Increasing income drives demand
The Indian plywood market is expected to reach US$5.7 billion by 2024, up from US$4.4 billion in 2018, a report by ResearchAndMarkets said on 26 August 2019.
The industry grew by 4.8% during 2011-18, according to the report “Indian Plywood Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”.
In the past decades, the expenditure on furniture has increased as a result of increasing incomes, urbanisation, investment in real estate, western influence, etc.
Moreover, the introduction of new designs and diverse product range of furniture have further helped in creating a demand among the consumers, noted the report.
Expanding distribution network and exclusive outlets of furniture manufacturers in the region has also helped in influencing the market for plywood.
On the basis of end-use, the market is segmented as commercial and residential. The residential sector is the largest consumer for Indian plywood, accounting for more than half of the total shares.
The report has also analysed the market on the basis of competitive landscape and provides the details of the key players. Some of the major players are Greenply, Century Plyboards Limited, Merino, Kitply, Uniply, etc. fiinews.com
