Nigeria Plywood Market: Industry Analysis and Forecast (2023-2029) by Application and Type

Nigeria Plywood Market Overview:

Plywood is used in a variety of construction components to add strength and longevity. Soft and hardwoods are used to make this plywood. Strong adhesive glues like urea-formaldehyde resin or phenol are used to join the piles together.

This plywood is utilised in the building industry to create light partitions and external walls, as well as to make light doors and shutters. It is also utilised in the construction of cupboards and kitchen cabinets.

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Nigeria Plywood Market Dynamics:

The rise in commercial building development is fuelling the growth of the Plywood Market Share. The advantages of plywood are also contributing to the expansion of the Plywood Market Size. Because they can be used in construction and flooring, they can support heavy loads and increase mechanical strength while weighing less. Because of its waterproof feature, it is simple to install and can withstand weather and climate change. Furthermore, the application of Plywood Market has been expanded to include the construction of boat parts. In the marine business, this is also utilised.

The expansion of the Plywood Market is due to the use of its products in numerous sectors. One of the key causes for the growing opportunity is the main attribute of plywood. These characteristics include the ability to maintain flexibility and strength over time, as well as resistance to chemicals and fire, ease of installation, and the ability to protect the building from heat and sound. This material is also used in the marine industry to make boats because of its characteristics. They're utilised to make stringers, floors, transoms, boat cupboards, walls, and seating, as well as other interior structures.

The availability of substitute products in the market is the key barrier to the growth of the Plywood Market. Many low-cost alternatives are available in the market and are utilised as plywood substitutes. The Plywood Market's expansion is limited by fluctuations in the cost of raw materials, which may have a negative impact on the Market's growth.

The need for raw materials in manufacturing organisations has increased as the use of Plywood Market products has increased. Raw materials were also in short supply due to the pandemic's expansion. As a result, industrial companies are concentrating on retaining their market value with the support of investors. Because of the investors' investment, they will be able to reclaim their market position by creating a huge quantity of products.

Nigeria Plywood Market Segment Analysis

By Type, the Nigeria Plywood Market is segmented as Hardwood, Shuttering and Marine. Shuttering dominates the Nigeria Plywood Market with the market share of 46% in 2023 as it is in most demand due to its application in building commercial and residential buildings. Hardwood has the market share of 31% as it is mainly used to make furniture and the demand for furniture is not that high due to less personal disposable income. 23% market share is with Marine as Nigeria has good length coastal line and has a vast marine industry and marine plywood is used to make boats so it is also in quite good demand in Nigeria.

By Application, the Nigeria Plywood Market is segmented as Household and Commercial. Commercial dominates the Nigeria Plywood Market with the market share of 62% in 2023 as in Nigeria plywood is mostly used to make buildings and boats for their marine industry. And most of them belong to commercial sector, that’s why such huge market share is enjoyed by commercial sector. Household has the market share of 38% in 2023 as demand for furniture is also less and very developed household buildings are not there in Nigeria.

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Nigeria Plywood Market Scope

Nigeria Plywood Market Key Players

• Austal plywoods private limited
• Boise cascade company
• Eksons corporation berhad
• Georgia Pacific LLC
• Latvijas fineries AS
• Metas wood
• Potlatch Deltic corporation
• SVEZA forest
• UPM Kymmene Oyj
• Weyerhaeuser company limited