FMI states in its recent study on the veneer-sheets that the market will record a CAGR of 2.3% by 2031. Demand for the veneer sheet is anticipated to continue surging due to the increasing investment in the tourism sector.
“With the intent of gaining an edge in a highly competitive veneer sheets market, manufacturers have been focusing on innovations and various expansion strategies.” says the FMI analyst.
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Veneer sheet Market – Important Highlights
- According to product type, wood-backed sheets are estimated to be highly sought after during the forecasted period.
- Paperbacked sheets are expected to gain traction during 2021-2031 on account of their durability.
- The construction sector will continue to be the prominent end-user of the veneer sheet.
- China is expected to lead the market in terms of sales during the projected years.
- India to exhibit a high market growth for veneer sheets during the upcoming years.
Veneer sheet Market – Drivers
- Rising urbanization in different parts of the world is creating demand for the construction industry for home décor is the key market diver for the veneer sheets.
- Government investment and rapid development of the tourism industry is contributing to the favorable market growth
- Increasing investment in the healthcare and education sector is likely to drive market growth during the forecast period.
Veneer sheet Market – Restraints
- Implementation of stringent regulations to minimize the harmful air pollutants coming from wood products is the key market restraint for
- veneer sheets.
- High production and finishing cost are likely to cause a hindrance to the growth of the market.
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COVID-19 Impact on Veneer sheet Market
The veneer sheet market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic With several end-users affected in regions like North America, Europe, and Asia-Pacific. therefore, it is anticipated that supply and demand dearth will result in a substantial drop in sales. however, the market is expected to set on a path of regaining as economies steadily stabilize.
Competitive Landscape
The veneer sheet market players are leaning towards unique innovations besides opting for strategic collaborations to attain a competitive edge. For instance, Oakwood Veneer Companies have offered a vast range of veneer sheets designed exclusively for specific applications.
A few of the key companies functioning in the global market include GREENLAM INDUSTRIES LTD., Sauers & Company Veneers, Oakwood Veneer Company, Veneer Technologies, Inc, FormWood Industries, Inc., Turakhia Overseas Pvt. Ltd., CEDAN INDUSTRIES, CENTURY PLY, Ltd, Herzog Veneers, Inc., Ltd, SR Wood, Ltd
Key Segments:
Product Type
- Paper-Backed
- Wood-Backed
- Phenolic-Backed
- Laid-Up
- Others
End Use
- Commercial
- Residential
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)