Particle board and plywood are composed of pieces of wood products that have been pressed and glued together. Although they are popular siding materials for storage units, they are not most people's first choice in regions where it rains a lot. For if water does work its way into these products (a possibility enhanced by their composite nature), then you're lost.
If you want to go a step further and separate your tools, you'll need to get a bit more creative. One way is to utilize PVC pipe to make containers for your tools by attaching to two pieces of wood and hanging that from the wall. Another solution is to utilize a pegboard for your larger items as well, as they can hang from hooks similarly to smaller items.