Indian Plywood Market Stimulated by Increasing Demand From Residential Sector

According to the latest report by IMARC Group, titled "Indian Plywood Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the Indian plywood market size reached US$ 4.5 Billion in 2019. Plywood refers to the material that is made by assembling three or more thin layers of wood. It forms a flat sheet, which is extremely versatile and widely utilized for a wide array of structural, exterior and interior paneling applications. Since plywood provides increased stability to a structure even under temperature and moisture changes, it is widely utilized in the construction sector for building floors, walls, and roofs. Also, plywood does not corrode, which makes it an ideal choice for various chemical works. Since it is characterized by high strength to weight ratios and cost-effectiveness, it is extensively used for applications such as formworks and furniture manufacturing. 

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Indian Plywood Market Trends:

The market is primarily driven by the growing demand for plywood from the residential sector in the country. This is facilitated by the increasing population, shifting lifestyle patterns and the increasing number of nuclear families across India. In line with this, there has been a considerable increase in the refurbishment and renovation of existing residential areas, supported by rapid urbanization, inflating disposable incomes and improving living standards of the working population. A majority of the population prefers apartments that are semi-furnished or fully furnished, owing to the associated convenience, which, in turn, is propelling the demand for plywood in the Indian market. Apart from this, numerous key players are collaborating and entering into joint ventures with regional plywood manufacturers based across India. The majority of these manufacturers are based out of areas that have an abundance of raw material supply, which ensures an assured supply of finished products at competitive prices. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 5.93 Billion by 2025, expanding at a CAGR of 4.3% during 2020-2025.

Market Summary:

• On the basis of the sector, the market has been bifurcated into organized and unorganized segments.
• Based on the application, the market has been divided into commercial and residential segments. Amongst these, the residential sector exhibits a clear dominance in the market, accounting for the majority of the total market share.
• The market has been segmented into new construction and replacement applications.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

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