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The North America blockboard market size is projected to reach USD 3.92 billion by the end of 2026. The massive investments in technological integration will bode well for the growth of the market in this region. According to a report published by Fortune Business Insights, titled “North America Blockboard Market Size, Share & COVID-19 Impact Analysis, By Type (Softwood Type and Hardwood Type), Application (Engineering & Construction, Furniture Industry, Interior Decoration, and Others), and Country Forecast, 2019 - 2026,” the market was worth USD 3.31 billion in 2019 and will exhibit a CAGR of 2.5% during the forecast period, 2019-2026.
Blockboards are timber panels that are used for several applications. The properties of these products including high resistance to heat and electricity will fuel the demand for the product across the world. The rising demand for the product will create several growth opportunities for the companies operating the market. The influx of manufacturers and the presence of several large scale companies will have a positive impact on the growth of the overall market in the coming years.
Recent technological advancements have played a massive role in the growth of the overall market, mainly due to the fact that these advances have dramatically helped improve the overall operational capabilities of blockboards. Moreover, the availability of abundant raw materials at low costs will bode well for the growth of the market in the coming years.
HS Timber’s Acquisition of Interfloat Group Will have a Massive Impact on Market Growth
The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the North America blockboard market. Accounting to the massive demand for blockboards across the world, companies are looking to introduce newer products to acquire a wider consumer base. As more companies are now identifying the potential held by this product, they are looking to adopt strategies that will guarantee immediate as well as long term growth.
The increasing number of company mergers and acquisitions has made the highest impact on the growth of the overall market in recent years. In March 2020, HS Timber Group GmBH announced that it has completed the acquisition of Interfloat Group. The Austria-based company will look to expand its solar-based glass business through this acquisition.
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Increasing Use of Composite Materials will Aid Growth
The massive use of composite materials in the development of other wood end products will create several growth opportunities for the companies operating in the market. The presence of several large scale companies that are making the most of such composite materials will also contribute to the growth of the North America blockboards market in the forthcoming years.
Technological Integration in Manufacturing will Emerge in Favor of Market Growth
Accounting to the increasing demand for blockboards in North America, the market is highly competitive. The use of advanced concepts in the manufacturing phase has proven beneficial for several companies in the United States as well as other countries in North America. Besides this, the increasing use of data driven methodologies will also bode well for market growth.
List of companies profiled in the report:
The global blockboard market is segmented on the basis of:
Value (USD Billion)
Type, Application, and Country