Medium Density Fiberboard (MDF) Market Expected to Reach $96.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Medium Density Fiberboard (MDF) Market," 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).

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.

In Asia, India is predicted to be the fastest growing major economy in the next few years. The India government is focused on developing affordable houses. For instance, the government initiative, such as ‘Prime Minister’s Affordable Housing Scheme- Urban’, plans to provide interest subsidy for first time home buyers in urban areas. In addition, increased population, rising standards of living, and urbanization are driving the growth of the residential and non-residential construction sector, which is mainly fulfilled by private entities. Rise in the construction industry is anticipated to drive the demand for medium density fiberboard (MDF), as MDF is used for interior designing, and making doors and windows and furniture. In addition, the India film industry is huge, which extensively uses theatre and shooting sets that are typically made-up of MDF. This also plays a considerable role in driving demand for medium density fiberboard (MDF).

Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging medium density fiberboard (MDF) market trends and dynamics. 
• Depending on product type, the standard MDF segment dominated the medium density fiberboard (MDF) market, in terms of revenue in 2021 and the fire-resistant MDF segment is projected to grow at a significant CAGR during the forecast period.
• By application, the furniture segment registered highest revenue in 2021.
• By end user, the commercial segment is expected to grow at the highest CAGR during the forecast period.
• Asia-pacific is projected to register highest growth rate in the coming years.
• The key players within the medium density fiberboard (MDF) market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the medium density fiberboard (MDF) industry.
• The report provides an extensive medium density fiberboard (MDF) market forecast and analysis of the current trends and emerging opportunities of the market. 
• In-depth medium density fiberboard (MDF) market analysis is conducted by constructing estimations for the key segments between 2021 and 2031.