Decorative wood panel demand will be flat through 2024, with demand concentrated in residential market; growth will be restricted by moderation in new homebuilding, lower commercial building, declining use of decorative panels in siding, doors: Freedonia

Sample article from our Wood & Building Products

CLEVELAND, Ohio , April 5, 2022 (press release) –

A new Freedonia Group analysis forecasts demand for decorative wood panels to remain around 4.4 billion square feet, as measured on a 3/8-inch basis, through 2024, restricted by:

  • a moderation in new home construction, as many products that utilize decorative panels – such as cabinets and siding – are installed during the construction process
  • a decline in commercial building construction in the early part of the forecast period, as losses will not be recovered even after the market begins to rebound
  • declining use of decorative wood panels in siding and doors

Preventing declines in decorative wood panel demand will be an increase in their use in finish flooring applications as well as sustained demand for cabinets. Both markets will benefit in the short term from unexpected growth in residential construction, while finish flooring is expected to offer longer term gains due to continued design trends favoring use of hard surface flooring.

Unexpected Interest in Residential Construction Sustains Decorative Wood Panel Demand

Decorative wood panel demand is concentrated in the residential market, where these products are commonly used in such applications as cabinets and finish flooring. Growth in both residential remodeling and new home construction in the second half of 2020 and into 2021 and 2022 helped prevent losses for these products throughout the pandemic.

Although new home construction and residential renovation spending are expected to regress back toward 2019 levels near the end of the forecast period, losses will be offset as the commercial market begins to turn around from prolonged losses, particularly among such buildings as offices, healthcare facilities, and schools and universities, which are intensive users of decorative panels in cabinets and interior wall panels.

Want to Learn More?

Decorative Wood Panels, now available from The Freedonia Group, presents historical data (2009, 2014, 2018, and 2019) and forecasts for 2020, 2021, 2022, 2024 and 2029 for decorative wood panel demand in current US dollars (including inflation) and in square feet on a 3/8-inch basis. Demand is presented by product and applications.


  • hardwood plywood
  • particleboard
  • hardboard (also called high density fiberboard, or HDF)
  • medium density fiberboard (MDF)
  • low density fiberboard (softboard)


  • cabinets
  • finish flooring
  • doors and windows
  • interior paneling
  • siding

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

See our dashboard in action - schedule an demo
Chelsey Quick
Chelsey Quick
- VP Client Success -

We offer built-to-order wood & building products coverage for our clients. Contact us for a free consultation.

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.