Wood-based panels production in South Africa has experienced significant growth and fluctuations over the past decade. The production increased from 962.94 thousand cubic meters in 2013 to 1,554.5 thousand cubic meters by 2023, showing a notable expansion. The period from 2013 to 2016 saw particularly high growth rates, reaching a peak in production stability between 2017 and 2020. However, growth resumed slightly in 2022 and 2023.
Key observations:
- 2013-2016: Strong growth peaking at 24.3% year-on-year in 2016.
- 2017-2020: Stable production with minimal growth rates.
- 2021-2023: Modest increase, with a 2.18% rise in 2022 and 0.52% in 2023.
- 2023 Production Value: 1,554.5 thousand cubic meters.
- Last 5 years CAGR: Approximately 0.5%.
Forecasts for 2024-2028 anticipate modest but steady increases in production, averaging about 0.5% CAGR, indicating a cumulative growth rate of around 2.53% over five years. While growth is expected to be slower, it remains positive, reflecting stable demand and possibly more efficient production techniques.
Future trends to watch for include technological advancements in production processes, potential market volatility due to economic factors, and sustainability practices impacting production methods.
