The Medium Density Fiberboard (MDF) Market size was valued at $53.9 billion in 2021, and is estimated to reach $96.5 billion by 2031, growing at a CAGR of 6% from 2022 to 2031.
The demand for furniture has increased in the past decade, owing to rise in number of homes. In addition, rising work-from-home culture is also contributing to rising demand for furniture. Furthermore, as a result of rapid urbanization and population growth, the number of residential and non-residential buildings is increasing, especially in urban areas. Since, medium density fiberboard (MDF) is used significantly in making furniture, cabinets, doors, boxes, and interior designing elements of homes, the growth in demand for buildings and furniture is driving demand for medium density fiberboard (MDF).
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Commonly observed product types of medium density fiberboard (MDF) are standard MDF, moisture-resistant MDF, and fire-resistant MDF. Among these, the standard MDF segment accounted for the highest market share in 2021, owing to its relative inexpensiveness, and wide scale availability. The market is analyzed with respect to different applications in cabinet flooring, furniture, molding, door, and millwork, packaging system, and others. The furniture segment registered highest revenue in 2021, owing to high demand for MDF furniture. On the basis of end user, the market is categorized into residential, commercial, and institutional. The market is mainly driven by rise in building construction activities and rise in demand for furniture. However, fluctuating cost of raw materials used for making medium density fiberboard (MDF), and health concerns associated MDF have the potential to limit medium density fiberboard (MDF) market growth.
In 2021, Asia-Pacific dominated the global medium density fiberboard (MDF) market share, in terms of revenue, followed by Europe and LAMEA. Moreover, the market in Asia-Pacific is expected to grow with a highest CAGR, owing to growth in number of residential and commercial buildings and increasing demand for furniture.
Furthermore, medium density fiberboard (MDF) manufacturers are adopting various development strategies to remain competitive in the market. For instance, in March 2021, Kastamonu Entegre, a leading manufacturer of the wood processing industry in Russia, expanded the production capacity of its existing facility to produce more MDF boards. After this expansion, the total volume of laminate produced by the company is expected to be 45 million M2 per year.
However, during the pandemic lockdown, various manufacturers in the medium density fiberboard (MDF) market had to stop their business in countries, such as China, the U.S., and India. This break directly impacted sales of medium density fiberboard (MDF) manufacturing companies. In addition, lack of manpower and raw materials constricted supply of raw materials for medium density fiberboard (MDF); thus, negatively influencing the growth of the market. Conversely, after two years of the COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
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