Dublin, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The "India Solid Wood Market 2024-2030: Revenue, Growth, Trends, Forecast, Value, Industry, Size, Share, Analysis & Companies: Market Forecast By Wood Specie, Application, Distribution Channel, Region and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
India Solid Wood Market consumption volume is projected to grow at a CAGR of 10.2% respectively during 2024-2030F.
In recent years, the India solid wood market has witnessed remarkable growth, buoyed by several key factors. One of the primary drivers has been the burgeoning demand from consumers owing to the rapid expansion of urban areas across the country. Additionally, the thriving hospitality sector has played a significant role in driving this growth, with hotels, resorts, and restaurants increasingly opting for solid wood furnishings to enhance their ambiance.
Nesca Homes, a subsidiary of Ascent Cad Services, is embarking on an ambitious expansion plan in India, aiming to establish 10,000 wooden buildings by 2030 across various cities including Hyderabad, Mysore, Bangalore, Ladakh, Jammu and Kashmir and the Andaman and Nicobar Islands. Further, as quoted by United Nations report, India is poised to witness a significant uptick in its urban population, projected to soar to 542 million by 2025, followed by 590 million and 675 million in 2030 and 2035, respectively, up from 483 million in 2020. Moreover, with the burgeoning middle-class segment and rapid urbanization, there's anticipated a gradual shift in lifestyle preferences and consumption patterns, setting the stage for sustained growth in the solid wood market in the foreseeable future.
However, there is a notable uptick in demand for engineered wood products in the Indian market, primarily propelled by their eco-friendly nature and long-lasting durability. This surge is causing a considerable transition away from solid wood majorly in the furniture industry. Also, alternatives like metal materials progressively substitute wood in budget-friendly construction endeavors, posing a potential constraint on the solid wood market's growth.
Market Segmentation by Wood Specie
Teak wood holds a prominent position in the India solid wood industry due to it's quality of natural oils and tight grain which give it excellent weathering properties, making it ideal for outdoor furniture and structures. It is highly durable, resistant to pests, moisture and decay, making it suitable for various applications such as furniture, flooring and construction.
Market Segmentation by Application
The solid wood market dominates the furniture industry, driven by the attractiveness of solid wood furniture. This appeal is attributed to its long-lasting quality, expert craftsmanship, customizable features, environmental sustainability, resale value, alignment with consumer preferences and the evocation of a sense of heritage.
Market Segmentation by Distribution Channel
The offline channel is anticipated the highest growth in the future owing to brick-and-mortar stores and showrooms, continue to provide a hands-on, tactile experience for consumers, allowing them to physically inspect the quality and feel of solid wood products. However, online channels are gaining prominence and would also maintain the same trajectory due to their convenience and expansive solid wood product offerings. The e-commerce boom in India has facilitated the accessibility of a diverse range of solid wood products to consumers across the country.
Market Segmentation by Region
South India has a higher volume share of the solid wood market due to cultural heritage such as construction of wooden temples. Furthermore, around 33 lakhs houses are being constructed under 'Pradhan Mantri Awas Yojana (Urban)-Housing for All' in three states namely Andhra Pradesh, Tamil Nadu and Karnataka which would require solid wood in the usages of furniture, construction, flooring, millwork, doors and others.
Key Attractiveness of the Report
- 10 Years of Market Numbers
- Historical Data Starting from 2020 to 2023
- Base Year: 2023
- Forecast Data until 2030
- Key Performance Indicators Impacting the Market
- Major Upcoming Developments and Projects
Key Highlights of the Report
- India Solid Wood Market Overview
- India Solid Wood Market Outlook
- India Solid Wood Market Forecast
- Historical Data and Forecast of India Solid Wood Market Consumption Volume for the Period 2020-2030F
- Historical Data and Forecast of India Solid Wood Market Consumption Volume, By Wood Specie, for the Period 2020-2030F
- Historical Data and Forecast of India Solid Wood Market Consumption Volume, By Application, for the Period 2020-2030F
- Historical Data and Forecast of India Solid Wood Market Consumption Volume, By Region, for the Period 2020-2030F
- Historical Data and Forecast of India Solid Wood Market Consumption Volume, By Distribution Channel, for the Period 2020-2030F
- Porter's Five Force Analysis
- India Solid Wood Market Drivers and Restraints
- India Solid Wood Market Evolution
- Market Opportunity Assessment, By Wood Specie
- Market Opportunity Assessment, By Application
- Market Opportunity Assessment, By Region
- Market Opportunity Assessment, By Distribution Channel
- Market Competitive Benchmarking
- Company Profiles
- EXIM Analysis
- List of Potential Customers
- Key Strategic Recommendations
- Market Scope and Segmentation
Company Profiles (50 OEMs across different segments)
- Century Plyboards
- Archidply Industries
- Greenply Industries
- Greenlam Laminates
By Wood Specie
- Teak
- Sal
- Pine
- Rosewood
- Cedar
- Others (Oak, Meranti, Sandalwood, Acacia, Beech, Walnut, Mango, Eucalyptus etc.)
By Application
- Furniture Industry
- Construction and Building Materials
- Cabinetry and Millwork
- Crating and Packaging Industry
- Door and Door Frames
- Others (Musical Instruments, Art and Crafts, Wooden Toys, Games and Sports Equipment etc.)
By Distribution Channel
- Online
- Offline
By Region
- North
- South
- East
- West
For more information about this report visit https://www.researchandmarkets.com/r/gdaqjr
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