Market Research Logo

India Particle Board Market - Segmented by Application and Raw Material - Growth, Trends, and Forecast (2018 - 2023)

India Particle Board Market - Segmented by Application and Raw Material - Growth, Trends, and Forecast (2018 - 2023)

The India particle board market is expected to witness a CAGR of 11.13%, over the forecast period (2018 - 2023). The market is driven by the increasing demand for furniture in office space and hospitality sectors. In addition, the upcoming construction and infrastructure projects will increase the demand for particle board in future.

Increase in the Demand for Furniture in Office Space and Hospitality Sectors

Office space leasing in the country has increased by about 10%, crossing over 20 million sq. ft. in the first half of 2018. Office leasing in top eight cities increased by 60% between 2013-17. With the demand from technology, e-commerce companies, and banking-financial services, the office space requirement in India is significantly rising, resulting in the construction of new offices. Bengaluru city is leading the office demand and supply activity in the country. According to CBRE (Commercial Real Estate Services), commercial office stock in the country is expected to reach 600 million sq.ft by the end of 2018. Around 20% hike in two years, and nearly 11 million sq. ft. of space was occupied by companies in the top eight markets.

The hospitality sector (hotels, lodges, etc.) is growing rapidly in terms of revenue, due to an increase in the consumer spending of individuals and number of tourists (both domestic and foreign combined) visiting all states in India. In addition, the requirement for furniture in the hotel rooms is increasing significantly, owing to the rise in number of hotel rooms from the past decade. In 2017, the number of hotel rooms increased by 4.92% over 2016, reaching 119,200 hotels in the country. Thus, all the aforementioned factors are expected to drive the Indian particle board market’s growth during the forecast period.

Furniture - A Huge Market Potential

Particle boards have numerous uses in the furniture industry, which experienced high demand from residential and commercial sectors. Plain particle boards are used in interior applications, such as beds, storage units, wardrobes, computer tables, bookshelves, shoe racks, and television cabinets. Wood veneer particle boards are used in kitchen cabinets, storage units, tabletops, countertops, wardrobes, and dressing units, due to their durability and better performance in moist environment, as compared to plain particle boards. According to the joint report by the CREDAI and JLL, the Indian real estate sector is estimated to be worth USD 180 billion by 2020, and contribution of the residential segment to the country’s GDP is expected to be 11%. The construction of buildings and residential houses have increased significantly due to the growth of Indian construction sector. With the government support regarding the intention to provide employment and create jobs for the individuals in the country, many startup companies are being started, resulting in the increasing number of offices. In June 2018, the Prime Minister of India, Narendra Modi, announced that funds of INR 10,000 crore were created to ensure INR 1 lakh crore funding for startups.The aforementioned factors impact the demand for furniture in residential houses and offices in the country, in turn, affecting the demand for particle boards during the forecast period.

Key Developments in the Market

- June 2017- CenturyPly marked out capex plan of INR 282 crore in the next two years, for its various expansion projects. It also invested INR 60 crore in particle board.

Major Players -Associate Décor Ltd., Shirdi Industries Ltd., Green land Particle boards, CenturyPly, and Archidply, among others.

Reasons to Purchase the Report

- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Region that is expected to witness the fastest growth during the forecast period
- Identify the latest developments, market share, and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in Excel)

Customization of the Report

- This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.

1. Introduction
1.1 Scope of the Report
1.2 Study Assumptions
1.3 Study Deliverables
1.4 Research Phases
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness- Porters Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products and Services
3.2.5 Degree of Competition
3.3 Trade Analysis
4. Market Dynamics
4.1 Market Drivers
4.1.1 Increasing Demand for Furniture in Office Space and Hospitality Sectors
4.2 Market Restraints
4.2.1 Threat of Medium Density Fiberboard as a Substitute
4.3 Market Opportunities
4.3.1 Upcoming Construction and Infrastructure Projects
5. Market Segmentation & Analysis (Market Size, Growth and Forecast)
5.1 By Application
5.1.1 Construction
5.1.2 Furniture
5.1.3 Infrastructure
5.1.4 Others
5.2 By Raw Material
5.2.1 Wood Sawdust Shavings Flakes Chips
5.2.2 Bagasse
5.2.3 Others
6. Future of the Market
7. Competitive Landscape
7.1 Mergers, Acquisition, Joint Ventures, Collaborations and Agreements
7.2 Market Share Analysis**
7.3 Strategies Adopted by Leading Players
8. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
8.1 Archidply
8.2 Associate Decor Ltd.
8.5 EverGreen Boardlam Pvt. Ltd.
8.6 FERO
8.7 Green land Particle boards
8.8 Krifor Industries
8.10 Shirdi Industries Ltd.
8.11 The Decorative Laminates (India) Pvt. Ltd.
8.12 Wonder Panel Products
*List not exhaustive
9. Disclaimer
**Subject to availability on public domain

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report