Actual plywood is made of thin layers, or veneers, of wood in layers with alternating perpendicular grain directions. Plywood is one of the best sheet goods to use where moisture is present. In particular, marine grade plywood is made with waterproof glue. This makes plywood one of the best choices for countertops that feature sinks. It can be laminated or veneered and is lighter than most other sheet goods. It comes in sheets of 4-by-8 feet.
MDF is made of refined pine and eucalyptus dust bound together with a synthetic resin. It is highly consistent and makes a good backer board for wall panels and other items that will not be exposed to weather or direct moisture. MDF is not ideal for areas that may experience blunt impact, since it is brittle. It can be laminated and veneered. MDF also takes paint and stain well. A water-resistant type of MDF known as Medex is available from some manufacturers. It also has fire-retardant properties.
Chipboard is made of large, rough flakes of wood pressed into a sheet. The rough surface makes it difficult to veneer or laminate. It is more moisture resistant than some other types of plywood. Chipboard is a good backer for bulletin board cork or for temporary installations. It is very brittle and does not survive impact well. It is not suitable for most other types of backing.
Particleboard is between chipboard and MDF in terms of refinement. It is made of sawdust, pressed together with a glue binder. It is highly susceptible to moisture and will crumble if it gets damp. The surface is smoother than chipboard and can be laminated or veneered. It works well as a backer for applications that will not be handled or impacted often.
Masonite is the name brand most often associated with this product, as it was the name of the original hardboard. Hardboard is made from a wood pulp, formed and pressed with steam into very hard-surfaced panels. Hardboard is found typically in thin sheets of 1/8-inch to 1/4-inch thick. These thin sheets are fairly flexible, making them good backers for curved surfaces. Hardboard is not susceptible to moisture and can be laminated or veneered.