Malaysia's production of wood chips, wood particles, and wood residues has shown significant fluctuations over the past decade. The production stood at 2.9032 million cubic meters in 2023, representing a year-on-year increase of 9.72% from 2022. While the production decline from 2013 to 2017 was notable, the market began showing signs of recovery starting in 2018. The production has displayed consistent growth since 2018, leading to a recorded CAGR of 5.03% over the last five years.
Future trends suggest a continuation of this positive momentum, with forecasted figures pointing to a steady rise, reaching 4.1451 million cubic meters by 2028. This equates to a forecasted 5-year CAGR of 5.6%, translating to approximately 31.31% growth from 2023 to 2028.
Further trends to watch for include potential impacts from technological advancements in production efficiency, changes in global market demand, and sustainability practices. Additionally, policies and regulations related to forestry management and environmental conservation could influence future production trends.
