According to the latest report by IMARC Group, titled “Indian Plywood Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the Indian plywood market size reached INR 243.9 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 344.2 Billion by 2027, exhibiting a CAGR of 5.97% during the forecast period (2022-2027).
- Based on the application, the market has been divided into commercial and residential segments. Amongst these, the residential sector accounts for more than half of the total market share.
- On the basis of the sector, the market has been bifurcated into organized and unorganized sectors.
- The market has also been categorized into new construction and replacement applications.
- Region-wise, the market has been segmented into North India, East India, West and Central India, and South India.
- The competitive landscape of the market has also been examined, with some of the key players being Century Plyboards India Ltd., Mangalam Timber Products Ltd., ASIS - Shirdi Industries Ltd., Action TESA, and Greenply Industries Ltd.
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