The decorative veneer industry in India has witnessed significant growth, driven by increasing demand for aesthetically appealing and customized interior solutions. Factors such as urbanization, rising disposable income, and a growing focus on interior design have contributed to the industry’s expansion, with a diverse range of veneer options catering to various consumer preferences and trends.
NEWARK, Del, Dec. 06, 2023 (GLOBE NEWSWIRE) — India decorative veneer business 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 Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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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.
Research Scope of India Decorative Veneer Industry
| Attribute | Details | |
| Estimated Business Size (2023) | US$ 249.7 million | |
| Projected Business Value (2033) | US$ 376.3 million | |
| Anticipated Growth Rate (2023 to 2033) | 4.2% | |
| Historical Data | 2018 to 2022 | |
| Forecast Period | 2023 to 2033 | |
| Quantitative Units | Value (US$ million) and Volume (Th. Sq. ft.) | |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis | |
| Segments Covered |
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| Regions Covered |
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| Key States Covered |
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| Key Companies Profiled |
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More Insights into the India Decorative Veneer Business Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the India decorative veneer business, 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 the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘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, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Related Research Reports on Chemicals & Materials: Navigating Industry Developments
The USA and Canada teak veneer sheet market value is set to increase from US$ 60.1 million in 2023 to US$ 86.0 million by 2033. Overall teak veneer sheet sales in the USA and Canada market will rise at 3.6% CAGR through 2033.
The veneer sheets market size is estimated to be valued at US$ 42 billion in 2023 and is expected to be valued at US$ 55 billion by 2033. The adoption of veneer sheets is likely to advance at a CAGR of 2.7%.
Over the next ten years (2023 to 2033), veneered panel sales in the United Kingdom are set to surge at 6.0% CAGR. Total market value is projected to reach US$ 495.5 million by 2033.
The wood coatings market is anticipated to garner a modest strength with a CAGR of 5.9% from 2022 to 2032.
Growth in wood preservative coatings industry is expected to be driven by a rebound in residential and construction industry, which in turn will benefit the key applications in which wood preservatives and coatings are used such as furniture, decking and siding.
About Future Market Insights (FMI)
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