Overview of the Market for Hardwood Veneer Аnd Plywood in the USA

In 2019, after two years of growth, there was significant decline in the U.S. hardwood veneer аnd plywood market, when its value decreased by -% to $. The market value increased at an average annual rate of +% over the period from 2013 to 2019; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when the market value increased by % y-o-y. Over the period under review, the market attained the peak level at $ in 2018, and then contracted in the following year.

In value terms, hardwood veneer аnd plywood production declined slightly to $ in 2019. The total output value increased at an average annual rate of +% from 2013 to 2019; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2015 with an increase of % year-to-year. Over the period under review, production reached the peak level at $ in 2018, and then declined in the following year.

For the third consecutive year, the U.S. recorded growth in consumption of hardwood veneer аnd plywood, which increased by % to cubic meters in 2019. The total consumption volume increased at an average annual rate of +% over the period from 2013 to 2019; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of % year-to-year. Over the period under review, consumption reached the maximum volume in 2019 and is likely to see steady growth in the near future.

The size of the hardwood veneer аnd plywood market in the U.S. declined to $ in 2019, shrinking by -% 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 +% over the period from 2013 to 2019; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of % year-to-year. Hardwood veneer аnd plywood consumption peaked at $ in 2018, and then declined in the following year.

Driven by increasing demand for hardwood veneer аnd plywood in the U.S., the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to cubic meters by the end of .

Over the period under review, the share of imports in terms of total hardwood veneer аnd plywood consumption in the U.S. was relatively small in physical terms, fluctuating under an % figure. In value terms the share of imports also stood at a low figure, which means that the the U.S. hardwood veneer аnd plywood market is largely supplied by domestic manufacturers.

This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.