Particle board of wood market in China

Earlier Report Observations

The Chinese particle board market experienced significant volume fluctuations from 2018 to 2020. The industry was in a rapid development phase, with a growing number of production lines and increasing capacity. Market volume dipped slightly to 267.8 million m³ in 2019 before surging to 332.8 million m³ in 2020. This sharp rise was partly driven by the COVID-19 pandemic, which led to adjustments in domestic production and increased imports to meet demand, supported by ongoing growth in demand from the custom furniture industry.

In 2021, market volume fell sharply to 256.2 million m³. This decline occurred despite peak industry production capacity, as intensified competition and overcapacity prompted a significant push for exports. Concurrently, adjustments in the real estate market shifted downstream demand focus towards the secondary housing segment. By 2022, further capacity expansion and production line upgrades, coupled with a decrease in exports, helped market volume recover to 323.6 million m³.

Market volume saw a slight decrease to 313.6 million m³ in 2023. During this period and into 2024, the industry continued to add new production lines, with total capacity reaching 64.15 million m³ by 2024. Technological innovations, including the adoption of environmentally friendly adhesives and the high prevalence of continuous press lines, enhanced production efficiency. However, overcapacity and fierce market competition persisted, leading to increased export activity and structural shifts in international trade. The updating of national standards concerning formaldehyde and volatile organic compound emissions also influenced product environmental profiles.

Production particle board of wood in China

In kind, 2017-2020, K m³

From 2017 to 2020, China was the world's leading producer of particle board of wood, ranking first globally.

Top producers of particle board of wood, 2017-2020

World map of production of particle board of wood, 2017-2020

China's production of particle board of wood saw a two-year increase before declining. In 2020, output reached 29,432 K m³, marking a 3.5% decrease year-over-year. Over the 2017-2020 period, production grew by 5.9%, with a compound annual growth rate of 1.9%. The peak was in 2019 at 30,500 K m³, while the largest annual increase occurred in 2018 at 6.2%.

Annual dynamics of production in China in kind, 2017-2020, K m³

In value, 2017-2020, K $ US

China's particle board of wood production value rose for the second year in a row. In 2020, it was valued at 13,081 K US dollars, up 6.5% from 2019. Between 2017 and 2020, production value increased by 4.4%, translating to an annualized rate of 1.5%. The lowest value was recorded in 2018 at 12,138 K US dollars, which also saw the largest decline of 3.1%.

Annual dynamics of production in China in value, 2017-2020, K $ US

Exports particle board of wood from China

Exports in kind, M m³

After two years of growth, China's exports of particle board of wood declined. In 2020, exports totaled 133.5 M m³, showing little change from 2019. From 2017 to 2020, exports surged by 49.1%, with a compound annual growth rate of 14.2%. The highest level was in 2019 at 134.2 M m³, and the largest increase occurred in 2018 at 31.0%.

Annual dynamics of product's exports from China in kind, 2017-2020, M m³

From 2017 to 2020, the United Arab Emirates (14.8% of exports in kind), Mongolia (14.3% of exports in kind), and Saudi Arabia (7.5% of exports in kind) were the top buyers of particle board of wood from China, though not dominant. Together, they accounted for 36.5% of total exports in kind, with the rest spread across numerous smaller partners.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from China in kind, 2017-2020

Exports in value, M $ US

China's exports of particle board of wood in value terms increased for the third consecutive year. In 2020, exports were valued at 59.4 M US dollars, rising 9.9% from the previous year. Over the 2017-2020 period, exports grew by 46.9%, with a compound annual growth rate of 13.7%.

Annual dynamics of product's exports from China in value, 2017-2020, M $ US

The value-based export structure from 2017 to 2020 shows a diversified partner base. The United Arab Emirates (13.5% of exports in value terms), Saudi Arabia (6.8% of exports in value terms), and Asia, not elsewhere specified (6.8% of exports in value terms) together made up only 27.1% of total flows. The remaining 72.9% was distributed among many smaller markets.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from China in value, 2017-2020

Imports particle board of wood to China

Imports in kind, M m³

China's imports of particle board of wood in volume terms increased for the third year in a row. In 2020, imports reached 436.9 M m³, up 17.6% from the previous year. From 2017 to 2020, imports grew by 48.4%, with a compound annual growth rate of 14.1%.

Annual dynamics of product's imports to China in kind, 2017-2020, M m³

From 2017 to 2020, Thailand (28.8% of imports in kind), Malaysia (21.6% of imports in kind), and Romania (17.1% of imports in kind) were the main sources for particle board of wood imports to China, together accounting for 67.5% of total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to China in kind, 2017-2020

Imports in value, M $ US

China's imports of particle board of wood in value terms rose for the third consecutive year. In 2020, imports totaled 1,000 M US dollars, increasing 14.1% from the previous year. Between 2017 and 2020, imports grew by 41%, equating to an annualized rate of 12.1%.

Annual dynamics of product's imports to China in value, 2017-2020, M $ US

From 2017 to 2020, Romania (22.4% of imports in value terms), Thailand (20.1% of imports in value terms), and Malaysia (15.2% of imports in value terms) formed the primary group of sources for particle board of wood imports to China in value terms, with a combined share of 57.7% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to China in value, 2017-2020