The medium-density fiberboard market size is expected to reach USD 55,791.6 million by 2027, exhibiting a CAGR of 5.5% during the forecast period. The growing demand for furniture cabinetry and wood flooring subsurface will foster the healthy growth of the market, states Fortune Business Insights, in a report, titled “Medium-Density Fiberboard Market Size, Share & Industry Analysis, By Type (Standard, Moisture Resistant, Fire-Rated), Application (Furniture, Construction & Flooring, Interior Designing, Packaging, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 39,765.6 million in 2019. The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
Heavy Demand for MDF in Furniture Manufacturing to Propel Growth
The shift from plywood to MDF for the manufacturing of tables, sofas, beds, and library shelves will have an excellent impact on the global market. The cost-effectiveness of MDF compared to plywood along with its sturdy structure will spur opportunities for the market, in turn, boosting the growth of the market. The superior properties of MDF make it an excellent alternative to plywood, thus enabling speedy expansion of the market. The growing utilization of MDF in commercial spaces is expected to bolster the healthy growth of the market. The increasing renovation and revamp of offices will bode well for the market in the near future.
Disrupted Supply Chain to Impede Business Amid Coronavirus
The timber industry has witnessed a massive drop in revenue owing to the imposition of lockdowns and restrictions to curb coronavirus spread. The disrupted supply of wood and consequent products like wood fibers will further aggravate the growth of the market. However, the work from culture has resulted in enormous spending on furniture such as tables, chairs, stands, and dining counters. Besides, the rising inclination towards mesmeric aesthetics for home furniture among consumers will enable speedy expansion of the market in the forthcoming years.
Information source: https://www.fortunebusinessinsights.com/medium-density-fiberboard-market-104027