Sustainability attributes of fiberboard fall perfectly in line with the growing environmental awareness among industrialists and consumers alike. This has further bolstered adoption of fiberboard in applications that include interior flooring and paneling. Rising requirement for deforestation, to cater for solid wood applications, seeks to provide the fiberboard market on edge, concerning the environmental impacts.
The revenue growth of the global fiberboard market is estimated to exceed 6% during the forecast period of 2018-2028. Fiberboard is used in many emerging countries. The emerging regions are opting for fiberboard.
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The Asia Pacific fiberboard market is expected to remain in the leading position during the forecast period. Plywood in countries such as India. China and India are expected to register for the highest growth rates during the forecast period. Amongst China and India, 90% of the total consumption of fiberboard in the Asia Pacific regions.
The Fiberboard (MDF) along with High Density Fiberboard (HDF) segment during the period of the forecast by three times compared to the other segments. The reason MDF is capturing the fiberboard market in India is formally dominated by plywood is its versatility and cost-effectiveness. The MDF segment has a CAGR of over 6% in the period of forecast. The increasing demand for the same in the countries of the APEJ region as India is projected to fuel the growth opportunities in for the fiberboard market.
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The fiberboard market is further boosted by the major market drivers. The demand for fiberboard in cabinetry and economic consideration is triggering the elevation of the fiberboard market. Fiberboard is more cost-effective and results in low damage rate compared to solid wood. With manufacturer preferring fiberboard over other alternative to its handling convenience, it is one of the reasons why the fiberboard market tends to showcase a rise.
By improving their fiberboard production capacities. By the end of the forecast period. With the market players expanding their product portfolios in the leading markets and emerging markets, the fiberboard market is likely to surge in the near future.
Fiberboard manufacturing companies are focusing on product capabilities and introducing new functionalities for new production activities. They are on a constant move to grab a global presence in lucrative regions such as the Middle East & Africa, and the Asia Pacific in the coming years. The increasing urbanization and improved lifestyles in emerging countries are adding to the demand for fiberboard used for modern interiors and panels.
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