India Plywood Market Size Expands at Steady CAGR of 6.34% to Touch USD 2.25 Billion by 2029

Published | 03 November 2023

India plywood market is flourishing because of a spurring demand for plywood from an increasing number of infrastructure development projects across the country and changing interior design trends.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India plywood market size at USD 1.56 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India plywood market size to grow at a CAGR of 6.34% reaching a value of USD 2.25 billion by 2029. Major growth drivers for the India plywood market include an increasing demand for plywood and rising number of distribution networks and exclusive outlets of premium furniture manufacturers. Advanced production techniques leading to innovative plywood types like flexible plywood are driving the market expansion. The use of plywood for partitions and false ceilings in homes and offices is contributing to its promising outlook. Additionally, plywood's role in crafting lightweight, easy-to-assemble furniture and its popularity in DIY (do-it-yourself) projects further support market growth. Government housing schemes, infrastructure projects, and urbanization trends are additional growth catalysts. The demand for unique interior design accents, driven by renovations and infrastructure development among homeowners, is boosting plywood sales in India. However, price volatility and environmental concerns are anticipated to restrain the overall market growth during the period in analysis.

Plywood – Overview

Plywood, a versatile construction material, is crafted by bonding thin layers of wood veneer with robust adhesives. This composite material can incorporate softwoods, hardwoods, or a combination of both sourced from various wood species like maple, mahogany, oak, pine, cedar, spruce, and teak. Plywood is commercially available in various types, including tropical, aircraft, decorative, flexible, and marine plywood, making it suitable for a wide range of applications. Its adaptability to various interior design aesthetics is one of its key strengths. Moreover, plywood is known for its cost-effectiveness and precision in dimensions, remaining resistant to warping and damage from fluctuations in humidity. This material finds extensive use in the manufacturing of furniture, including tables, chairs, shelves, cabinets, sofa frames, beds, and stools. Plywood also plays a crucial role in constructing molds for concrete structures and serves decorative purposes, such as cladding for both interior and exterior cabinets, shelves, and storage spaces. Its high tensile strength has made it a preferred choice for creating false ceilings, contributing to the increasing demand for plywood in the Indian market.

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Impact of COVID-19 on India Plywood Market

COVID-19 pandemic had a mixed impact on the India plywood market. Lockdowns, supply chain disruptions, and reduced economic activity hindered production and distribution, causing delays and increased costs. The construction industry, a major plywood consumer, faced setbacks due to project delays and labor shortages. However, the pandemic also accelerated the adoption of e-commerce and digital platforms for buying plywood. As restrictions eased, the market witnessed a rebound in demand, driven by the increasing need for home renovations and the housing sector's recovery. Overall, while COVID-19 presented initial challenges, it also pushed the industry toward innovations and digitalization, reshaping market dynamics.

India Plywood Market – By Application

Based on application, the India plywood market is bifurcated into Residential and Commercial segments. The residential segment holds a higher share in the India plywood market by application. It can be primarily due to the consistent growth of residential construction and real estate sectors in India. The increasing urbanization and population have led to a greater demand for housing, both in terms of new construction and renovation. Plywood is a crucial material for various residential applications, including furniture, cabinets, flooring, and interior decor. Moreover, the trend of customized and aesthetically pleasing interiors in homes has increased the demand for plywood, making it a dominant segment in the Indian plywood market.

Competitive Landscape

Major players operating in the India plywood market include 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. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the India Plywood Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Plywood Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Plywood Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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