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Jan 23, 2023

Steady Growth Forecast For MDF Market

The global medium density fibreboard (MDF) industry was estimated at $53.9 billion in 2021 and is anticipated to reach $96.5 billion by 2031, registering a compound annual growth rate (CAGR) of six per cent from 2022 to 2031, says a report published by Allied Market Research. The MDF market is driven by an increase in the use of flooring, doors, windows, and interior design. The rise in global population, increasing urbanization, and a surge in tourism has significantly increased the demand for residential and non-residential buildings. These factors drive the growth of the global MDF market. Increasing expenditures on home remodeling projects have supplemented the market growth. By product type, the standard MDF segment accounted for the highest share in 2021, contributing to nearly 80 per cent of the market. By application, the furniture segment held more than 50 per cent of the market share in 2021 and is expected to dominate by 2031. By end-user, the residential segment accounted for more than 40 per cent market share in 2021 and is projected to maintain a significant market share though 2031.

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