Indian Plywood Market to Reach INR 372.5 Billion by FY 2032-33, Propelled by Increasing Demand for Furniture

According to the latest report by IMARC Group, titled “India Plywood Market Report by Sector (Organized, Unorganized), Product Type (Marine Ply, Commercial Ply), Application (Residential, Commercial), Consumer Price (Less than INR 60 per Sq. Ft., INR 60-79 per Sq. Ft., INR 80-94 per Sq. Ft., INR 95-104 per Sq. Ft., INR 105-115 per Sq. Ft., Above INR 115 per Sq. Ft.), Dealer Price (Less than INR 60 per Sq. Ft., INR 60-79 per Sq. Ft., INR 80-94 per Sq. Ft., INR 95-104 per Sq. Ft., INR 105-115 per Sq. Ft., Above INR 115 per Sq. Ft.), and State FY 2024 to FY 2032,” the Indian plywood market size reached INR 222.3 Billion in FY 2023-24. Plywood is an engineered wood product made up of multiple layers of thin wood veneer, which are glued together with wood grains of adjacent layers rotated at a 90-degree angle. It offers several advantages such as reusability, flexibility, resistance to chemicals and fire, ease of installation, and increased stability under temperature and moisture changes. As a result, plywood is widely utilized in the construction sector for building floors, roofs, furniture, doors, interior walls, and external cladding.

Indian Plywood Market Trends:

The market is primarily driven by the increasing demand for furniture from the residential sector on account of rapid urbanization, shifting lifestyle patterns, and the increasing number of nuclear families across India. Moreover, as majority of the population prefers semi-furnished or fully furnished houses, there has been significant increase in the refurbishment and renovation of existing residential areas, which, in turn, is escalating the demand for plywood in the Indian market. This, coupled with the inflating disposable incomes and improving living standards of the working population, are positively influencing the market growth. Besides this, several key players are introducing new designs and innovative variants of furniture to increase their consumer base. Furthermore, rapidly expanding distribution networks and reduced manufacturing costs are also creating a positive market outlook across the country. Looking forward, IMARC Group expects the market value to reach INR 372.5 Billion by FY 2032-33, exhibiting a CAGR of 5.7% during FY 2024-25 to FY 2032-33.

Market Summary:

• On the basis of the sector, the market has been bifurcated into organized and unorganized sectors.
• Based on the product type, the market has been categorized into marine and commercial ply.
• Based on the application, the market has been divided into commercial and residential segments.
• On the basis of consumer price, the market has been segmented into less than INR 60 per Sq. Ft., INR 60-79 per Sq. Ft., INR 80-94 per Sq. Ft., INR 95-104 per Sq. Ft., INR 105-115 per Sq. Ft., and above INR 115 per Sq. Ft.
• Based on dealer price, the market has been divided into less than INR 60 per Sq. Ft., INR 60-79 per Sq. Ft., INR 80-94 per Sq. Ft., INR 95-104 per Sq. Ft., INR 105-115 per Sq. Ft., and above INR 115 per Sq. Ft.
• Region-wise, the market has been segmented into North India (Delhi NCR, Uttar Pradesh, Rajasthan, and Punjab, Haryana, Himachal Pradesh and Jammu & Kashmir), West and Central India (Maharashtra and Goa, Gujarat, Dadra and Nagar Haveli and Daman & Diu, and Madhya Pradesh and Chhattisgarh), South India (Tamil Nadu and Puducherry, Andhra Pradesh, Kerala and Lakshadweep, Karnataka, and Telangana), and East India (West Bengal and Andaman & Nicobar Islands, Orissa, Jharkhand, Bihar, and Northeastern States). 
• The competitive landscape of the market has also been examined, with some of the key players being Archid Ply, Austin Ply, Century Plywood, Duro Ply, Gattani Plywood, Green Ply, Green Panel, Kajaria Ply, Kit Ply, Merino Industries Limited, Oswin Plywood Prestige Ply, Saburi Ply, Trojan Ply, and Uni Ply.

Report Scope:

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