The India decorative veneer market value is expected to increase from US$ 249.7 million in 2023 to US$ 376.3 million by 2033. Over the assessment period, demand for decorative veneers in India is projected to surge at a CAGR of 4.2%.
India’s decorative veneer business is experiencing significant growth, and its trajectory suggests reaching unprecedented heights in the foreseeable future. This surge is attributed to the industry’s diverse wood species offering and the continuous exploration of innovative applications, creating a dynamic and evolving landscape.
The thriving residential sector in India is expected to play a key role in driving sales of decorative veneers. This is because decorative veneers are widely used to add a touch of elegance, style, and sophistication to residential spaces.
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Veneers can be applied to various types of furniture, including tables, chairs, cabinets, and dressers. They can transform plain furniture into stylish and visually appealing pieces. They enhance the appearance of dining tables, creating a stylish setting for meals and gatherings.
The shift in design preferences and consumer behavior within the residential domain will further drive decorative veneer demand in India. Decorative veneers find usage in several applications, including wall paneling, furniture, and flooring.
The business exhibits remarkable resilience and a commitment to innovation. Adapting to environmental challenges and consistently evolving consumer preferences, the decorative veneer sector positions itself for sustained growth.
Ongoing efforts in research and sustainable practices underscore the industry’s commitment to remaining at the forefront of design trends and meeting dynamic consumer needs. Key players are expected to introduce new products to gain maximum profits.
Key Takeaways from the Report
- India decorative veneer business is projected to thrive at 4.2% CAGR through 2033.
- By wood species, the teak segment is expected to reach a total valuation of US$ 197.4 million in 2033.
- Based on end-use industry, the residential segment is set to hold a share of 57.2% in 2023.
- Based on end-use industry, the commercial segment is set to thrive at a CAGR of 4.1% through 2033.
- West India is expected to account for a significant share of around 31.9% in 2033.
“India decorative veneer business 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 an Analyst at Future Market Insights (FMI).
Who is Winning?
Greenlam Industries Ltd., Century Ply, Natural Veneers (TURAKHIA OVERSEAS PRIVATE LIMITED – TOPL), and Central India Veneer Private Limited are the leading manufacturers of India decorative veneers listed in the report.
Key players are focusing on expanding domestic production and offering cost-efficient solutions to consumers. They are also adopting strategies like acquisitions, agreements, mergers, partnerships, and collaborations to expand their footprint.
Recent developments:
- In 22 2022, Greenlam Industries acquired the laminate manufacturing facility of Gujarat-based Bloom Dekor in a US$ 4.3 million deal.
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More Insights into the India Decorative Veneer Industry
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the India decorative veneer industry, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033.
To understand the business potential, growth, and scope, the industry is segmented based on wood-species (oak, maple, walnut, teak, mahogany, others), end-use industry (residential, commercial, hospitality and tourism, marine, and automotive), and region (North India, South India, West India, East India, Central India).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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