Veneer Sheet Market

The article analyzes the global market for veneer sheets and sheets for plywood, highlighting consumption trends, market performance, production, imports, and exports. It discusses forecasted growth rates in consumption and market value for the period from 2022 to 2030. Key insights include data on consumption and production volumes, market values, and trends in major importing and exporting countries.

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 eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.7% for the period from 2022 to 2030, which is projected to bring the market volume to 33B square meters by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market value to $15.6B (in nominal prices) by the end of 2030.

Consumption

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

In 2022, global veneer sheet consumption declined to 29B square meters, remaining relatively unchanged against 2021 figures. Over the period under review, the total consumption indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +78.9% against 2012 indices. As a result, consumption attained the peak volume of 29B square meters, leveling off in the following year.

The global veneer sheet market size expanded rapidly to $12.6B in 2022, surging by 11% 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). The market value increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked in 2022 and is expected to retain growth in the near future.

Consumption By Country

China (8.6B square meters) constituted the country with the largest volume of veneer sheet consumption, accounting for 29% of total volume. Moreover, veneer sheet consumption in China exceeded the figures recorded by the second-largest consumer, Belgium (2.4B square meters), fourfold. The third position in this ranking was held by India (1.9B square meters), with a 6.7% share.

In China, veneer sheet consumption increased at an average annual rate of +11.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Belgium (+54.4% per year) and India (+3.9% per year).

In value terms, the largest veneer sheet markets worldwide were the United States ($2.6B), Belgium ($1.6B) and China ($850M), with a combined 40% share of the global market.

Belgium, with a CAGR of +51.7%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of veneer sheet per capita consumption was registered in Belgium (206 square meters per person), followed by Malaysia (13 square meters per person), China (6 square meters per person) and Brazil (5.9 square meters per person), while the world average per capita consumption of veneer sheet was estimated at 3.7 square meters per person.

From 2012 to 2022, the average annual rate of growth in terms of the veneer sheet per capita consumption in Belgium totaled +53.7%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Malaysia (+10.8% per year) and China (+11.0% per year).

Production

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

In 2022, global production of veneer sheets and sheets for plywood and other wood sawn lengthwise fell to 21B square meters, waning by -2.8% compared with the previous year. In general, the total production indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +5.4% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 19% against the previous year. Over the period under review, global production reached the peak volume at 21B square meters in 2021, and then contracted in the following year.

In value terms, veneer sheet production dropped slightly to $8.1B in 2022 estimated in export price. Overall, production recorded a mild slump. The growth pace was the most rapid in 2016 with an increase of 12%. Global production peaked at $9B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Russia (2.4B square meters), China (1.9B square meters) and Brazil (1.8B square meters), together accounting for 30% of global production. The United States, India, Indonesia, Canada, Gabon, Thailand, Ukraine, Myanmar, Ethiopia and Finland lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +24.2%), 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

After four years of growth, overseas purchases of veneer sheets and sheets for plywood and other wood sawn lengthwise decreased by -0.5% to 20B square meters in 2022. Over the period under review, imports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 47% against the previous year. As a result, imports reached the peak of 20B square meters, leveling off in the following year.

In value terms, veneer sheet imports rose significantly to $5.2B in 2022. Overall, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +43.5% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 29% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

China was the major importer of veneer sheets and sheets for plywood and other wood sawn lengthwise in the world, with the volume of imports resulting at 7.9B square meters, which was approx. 40% of total imports in 2022. It was distantly followed by Belgium (2.5B square meters) and India (1B square meters), together achieving an 18% share of total imports. Nigeria (777M square meters), Malaysia (523M square meters), Italy (459M square meters), South Korea (426M square meters), Latvia (410M square meters), Taiwan (Chinese) (409M square meters), France (340M square meters) and Spain (340M square meters) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to veneer sheet imports into China stood at +24.0%. At the same time, Nigeria (+73.4%), Belgium (+52.7%), Malaysia (+17.9%), India (+12.4%), Spain (+5.8%), Italy (+5.4%), Latvia (+4.0%) and France (+1.8%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in the world, with a CAGR of +73.4% from 2012-2022. South Korea experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.7%) illustrated a downward trend over the same period. China (+26 p.p.), Belgium (+12 p.p.) and Nigeria (+3.9 p.p.) significantly strengthened its position in terms of the global imports, while Italy, Latvia, France, South Korea and Taiwan (Chinese) saw its share reduced by -1.8%, -2.2%, -2.6%, -3.9% and -5.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($530M), India ($271M) and Italy ($255M) constituted the countries with the highest levels of imports in 2022, together comprising 20% of global imports. Spain, France, Malaysia, Nigeria, South Korea, Belgium, Taiwan (Chinese) and Latvia lagged somewhat behind, together accounting for a further 18%.

Among the main importing countries, Nigeria, with a CAGR of +76.8%, recorded the highest rates of growth with regard to 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 2022, the average veneer sheet import price amounted to $0.3 per square meter, rising by 12% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt slump. Over the period under review, average import prices attained the peak figure at $0.5 per square meter in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Spain ($0.6 per square meter), while Belgium (less than $0.1 per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (+7.4%), while the other global leaders experienced more modest paces of growth.

Exports

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

In 2022, after two years of growth, there was significant decline in shipments abroad of veneer sheets and sheets for plywood and other wood sawn lengthwise, when their volume decreased by -5.2% to 11B square meters. Overall, exports, however, posted a strong expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 23%. As a result, the exports reached the peak of 12B square meters, and then fell in the following year.

In value terms, veneer sheet exports expanded modestly to $4.8B in 2022. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +43.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 40%. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports By Country

The biggest shipments were from Russia (1,645M square meters), China (1,183M square meters), Gabon (850M square meters), Canada (679M square meters), Brazil (558M square meters), Thailand (445M square meters), Myanmar (443M square meters), Ukraine (397M square meters), Finland (396M square meters), Indonesia (340M square meters), Lithuania (266M square meters) and France (260M square meters), together resulting at 67% of total export. The United States (239M square meters) held a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Myanmar (with a CAGR of +104.7%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest veneer sheet supplying countries worldwide were China ($671M), Canada ($448M) and the United States ($393M), together accounting for 32% of global exports. Ukraine, Gabon, Russia, Indonesia, France, Finland, Brazil, Lithuania, Myanmar and Thailand lagged somewhat behind, together comprising a further 25%.

Myanmar, with a CAGR of +66.7%, saw the highest growth rate of the value of exports, in terms of 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 $0.4 per square meter in 2022, rising by 7.9% against the previous year. Over the period under review, the export price, however, saw a mild curtailment. The pace of growth appeared the most rapid in 2021 when the average export price increased by 14% against the previous year. The global export price peaked at $0.5 per square meter in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($1.6 per square meter), while Thailand (less than $0.1 per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+5.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform