In Developed Areas, Wood-based Panels Are Higher

From overseas experience, the demand for wood-based panels in developed countries or regions is stable and highly concentrated. Judging from the development history of wood-based panels in developed countries or regions, the output of wood-based panels in the United States has entered a plateau after the 21st century, and the output of wood-based panels in Europe is still growing. In terms of application fields, according to the European Wood-based Panel Federation (EPF), the top applications of European wood-based panels in 2020 are furniture 46%, construction and decoration 29%, flooring 4%, and packaging 4%. From the perspective of concentration, the market shares of Kronospan and Egger in the European market have reached 27% and 9% respectively, CR5 has reached 50%, and CR10 has reached 62%. The industry concentration ratio From the perspective of the concentration of the downstream cabinet industry, the CR5 of the European cabinet industry in 2015 was 35% (data source, Nobia annual report). The concentration of the furniture industry is lower than that of decorative panels; attribution analysis shows that panels have strong functional properties and are easy to standardize production and processing, with obvious brand effects and scale effects, while home furnishing emphasizes personalized design and service attributes, and brand effects and scale effects are not obvious. It makes the board naturally easier to concentrate on than the furniture.