Hardwood Veneer And Plywood Market - Rising Consumption in Housing and Commercial Building Sectors Continue to Drive the U.S. Hardwood Veneer and Plywood Market
From 2007 to 2015, U.S. hardwood veneer and plywood market showed mixed dynamics. A significant drop in 2009 was followed by steady growth over the next six years. Finally, the market value reached X million USD in 2015. An increase in U.S. hardwood veneer and plywood market was supported by the growth of the housing and commercial building sectors and, as a result, the furniture sectors increased as well. That upward trend is likely to continue in the medium term. Strong employment is the driver of market growth, which creates new income growth and advances consumer spending. Affordable credit creates another impetus, which propels investments in construction and supports related industries. The performance of the market is forecast to continue with moderate growth, with an anticipated CAGR of +X% for the five-year period from 2015 to X.
From 2012, the recovery in consumption was supported by import growth that outpaced more moderate production expansion. The strong U.S. dollar enabled foreign companies to improve their positions on the U.S. hardwood veneer and plywood market, boosting the import share in consumption to X% in 2015. The largest shares of imports in U.S. consumption were held by Chinese hardwood veneer and plywood (X%). Indonesia and Canada followed with a X% share each. Moreover, imports from China (+X percentage points) and Canada (+X percentage points) strengthened their positions in the U.S. market between 2008 and 2015.
The U.S. was a net importer of hardwood veneer and plywood. In physical terms, imports consistently exceeded exports from 2007 to 2015. Net U.S. imports of hardwood veneer and plywood have shown a negative trend since 2012. In 2015, this industry ran a significant trade deficit of X million USD. This deficit could grow substantially in the years to come.
Hardwood veneer and plywood manufacturing is still in the recovery phase of the economic cycle. From 2008 to 2015, the U.S. hardwood veneer and plywood manufacturing has displayed fluctuations in value. After a hard drop, domestic production recovered over the period under review, up to 2015.. U.S. hardwood veneer and plywood output increased by X billion USD in 2015. Foreign competition, particularly from China, is expected to continue increasing through to X, moderating the industry's growth prospects over the next five years.
While U.S. consumption, imports, and production posted growth, export rates were negative. From 2007 to 2015, U.S. hardwood veneer and plywood exports showed a steady decrease. There was an annual drop of -X% throughout the analysed period. In 2015, the U.S. exported X million USD, which was X% under the previous year.
In 2015, Canada (X% based on USD), Mexico (X%), and Australia (X%) were the main destinations of U.S. hardwood veneer and plywood exports. The shares exported to Mexico (+X percentage points) and Australia (+X percentage points) increased, while the share sent to Canada illustrated negative dynamics (-X percentage points) between 2007 and 2015.
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