[168+ Pages Report] The demand analysis of Global Veneer Sheets Market size was valued at $3295 million in 2021 and is estimated to grow $4693 million by 2028, at a CAGR of 4.56% between 2022 and 2028, according to latest report published by Zion Market Research. The key players covered in the report are Oakwood Veneer, GREENLAM INDUSTRIES LTD., CENTURY PLY, FormWood Industries, Pearlman Veneers, Sauers & Company Veneers, Flexible Materials, Samko Timber, and others.
NEW YORK, United States, May 24, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Veneer Sheets Market By Application (Boat Interior, Landscaping, Furniture Fitting & Lining, Vehicle Interior, And Others), By Product (Wood Backed, Phenolic Backed, Paper Backed, And Others), By End-User (Residential, And Commercial), By And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Veneer Sheets Market size & share in terms of revenue was valued at USD 3295 million in 2021 and it is expected to surpass around USD 4693 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 4.56% during the forecast period 2022 to 2028.”
What are Veneer Sheets? How big is the Veneer Sheets Industry?
Veneer sheets are lean slices of bark and in most cases wood, with a width of 3 millimeters that are glued to a surface, called the substrate which generally consists of particle board, wood, or medium-density fiberboard. This combination results in the creation of cabinets, doors, furniture, or parquet floors. Veneer sheets have also found applications in marquetry, which refers to the artistic way of applying veneer sheets to any surface to act as a decorative piece, picture, or design.
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Plywood is typically made of three or more three layers of veneer sheets. Normally, each sheet is glued using grain, the longitudinal way wood fibers are found at 90 degrees adjacent to layers to provide added strength. Veneer sheet beading refers to the process of applying the material on the edges of objects to enhance the physical appearance of the product, like a jewelry box. A veneer is created by peeling the trunk of trees or by flitches, rectangular and large blocks of wood. In the market, few types of veneer sheets are readily available.
Some of them are raw, paper-backed, phenolic-backed, laid up, reconstituted, and wood on wood veneer. Raw veneer offers no backing and hence can be used on either side. However, both sides appear different when finishing is applied. Paper-backed veneer has a backing of paper and since they come in different sizes, they have gained popularity amongst consumers who do not intend on joining different veneer pieces together. Laid-up veneer refers to raw veneers joined together to create larger sheets. Reconstituted veneer is gaining momentum in tropical regions.
Global Veneer Sheets Market: Growth Factors
The global veneer sheets market is anticipated to grow due high demand for raw veneer sheets. These materials are non-toxic and biodegradable. Due to their eco-friendliness, they have become popular in recent times and a preferred choice amongst end-consumers.
Once the useful life of natural wood veneers is over, they can be recycled and converted into wood waste, which is later used to create middle-density fiberboards. Growing awareness amongst the population about the impact of consumer choices on the environment and rising efforts towards cutting down on environment-harming choices is expected to drive the demand for biodegradable veneer sheets. The use of advanced technology to manufacture high-grade veneer sheets that are cost-efficient may also attract more consumers in the coming years.
The global market is anticipated to witness some roadblocks during the growth trend due to the mass availability of substitutes like laminates. Veneer sheets are expensive and not all consumer segments can afford to spend large amounts on these materials. Since the substitutes offer relatively the same results, a large part of the population prefers to use substitutes over veneer as they also offer added benefits like resistance to water and heat damage that veneer sheets generally lack.
Opportunities & Challenges
The increasing remodeling activities may provide excellent expansion opportunities while high maintenance is expected to challenge further addition of consumers.
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|Market Size in 2021||USD 3295 Million|
|Projected Market Size in 2028||USD 4693 Million|
|CAGR Growth Rate||4.56% CAGR|
|Key Market Players||Oakwood Veneer, GREENLAM INDUSTRIES LTD., CENTURY PLY, FormWood Industries, Pearlman Veneers, Sauers & Company Veneers, Flexible Materials, Samko Timber, and others.|
|Key Segment||By Application, By Product, By End-User and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Veneer Sheets Market: Segmentation Analysis
The global veneer sheets market is segmented into application, product, end-user, and region
Based on product, the global market segments are wood-backed, phenolic-backed, paper-backed, and others. The global market witnessed high demand for wood-backed veneer sheets in 2021. This high CAGR can be attributed to the natural look provided by these sheets while also providing cost-efficiency. Wood-backed veneer sheets are non-toxic and allow for a better way of utilizing wood. On average, 12 sheets of veneer should be sufficient for a room with furniture.
Based on the end-user, the global market is divided into residential and commercial. In 2021, the global market was led by the commercial segment by a small margin over the residential sector due to the capability of commercial units to spend heavy amounts on interior designing as compared to owners of personal living space. Growing investments in the renovation and maintenance of culturally important buildings or sites were another reason for segmental growth. The Eiffel tower is known to cost around USD 1.19 billion every year for its maintenance.
The global Veneer Sheets market is segmented as follows:
- Boat Interior
- Furniture Fitting & Lining
- Vehicle Interior
- Wood Backed
- Phenolic Backed
- Paper Backed
Browse the full “Veneer Sheets Market By Application (Boat Interior, Landscaping, Furniture Fitting & Lining, Vehicle Interior, and Others), By Product (Wood Backed, Phenolic Backed, Paper Backed, and Others), By End-User (Residential, and Commercial), By and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/veneer-sheets-market
Some of the main competitors dominating the global Veneer Sheets market include –
- Oakwood Veneer
- GREENLAM INDUSTRIES LTD.
- CENTURY PLY
- FormWood Industries
- Pearlman Veneers
- Sauers & Company Veneers
- Flexible Materials
- Samko Timber
Key Insights from Primary Research:
- According to the analysis shared by our research analyst, the Veneer Sheets market is likely to expand at a CAGR of around 4.56% during the forecast period (2022-2028).
- In terms of revenue, the Veneer Sheets market size was valued at around US$ 3295 million in 2021 and is projected to reach US$ 4693 million by 2028.
- Based on application segmentation, furniture fitting & lining were predicted to show maximum market share in the year 2021.
- Based on product segmentation, wood backed was the leading product in 2021.
- On the basis of region, Asia-Pacific was the leading revenue generator in 2021.
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- Market Size & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Application, By Product, By End-User and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Asia-Pacific may generate the highest revenue in the global veneer sheets market during the projection period owing to the rising number of players in the regional market as well as strategic choices adopted by these businesses to expand their global footprint. Currently, India is one of the leading providers of interior decorating services and products. It is home to some of the largest key players. Growth in North America is projected to grow due to the US and Canada housing some of the biggest names in the furniture industry namely IKEA, Walmart, Lowe’s, and others. In the financial year 2021, IKEA announced a gross profit of 12.9 billion.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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- In August 2022, Century Ply announced the company will invest USD 9 billion to help the company expand its capacity
- In September 2022, IKEA announced its plans to strengthen its connection with shoppers in the Indian market. The company has changed its brand strategy
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