India Plywood Market Outlook

the demand for india plywood market has seen a steady rise in the past couple of years due to the growing popularity of wood-based panel products and changing building needs of indian consumers. the plywood industry in india is one of the largest in the world and growing with an enormous rate. the growing demand of plywood in india is mainly due to its wide range of uses, which makes it a staple in most household projects. plywood is used for a variety of purposes such as furniture, walls, cabinets and other decorative items, thus making it an essential commodity. it is particularly a popular choice for furniture makers as plywood is highly durable, which makes it easy to cut and shape into intricate designs. apart from furniture making, plywood is also used in construction and manufacturing of doors, windows and other household items. moreover, its strength and rigidity make it a highly preferred choice of material for making boat hulls, containers and other industrial and agricultural products. in terms of market size, the indian plywood market is estimated to be worth $3.5 billion in 2018 and is expected to grow at a compound annual growth rate (cagr) of 11.5% between 2018 till 2032, according to a report by industryarc. the report credits this growth to increasing construction activity, rising urbanization, improved access to credit and availability of better quality products in the market. in order to meet the growing demand of plywood in india, there has been a gradual increase in the number of manufacturers in the country. major players in the market include centuryply, greenply, bondply, kitply, duroply, malvent, merino, and winply, among others. these companies have invested in advanced technology and product innovation, which has resulted in increased demand for their products. looking ahead, it is likely that the plywood market in india would continue to witness substantial growth over the next decade, driven by robust economic growth, increasing urbanization and rising demand for wood-based products in the country. various forces such as changing lifestyle, rapid industrialization and increased adoption of plywood in different sectors will further shape the growth trajectory of the market over the coming years.