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India Particle Board Market Size (2024 - 2029)

The India Particle Board Market is projected to experience significant growth over the forecast period, driven by increasing demand in the furniture sector, particularly within office and hospitality industries. Despite challenges posed by the COVID-19 pandemic, which disrupted production and supply chains, the market has shown resilience and positive growth, supported by the expanding construction industry. However, the presence of substitutes like medium-density fiberboard may pose challenges to market expansion. Future opportunities are anticipated with upcoming construction and infrastructure projects across the country.

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Market Size of India Particle Board Industry

India Particle Board Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 0.64 Billion
Market Size (2029) USD 1.14 Billion
CAGR (2024 - 2029) 12.15 %
Market Concentration Medium

Major Players

India Particle Board Market Major Players

*Disclaimer: Major Players sorted in no particular order

India Particle Boards Market Analysis

The India Particle Board Market size is estimated at USD 0.64 billion in 2024, and is expected to reach USD 1.14 billion by 2029, growing at a CAGR of 12.15% during the forecast period (2024-2029).

The COVID-19 situation in the country adversely affected the manufacturing companies' business operations by the interruption in production, supply chain disruption, unavailability of personnel, closure/lockdown of production facilities, raw material availability, etc. The market saw positive growth in 2021 due to the growing construction industry and is expected to see growth in demand for particle boards in various applications in the coming years.

  • The factors driving the market's growth are increasing demand for furniture in the office space and hospitality sectors.
  • The availability of substitutes such as medium-density fiberboard (MDF) will likely restrict the market growth.
  • Upcoming construction and infrastructure projects in the country are likely to act as an opportunity in the future.

India Particle Boards Industry Segmentation

Particle board, also known as fiberboard, is an engineered material made of separate fibers. Fiberboards are generally made of engineered wood, either hard or softwood. The wood is mixed with wax and resin binders by applying high pressure and temperature. The Indian particle board market is segmented by raw materials and applications. By raw material, the market is segmented into wood, bagasse, and other raw materials. By applications, the market is segmented into construction, furniture, infrastructure, and other applications. For each segment, the market sizing and forecasts have been done based on value (USD million).

Raw Material
Wood
Sawdust
Shavings
Flakes
Chips
Baggase
Other Raw Materials
Application
Construction
Furniture
Infrastructure
Other Applications
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India Particle Board Market Size Summary

The India particle board market is poised for significant growth, driven by increasing demand in the construction and furniture sectors. As a cost-effective material made from waste wood, particle boards are gaining traction in various applications, particularly in residential and commercial furniture manufacturing. The market's expansion is supported by the burgeoning construction industry and the rising need for office and hospitality furniture. Despite challenges such as supply chain disruptions and competition from substitutes like medium-density fiberboard, the market is expected to benefit from upcoming infrastructure projects and investments in the hospitality sector. The particle board sector, while under-penetrated compared to plywood and laminate, holds substantial potential within the Indian wood panel market.

The market landscape is characterized by a mix of established players and new entrants, with companies like Century Prowud and Archidply Decor Ltd. leading the charge. Recent investments in new manufacturing facilities by key players indicate a strategic focus on increasing production capacity to meet growing demand. The Indian particle board market, though currently holding a minor global share, is set to capitalize on the country's economic growth and urbanization trends. With significant investments in projects like the Gujarat International Finance Tec-City and the expansion of retail giants like IKEA, the market is well-positioned for robust growth in the coming years.

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India Particle Board Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand for Furniture in the Office Space and Hospitality Sectors

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Threat of Medium-density Fiberboard (MDF) as a Substitute

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

    5. 1.5 Trade Analysis

    6. 1.6 Production Capacities (by Manufacturers)

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Raw Material

      1. 2.1.1 Wood

        1. 2.1.1.1 Sawdust

        2. 2.1.1.2 Shavings

        3. 2.1.1.3 Flakes

        4. 2.1.1.4 Chips

      2. 2.1.2 Baggase

      3. 2.1.3 Other Raw Materials

    2. 2.2 Application

      1. 2.2.1 Construction

      2. 2.2.2 Furniture

      3. 2.2.3 Infrastructure

      4. 2.2.4 Other Applications

India Particle Board Market Size FAQs

The India Particle Board Market size is expected to reach USD 0.64 billion in 2024 and grow at a CAGR of 12.15% to reach USD 1.14 billion by 2029.

In 2024, the India Particle Board Market size is expected to reach USD 0.64 billion.

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