28/08/2018
Plywood is manufactured by assembling thin layers of wood veneers bonded together using powerful adhesives. Softwoods, hardwoods, or a combination of the two is used, such as several varieties of maple, mahogany, oak, pine, cedar, spruce, etc., in the production of plywood for various applications. Softwood plywood sheets are designed for installation on the exterior of a structure, whereas, hardwood plywood is used for manufacturing furniture and other interior applications. In India, plywood is mostly used for the manufacturing of furniture, accounting for two-thirds of the wood consumption. The latest report by IMARC Group titled, “Indian Plywood Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the Indian plywood market reached a value of US$ 4.2 Billion in 2017, growing at a CAGR of nearly 5% during 2010-2017.
In the past decades, the expenditure on furniture has increased as a result of increasing incomes, urbanization, investment in real estate, western influence, etc. Moreover, the introduction of new designs and diverse product range of furniture have further helped in creating a demand among the consumers. Expanding distribution network and exclusive outlets of furniture manufacturers in the region has also helped in influencing the market for plywood. Owing to this, the market is further expected to reach a value of US$ 5.5 Billion by 2023.
Read more at: https://www.imarcgroup.com/indian-plywood-market