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

The U.S. hardwood veneer and plywood market dropped modestly to $ in 2019, waning 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). Over the period under review, consumption, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the market value increased by % against the previous year. As a result, consumption attained the peak level of $. From 2016 to 2019, the growth of the market failed to regain the momentum.

In value terms, hardwood veneer and plywood production reduced modestly to $ in 2019. The total output value increased at an average annual rate of +% over the period from 2013 to 2019; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 with an increase of % y-o-y. Hardwood veneer and plywood production peaked at $ in 2018, and then dropped modestly in the following year.

In 2019, consumption of hardwood veneer and plywood decreased by -% to cubic meters, falling for the second consecutive year after five years of growth. The total consumption volume increased at an average annual rate of +% from 2013 to 2019; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2015 with an increase of % against the previous year. Over the period under review, consumption reached the peak volume at cubic meters in 2017; however, from 2018 to 2019, consumption remained at a lower figure.

The size of the hardwood veneer and plywood market in the U.S. dropped to $ in 2019, reducing 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). Over the period under review, consumption, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of % y-o-y. As a result, consumption attained the peak level of $. From 2016 to 2019, the growth of the market failed to regain the momentum.

Driven by increasing demand for hardwood veneer and plywood in the U.S., the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, 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 .

In 2019, the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.

The U.S. remains a net importer of hardwood veneer and plywood; in physical and value terms, imports consistently exceeded exports from 2013 to 2019. In 2019, there was a significant trade deficit of cubic meters, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.