The decorative veneer industry in India has seen significant growth due to the increasing demand for aesthetically appealing and customized interior solutions. Factors such as urbanization, increasing disposable income and a growing focus on interior design have contributed to the expansion of the industry, with a variety of veneer options catering to various consumer preferences and trends.
NEWARK, Del., Dec. 06, 2023 (GLOBE NEWSWIRE) — The decorative veneer business value in India is expected to grow from US $249.7 million in 2023 to US $376.3 million until 2033. During the assessment period, demand for decorative veneers in India projected to grow at a CAGR of 4.2%.
The decorative veneer business of India is witnessing significant growth and its trajectory suggests that it will reach unprecedented heights in the near future. This rise is attributed to the variety of wood species offered by the industry and the constant exploration of innovative applications, creating a dynamic and evolving landscape.
The booming residential sector in India is expected to play a key role in increasing sales of decorative veneers. This is because decorative veneers are widely used to add a touch of elegance, style and sophistication to home spaces.
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Veneers can be applied to various types of furniture such as tables, chairs, cabinets and bedside tables. They can transform plain furniture into elegant and visually appealing pieces. They enhance the appearance of the tables, creating an elegant setting for meals and gatherings.
The change in design preferences and consumer behavior in the residential sector will further increase the demand for decorative veneers in India. Decorative veneers find use in many applications, including wall cladding, furniture and flooring.
The business demonstrates remarkable resilience and commitment to innovation. Adapting to environmental challenges and constantly evolving consumer preferences, the decorative veneer industry is positioned for continued growth.
Continuous efforts in research and sustainable practices underline the industry’s commitment to stay at the forefront of design trends and meet the dynamic needs of consumers. Key players are expected to introduce new products to gain maximum profits.
Highlights from the report
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The decorative veneer business in India is expected to thrive 4.2% CAGR to 2033.
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By wood type, the teak segment is expected to reach its overall valuation 197.4 million US dollars in 2033.
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Based on the end-use industry, the residential segment is set to hold a share 57.2% in 2023.
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Based on the end-use industry, the commercial segment is set to thrive at CAGR 4.1% until 2033.
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Western India is expected to account for a significant share of approx 31.9% in 2033.
“The decorative veneer business in India is poised to grow steadily due to expanding real estate and industrial sectors and increasing emphasis on improving the aesthetic appeal of home interiors.” says Nikhil KaitwadeAssociate Vice President at Future Market Insights (FMI).
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Who wins?
Greenlam Industries Ltd., Century Ply, Natural Veneers (TURAKHIA OVERSEAS PRIVATE LIMITED – TOPL) and Central India Veneer Private Limited are the leading Indian decorative veneer manufacturers listed in the report.
Key players are focused on expanding domestic production and offering cost-effective solutions to consumers. They are also adopting strategies such as acquisitions, deals, mergers, partnerships and collaborations to expand their footprint.
Recent developments:
Research Scope of Decorative Veneer Industry of India
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Feature |
Details |
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Estimated Business Size (2023) |
249.7 million US dollars |
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Projected Enterprise Value (2033) |
376.3 million US dollars |
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Expected growth rate (2023 to 2033) |
4.2% |
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Historical data |
2018 to 2022 |
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Prognostic period |
2023 to 2033 |
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Quantitative Units |
Value (Million USD) and Volume (Th. Sq. ft.) |
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Report Coverage |
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Price Analysis |
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Covered sections |
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Covered Areas |
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Key states covered |
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Profiles of key companies |
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More information on the India Decorative Veneer Business Exhibition
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the decorative veneer business in India, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033.
To understand business potential, growth and scope, the industry is segmented on the basis of wood species (oak, maple, walnut, teak, mahogany, others), end-use industry (residential, commercial, hospitality and tourism, marine , and automotive) and the region (North India, South India, Western India, East India, Central India).
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials The Future Market Insights (FMI) segment offers a distinct and accurate analysis of the chemicals and materials industry. This comprehensive coverage spans from commodities, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular, with particular emphasis on ‘green alternatives, recycling and renewable technology developments, assessment supply-demand-trade’. Our research studies serve as reference in market guidelines for chemical manufacturers, research institutions, channel partners and government agencies for development – “The Way Forward”.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments mainly in Automotive, Chemicals, Industrial Equipment, Oil & Gas and Services industries.
His core competency revolves around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competitive mapping and market feasibility analysis. His expertise also extends broadly beyond analytics, advising clients on identifying growth opportunities in established and niche market segments, investment/divestment decisions and market entry decisions.
Nikhil holds an MBA in Marketing and IT and a degree in Mechanical Engineering. Nikhil has authored many publications and reported in magazines such as EMS Now, EPR Magazine and EE Times.
Related Research Reports for Chemicals & Materials: Navigating Industry Developments
The US and Canada Teak Veneer Sheet Market Value is set to grow from USD 60.1 million in 2023 to USD 86.0 million by 2033. The total sales of teak veneer sheets in the US and Canada market will grow at a CAGR of 3.6% by 2033.
The market veneer sheet size is estimated to be valued at USD 42 billion in 2023 and is expected to be valued at USD 55 billion by 2033. The adoption of veneer sheets is likely to progress at a CAGR of 2.7%.
Over the next ten years (2023 to 2033), veneer panel sales uk are set to grow at 6.0% CAGR. The total market value is projected to reach US$ 495.5 million by 2033.
The purchase of wood coatings is expected to gather a moderate strength with a CAGR of 5.9% from 2022 to 2032.
Development in wood preservative coatings industry is expected to be driven by a recovery in the housing and construction industry, which in turn will benefit key applications in which wood preservatives and coatings are used, such as furniture, flooring and siding.
About Future Market Insights (FMI)
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