IOI Palm Wood

Name

IOI Palm Wood

Legal name

IOI Palm Wood Sdn Bhd

Website

https://ioipalmwood.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Product category

Engineered Wood Panels

NAICS

Veneer, Plywood, and Engineered Wood Product Manufacturing (3212), Engineered Wood Member Manufacturing (321215), Reconstituted Wood Product Manufacturing (321219)

SIC

Millwood, Veneer, Plywood, & Structural Wood Members (2430), Lumber & Wood Products (No Furniture) (2400)

akta.pro primary industry

Mass Timber Panels & Components (DLT, NLT, Hybrid Panels) (IMAMACAG)

akta.pro secondary industries

Hardwood Plywood & Decorative Panels Manufacturing (IMAMACAB), Engineered Wood Product Distribution & Fabrication Services (IMAMACAO)

Keywords

• Engineered wood panels
• Palm wood products
• Thermal modification lumber
• Sustainable building materials
• Biomass panel manufacturing

Headquarters

HQ city

Putrajaya

HQ country

Malaysia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Palm Panel Products Sales: Revenue generated from manufacturing and selling high-performance palm panel products including thermally modified palm lumber, blockboards, and engineered palm panels under the OnCore® brand. Production capacity of 40,000 to 80,000 cubic meters per year from 20-acre manufacturing plant.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

IOI Palm Wood manufactures high-performance engineered wood panels from oil palm trunks using its proprietary PalmCore technology. The company produces thermally modified palm lumber, blockboards, and engineered palm panels under the OnCore® brand at its 20-acre Segamat, Johor manufacturing plant, supplying furniture manufacturers, door core producers, panel board makers, and the building construction industry with lightweight, formaldehyde-free, sustainable alternatives to traditional timber.

Product overview

IOI Palm Wood operates a unified product portfolio centred on PalmCore, the core palm wood material derived from oil palm trunks. The flagship OnCore® brand encompasses three distinct sub-products: thermally modified PalmCore (palm lumber), blockboards, and engineered palm panels. These products are manufactured at the company's 20-acre facility in Segamat, Johor, with an annual production capacity of 40,000–80,000 m³, using European-sourced manufacturing technologies. The product line targets the furniture, door core, panel board, joinery, and building construction industries with high-performance, lightweight, formaldehyde-free, and climate-friendly materials.

Differentiator

Problem solved

Functional benefit

Brands

• OnCore®: Premium-grade thermally modified PalmCore, blockboards and engineered palm panels designed for high-quality palm panel solutions that are both high-performance and environmentally sustainable. OnCore® refers to the palm core of inner fibres that provide ultimate strength to the panels, similar to reinforced concrete.

Products and services

• PalmCore PalmCore is the core palm wood material derived from oil palm trunks, with density of 250-450 kg/m³, high moisture content (up to 150%), and a fibrous vascular structure with woody dark fibres embedded in a soft parenchymatous matrix. It is formaldehyde-free, lightweight, naturally knot-free, and thermally modified for structural and aesthetic applications in furniture and construction.
• OnCore® Thermally Modified PalmCore (Palm Lumber) Premium-grade thermally modified palm lumber manufactured using European-sourced thermal modification processes, designed for furniture, joinery, door core, and construction applications requiring lightweight, dimensionally stable, and formaldehyde-free material.
• OnCore® Blockboards High-performance blockboard panels manufactured from thermally modified PalmCore material, designed for furniture and door core applications requiring structural strength and dimensional stability.
• OnCore® Engineered Palm Panels Engineered palm wood panels produced using advanced processing technologies including controlled drying, lamination, and hybrid composite development, targeted at the furniture, panel board, door core, joinery, and building construction industries.

Quantifiable outcome

• Addresses multiple national priorities: accelerating replanting efforts, improving plantation hygiene, reducing Ganoderma spread, creating new green industries and employment, reducing pressure on natural forests.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• IOI Corporation BerhadcoreOthersParent company and majority shareholder. IOI Corporation Berhad is a leading global integrated and sustainable palm oil player listed on Bursa Malaysia Main Market. Provides palm oil plantation assets, raw material supply (oil palm trunks), and corporate infrastructure support.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Swiss Krono: Manufacturer of wood-based panels (OSB, MDF, particleboard, laminate flooring) for the global furniture, construction and interior design sectors. Comparable engineered panel product portfolio and B2B OEM customer model to IOI Palm Wood.
• Egger: European family-owned manufacturer of engineered wood products including particleboard, MDF, OSB, and laminate flooring for furniture, construction, and interior fit-out applications. Comparable to IOI Palm Wood in panel product portfolio and end markets, with a more established global distribution footprint.
• Binderholz: European integrated wood products company producing sawn timber, glued laminated timber, CLT, BBS, and engineered wood panels. Comparable in engineered/structural wood products focus, particularly the mass timber panels and components adjacent to IOI Palm Wood's hybrid panel development.
• Kronospan: One of the world's largest manufacturers of wood-based panels (particleboard, MDF, OSB, laminate flooring) supplying the global furniture and construction industries. Directly comparable to IOI Palm Wood in product category (engineered wood panels) and target customers (furniture OEMs, builders, distributors), though at far greater scale and geographic reach.
• Sonae Arauco: Major European producer of wood-based panels (particleboard, MDF, OSB) and engineered wood solutions serving furniture, construction, and interior design markets. Directly comparable product range and customer base, with similar B2B go-to-market through OEMs and distributors.
• Pfleiderer: European manufacturer of engineered wood panels, laminates, and surface solutions for the furniture, construction, and interior industries. Comparable in panel product category and OEM customer base, with deeper product customization capabilities developed over decades.

Broad incumbents

• Stora Enso: Global forest products major producing packaging, biomaterials, and engineered wood including CLT and LVL for construction. Comparable in engineered wood and mass timber panel categories, with a far broader product portfolio and renewable materials strategic positioning similar to IOI Palm Wood's sustainability narrative.
• Boise Cascade: North American manufacturer of engineered wood products (plywood, I-joists, LVL) and wholesale building products distribution serving residential and commercial construction. Comparable in engineered structural wood panels and B2B construction supply, though operating at far greater scale in a different geography.

Regional players

• Greenply Industries: Indian manufacturer of plywood, blockboards, MDF, and decorative wood products for furniture and interior applications. Comparable in blockboard and engineered panel categories, with a focus on emerging-market OEM customers analogous to IOI Palm Wood's target segments.
• Century Plyboards: India-based manufacturer of plywood, blockboards, MDF, particleboard, and decorative veneers serving furniture, interior, and construction markets. Comparable in blockboard and engineered panel product range, with similar B2B furniture/construction OEM model though operating in South Asia rather than Southeast Asia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ioi-palm-wood-sdn-bhd

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IOI Palm Wood