The forecasted production of wood-based panels in the Philippines will experience a slight decline from 2024 to 2028, starting from 258.54 thousand cubic meters in 2024 and decreasing to 254.48 thousand cubic meters by 2028. This indicates a downward trend in production over the five-year forecast period.
In 2023, the production stood at 259.56 thousand cubic meters. The year-on-year percentage variations show a steady but minor decline of around 0.4% per year. Over the last two years, the production rate has decreased by approximately 0.8%, and the five-year Compound Annual Growth Rate (CAGR) reveals an average annual decline of about 0.5%.
Future trends to watch for include potential impacts of government policies on the forestry industry, shifts in environmental regulations, and technological advancements aimed at improving production efficiency. Additionally, changing domestic and international market demands could influence the production volumes of wood-based panels in the Philippines.
