Research Nester has released a report titled “India Plywood and Laminates Market –Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the India plywood and laminates market in terms of market segmentation by product, application, end user, usability, sector and by zones.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The India plywood and laminates market is segmented by product into plywood and laminates, out of which, plywood is anticipated to hold the largest market share and is anticipated to expand at a CAGR of 4.55% over the forecast period, i.e. 2019-2027. Used as an alternative for wood-based products in commercial and residential applications, plywood is made up from sheet of wood veneer and are available in different types including waterproof, decorative and other commercial types. Additionally, the laminate segment is anticipated to attain an absolute $ opportunity of USD 676.2 million during the assessment period, i.e. 2018-2027.
The India plywood and laminates market is also segmented by application into furniture, building interior & construction, packaging and others, out of which, furniture segment is anticipated to hold the largest market share and attain a CAGR of 4.97% during the forecast period owing to the demand for plywood and laminates in the manufacturing of furniture. Additionally, the building interior & construction segment is anticipated to grow with the highest CAGR of 5.61% and attain an absolute $ opportunity of USD 813.6 million during the assessment period.
The India plywood and laminates market is anticipated to achieve a CAGR of 4.83% during the forecast period. Factors such as rising focus of the government for low cost housing and infrastructure development, growing construction and furniture industry, increasing demand for plywood and laminates from end user industries, growing urbanization and change in tax reforms are considered to promote the growth of the India plywood and laminates market. The India plywood and laminates market was valued at USD 4790 million in the year 2018 is slated to reach USD 7323.3 million in 2027.
Increasing Urbanization in India
In the statistics by the Ministry of Housing and Urban Affairs, Government of India, 31.16% of the total population (as per the population census of 2011) are in urban areas.
Increasing urbanization in the country is considered as one of the key factors which is raising the demand for plywood and laminates and in turn is promoting the growth of the furniture and construction industry. People shifting to urban areas from rural areas is anticipated to raise the demand for furniture, backed by the increase in economic stability. Additionally, lowering replacement cycle of old furniture will need an improvement in the production scale of the manufacturers of furniture, which is also anticipated to drive the growth of the India plywood and laminates market. The market is also anticipated to be driven by the change in tax reforms by the implementation of goods and services (GST) tax, which is lowering the difference in price between the organized and unorganized sectors. Such factors are anticipated to drive the growth of the India plywood and laminates market.
However, concerns regarding the challenges faced with the unavailability of certain raw materials used in the manufacturing of plywood and laminates, which is raising the overall production cost of the manufacturer, is anticipated to limit the growth of the India plywood and laminates market.
This report also provides the existing competitive scenario of some of the key players of the India plywood and laminates market, which includes company profiling of Greenlam Industries Limited (NSE: GREENLAM), Greenply Industries Limited (NSE: GREENPLY), Century Plyboards (I) Limited (NSE: CENTURYPLY), Uniply (NSE: UNIPLY), Duroply Industries Limited (BOM: 516003) and National Plywood Industries Ltd (BOM: 516062). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the India plywood and laminates market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.