sheet markets worldwide were China ($1.8B), the United States ($1.5B) and India ($516M), with a combined 31% share of the global market. Belgium, Italy, Nigeria, Spain, Brazil, Russia and Latvia lagged somewhat behind, together accounting for a further 16%.

Among the main consuming countries, Nigeria, with a CAGR of +69.7%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2024, the highest levels of veneer sheet per capita consumption was registered in Latvia (143 square meters per person), followed by Belgium (42 square meters per person), Spain (5.1 square meters per person) and Italy (4.8 square meters per person), while the world average per capita consumption of veneer sheet was estimated at 1.7 square meters per person.

In Latvia, veneer sheet per capita consumption expanded at an average annual rate of +9.0% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Belgium (+31.6% per year) and Spain (+11.6% per year).

Production

World Production of Veneer Sheets And Sheets For Plywood And Other Wood Sawn Lengthwise

In 2024, global veneer sheet production expanded markedly to 7.7B square meters, growing by 6.3% against 2023 figures. In general, production posted a buoyant increase. The pace of growth was the most pronounced in 2020 when the production volume increased by 21%. Over the period under review, global production reached the maximum volume in 2024 and is likely to continue growth in the immediate term.

In value terms, veneer sheet production amounted to $8.6B in 2024 estimated in export price. Overall, production recorded strong growth. The pace of growth appeared the most rapid in 2021 when the production volume increased by 19%. Global production peaked at $8.7B in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2024 were Thailand (767M square meters), the United States (719M square meters) and Russia (681M square meters), together comprising 28% of global production.

From 2013 to 2024, the biggest increases were recorded for Thailand (with a CAGR of +31.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Veneer Sheets And Sheets For Plywood And Other Wood Sawn Lengthwise

In 2024, supplies from abroad of veneer sheets and sheets for plywood and other wood sawn lengthwise decreased by -2.1% to 12B square meters, falling for the third year in a row after four years of growth. In general, imports, however, posted a strong increase. The growth pace was the most rapid in 2020 with an increase of 168%. Global imports peaked at 16B square meters in 2021; however, from 2022 to 2024, imports failed to regain momentum.

In value terms, veneer sheet imports fell slightly to $4.7B in 2024. Over the period under review, total imports indicated a tangible expansion from 2013 to 2024: its value increased at an average annual rate of +4.4% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -16.6% against 2022 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 57% against the previous year. Global imports peaked at $5.7B in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

Imports By Country

China dominates imports structure, accounting for 6.3B square meters, which was approx. 52% of total imports in 2024. It was distantly followed by Belgium (987M square meters), making up an 8.3% share of total imports. India (446M square meters), Latvia (409M square meters), the United States (405M square meters), Italy (291M square meters), Nigeria (280M square meters), Spain (277M square meters), France (218M square meters) and Poland (196M square meters) followed a long way behind the leaders.

Imports into China increased at an average annual rate of +27.1% from 2013 to 2024. At the same time, Nigeria (+68.6%), Belgium (+41.0%), Poland (+20.6%), Spain (+14.6%), Italy (+13.3%), Latvia (+12.5%), India (+12.4%), France (+10.0%) and the United States (+9.5%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in the world, with a CAGR of +68.6% from 2013-2024. From 2013 to 2024, the share of China, Belgium and Nigeria increased by +34, +7.3 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest veneer sheet importing markets worldwide were the United States ($706M), China ($411M) and India ($298M), with a combined 30% share of global imports. Nigeria, Italy, Spain, Poland, France, Belgium and Latvia lagged somewhat behind, together comprising a further 21%.

In terms of the main importing countries, Nigeria, with a CAGR of +74.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2024, the average veneer sheet import price amounted to $397 per thousand square meters, approximately mirroring the previous year. Over the period under review, the import price showed a deep slump. The pace of growth was the most pronounced in 2022 an increase of 25% against the previous year. Over the period under review, average import prices hit record highs at $1.2 per square meter in 2013; however, from 2014 to 2024, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was the United States ($1.7 per square meter), while China ($66 per thousand square meters) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Nigeria (+3.7%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Veneer Sheets And Sheets For Plywood And Other Wood Sawn Lengthwise

In 2024, overseas shipments of veneer sheets and sheets for plywood and other wood sawn lengthwise increased by 2.6% to 6.3B square meters for the first time since 2021, thus ending a two-year declining trend. Overall, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2020 when exports increased by 98% against the previous year. Over the period under review, the global exports attained the peak figure at 6.4B square meters in 2021; however, from 2022 to 2024, the exports failed to regain momentum.

In value terms, veneer sheet exports dropped to $4.1B in 2024. In general, total exports indicated noticeable growth from 2013 to 2024: its value increased at an average annual rate of +3.7% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports decreased by -20.0% against 2022 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 38%. Over the period under review, the global exports hit record highs at $5.1B in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

Exports By Country

In 2024, China (1.3B square meters), distantly followed by Thailand (712M square meters), Belgium (494M square meters), Russia (408M square meters) and the United States (307M square meters) were the key exporters of veneer sheets and sheets for plywood and other wood sawn lengthwise, together achieving 51% of total exports. Gabon (281M square meters), Finland (248M square meters), Lithuania (226M square meters), Canada (167M square meters) and Estonia (155M square meters) followed a long way behind the leaders.

From 2013 to 2024, the biggest increases were recorded for Thailand (with a CAGR of +67.2%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($552M), the United States ($512M) and Canada ($324M) constituted the countries with the highest levels of exports in 2024, together accounting for 34% of global exports. Gabon, Russia, Belgium, Estonia, Thailand, Finland and Lithuania lagged somewhat behind, together comprising a further 18%.

Thailand, with a CAGR of +26.2%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average veneer sheet export price stood at $648 per thousand square meters in 2024, declining by -13.1% against the previous year. In general, the export price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2022 an increase of 7.8% against the previous year. Over the period under review, the average export prices attained the peak figure at $1.7 per square meter in 2014; however, from 2015 to 2024, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Canada ($1.9 per square meter), while Thailand ($60 per thousand square meters) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Canada (-0.3%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform