The global economic and industrial disturbances of 2020 have impacted many sectors, including plywood. As the sector looks to recover, the question arises: how will it rebound and survive during the crisis? The answer may lie in a possible surge in demand and positive consumer behavior.
India’s plywood market is expected to dominate the furniture market, with the demand for wooden furniture increasing rapidly. India boasts diverse tree species, and the wooden furniture industry uses both indigenous and imported wood to sustain.
The Indian market for plywood is highly competitive due to the presence of numerous small and local manufacturers, which account for a significant share of production. While both Southern and Northern India have high demand for furniture products, the majority of manufacturers and distribution networks exist in the South. Wudlay Ply, based in Yamunanagar, Haryana in Northern India, has expanded its network by delivering quality plywood across the country.
Wudlay Ply is a leading supplier of a wide range of plywood products, including commercial plywood, calibrated plywood, flush doors, block doors, and marine plywood. Among these, calibrated plywood stands out as one of the most durable and robust varieties, presenting manufacturers with a plethora of opportunities to innovate and meet the growing demand in the furniture market.
Modular furniture has created numerous opportunities for wooden furniture and hardware manufacturers to provide value to their customers. As furniture designers consider various factors like plywood thickness, quality, functionality, aesthetics, and value, calibrated plywood has become the material of choice for many luxurious wood-based products.
In the Indian market, the demand for calibrated plywood is primarily driven by the residential sector, surpassing even the commercial sector. The surge in demand can be attributed to the fact that people are using calibrated plywood in the construction of cupboards, kitchen cabinets, modular kitchen surfaces, sofa sets, dining sets, chairs, beds, wooden decor, and more, making it a versatile and in-demand material.
The demand for engineered wooden furniture is set to rise in metropolitan cities like Delhi, Bangalore, Mumbai, and other major urban areas, thanks to the booming demand and supply chain.
The last few years have seen a surge in residential real estate due to the increasing population and a need for affordable housing options. This trend is likely to continue and play a crucial role in the future of calibrated plywood in the Indian market.
In 2018, the Indian plywood market was valued at around 2.5 billion USD, with unorganized players accounting for more than 70% of the market share. Calibrated plywood is the preferred wood for making furniture in India due to its durability, which makes it suitable for various furniture and wood panel applications.
While calibrated plywood faces competition from Bamboo Material Boards (BMB) in the Indian market, Wudlay Ply stands out as a major supplier and manufacturer of calibrated plywood with advanced technology, making it a leading player in the organized plywood market in India.
However, traditional types of wood such as teak, sandalwood, sheesham, ebony, walnut, sal, red cedar, and rosewood remain popular in the Indian furniture industry, and it may take some time for calibrated plywood to become a pervasive choice for every home.
The Indian furniture market is shifting from the unorganized sector to the organized industry to keep up with the fast-paced changes. The key states for the wood furniture market in India are Kerala, Punjab, Andhra Pradesh, Uttar Pradesh, and West Bengal.
Calibrated plywood is gaining popularity in Indian cities due to the rise in demand for ready-to-assemble furniture. The convenience of online shopping is also driving the growth of modular and multifunctional furniture in the home decor market.
The demand for calibrated plywood is increasing due to its excellent acceptance and awareness among users. Recent market research suggests that users are seeking calibrated plywood due to its ability to showcase costly decorative surfaces or new coatings that make furniture look beautiful.
Plywood manufacturers in Yamunanagar (Haryana), Punjab, Gujarat, Kolkata, Karnataka, and other regions are expanding their manufacturing processes by introducing new equipment such as cold press, calibration machines, thickness control equipment, and core composers. This segment is experiencing significant growth potential that can be leveraged to add value to businesses.
The expenditure on furniture and home decor has increased due to rising incomes, urbanization, real estate investments, western influences, and other factors. The introduction of new designs and diverse product ranges has further fueled consumer demand. Furniture manufacturers’ expanding distribution networks and exclusive outlets have influenced the market for plywood.
The demand for calibrated plywood is paving the way for a better empire and network in the future. It will be cost-effective and popular, opening up opportunities for various entrepreneurs, local manufacturers, and consumers. From an economic perspective, it will drive the nation forward with revenue growth and pervasive business dominance.
Many market experts predict a dramatic growth rate for the plywood sector in the next 5-10 years, which will be a significant demand factor responsible for this growth.
