India Plywood Market Research Report Information By Sector (Organized, Unorganized), Product Type (Marine Ply, Commercial Ply), By Application (Residential, Commercial), By Consumer Price (Less than INR 60 per Sq. Ft., INR 60-79 per Sq. Ft., INR 80-94 per Sq. Ft., INR 95-104 per Sq. Ft., INR 105-115 per Sq. Ft., Above INR 115 per Sq. Ft.), By Dealer Price (Less than INR 60 per Sq. Ft., INR 60-79 per Sq. Ft., INR 80-94 per Sq. Ft., INR 95-104 per Sq. Ft., INR 105-115 per Sq. Ft., Above INR 115 per Sq. Ft.), – India Market Forecast Till 2032

India Plywood Market Overview

India Plywood Market Size was valued at USD 1.5 Billion in 2022. The Plywood industry is projected to grow from USD 1.59 Billion in 2023 to USD 2.66 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.60% during the forecast period (2024 - 2032). The expanding number of distribution networks and exclusive outlets for premium furniture, rising demand for lightweight and easy-to-assemble furniture, and the increasing number of government housing schemes and infrastructure projects are the main market drivers anticipated to propel the Plywood market in India.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

India Plywood Market Trends

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  Rising number of residential and commercial projects and increased building activity are driving the market growth

  
  

The increasing number of residential and commercial projects is a primary driver contributing to the growing sales of plywood. There is a surge in demand for plywood for both furniture manufacturing and construction purposes worldwide. Furthermore, plywood is increasingly utilized in residential and commercial spaces due to its enhanced stability, high strength, and improved impact resistance, which is driving the market CAGR.

According to Invest India, luxury home sales in India witnessed a remarkable 130% increase in the first half of 2023 compared to the same period last year. ICRA estimates suggest that Indian firms were anticipated to raise over Rs. 3.5 trillion (US$ 48 billion) through infrastructure and real estate investment trusts in 2022, compared to the US$ 29 billion raised so far. It is projected that by 2040, the Indian real estate market will grow to Rs. 65,000 crore (US$ 9.30 billion) from Rs. 12,000 crore (US$ 1.72 billion) in 2019. The real estate sector in India is forecasted to reach a market size of US$ 1 trillion by 2030, up from US$ 200 billion in 2021, and is expected to contribute 13% to the country's GDP by 2025. In FY23, India's residential property market saw home sales value reaching a record high of Rs. 3.47 lakh crore (US$ 42 billion), marking a robust 48% year-on-year increase. Additionally, sales volume experienced strong growth, with a 36% rise to 379,095 units sold. These growths are driving the India plywood market revenue.

India Plywood Market Segment Insights

Plywood Sector Insights

The India Plywood market segmentation, based on Sector, includes Organized and Unorganized. The unorganized segment dominated the market mostly. India's rural and semi-urban regions are undergoing rapid infrastructure expansion, particularly in the realms of housing, small-scale construction, and renovation ventures. The unorganized plywood sector effectively serves these markets, leveraging its competitive edge in affordability and widespread accessibility.

Figure 1: India Plywood Market, by Sector, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Plywood Storage Product Type Insights

The India Plywood market segmentation, based on Product Type, includes Marine Ply and Commercial Ply. The commercial ply category generated the most income. In the manufacturing process of commercial plywood, there is minimal waste as it doesn't involve sawing, ensuring efficient wood utilization. This process results in plywood with clear texture, excellent bending resistance, and reduced likelihood of deformation. Commercial plywood offers convenient transportation and installation, along with a pleasing decorative finish, albeit with a slightly lower load-bearing capacity compared to fine core boards. Following boiling, commercial plywood exhibits robust weather resistance and durability against high temperatures, making it a preferred choice for various applications, including marine, residential, and railway usage.

Plywood Application Insights

The India Plywood market segmentation, based on Application, includes Residential and Commercial. The residential generated the most income. The residential sector has emerged as the leading segment, driven by increased usage in diverse applications such as flooring, cladding, doors, framing, paneling, shear walls, stairs, and portal frames. This trend is further bolstered by the introduction of innovative designs and an extensive furniture product range worldwide. Additionally, the growing preference for flexible and lightweight plywood as a substitute for solid wood is fueling market expansion.

Plywood Consumer Price Insights

The India Plywood market segmentation, based on Consumer Price, includes Less than INR 60 per sq. Ft., INR 60-79 per Sq. Ft., INR 80-94 per Sq. Ft., INR 95-104 per Sq. Ft., INR 105-115 per Sq. Ft., and Above INR 115 per sq. Ft. The Less than INR 60 per Sq. Ft category generated the most income. Plywood priced under INR 60 per square foot offers affordability, catering to a broad spectrum of consumers, especially those with tighter budgets or undertaking cost-sensitive projects. This accessibility is particularly significant in markets where price sensitivity prevails. The surge in demand for building materials, including plywood, in mass housing projects and urban development initiatives, driven by the Indian government's focus on affordable housing schemes, further fuels the growth of plywood priced below INR 60 per square foot. These products align with the budget constraints of such projects, consequently propelling their expansion.

Plywood Dealer Price Insights

The India Plywood market segmentation, based on Dealer Price, includes Less than INR 60 per sq. Ft., INR 60-79 per Sq. Ft., INR 80-94 per Sq. Ft., INR 95-104 per Sq. Ft., INR 105-115 per Sq. Ft., Above INR 115 per sq. Ft. The Less than INR 60 per Sq. Ft category generated the most income. In segments such as low-income housing or temporary structures, functionality often takes precedence over aesthetics or durability for many consumers. While plywood is priced below INR 60 per sq. Ft. may not match the quality or longevity of higher-priced alternatives, but it still meets the fundamental functional needs at a more affordable price point. Consequently, affordability becomes the primary consideration for these consumers, outweighing other factors.

Plywood Country Insights

A significant surge in building constructions is evident across India, primarily driven by the escalating global population and rapid urbanization trends. In 2021, the residential market witnessed the launch of over 232 thousand housing units nationwide. Despite a substantial demand for housing, residential launches have remained consistently high in recent years. Notably, Hyderabad experienced a remarkable 179 percent increase in housing launches in 2021, while the national capital region of Delhi saw a surge of 110 percent compared to the previous year. The Mumbai Metropolitan Region led in residential property launches in Q1 2022, marking a significant quarter-on-quarter growth of 92 percent and a year-on-year increase of 126 percent, with over 28,000 new housing units launched compared to 12,000 in Q1 2021. East Pune emerged as the top location for new residential unit launches in Q1 2022, accounting for 28 percent of the total projects. Gurugram, known as India's financial and technology hub, witnessed a quarterly growth of 35 percent, launching more than 3,800 new residential units in Q1 2022. The city is divided into five major zones, including Golf Course Road, New Gurgaon, Central Gurgaon, Southern Peripheral Road, and Dwarka Expressway. The Ministry of Road Transport and Highways of India (MoRTH) announced plans in December 2021 to invest INR 7 trillion ($92.4 billion) in infrastructure projects over the next 2-3 years. Additionally, the government's 'Housing for All' program aims to significantly increase the stock of affordable housing units for low- and middle-income groups by 2022, providing further impetus to the industry's development.

India Plywood Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Plywood market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Plywood industry must offer cost-effective items.

Major players in the Plywood market are attempting to increase market demand by investing in research and development operations, including Archid Ply, Austin Ply, Century Plywood, Duro Ply, Gattani Plywood, Green Ply, Green Panel, Kajaria Ply, Kit Ply, Merino Industries Limited.

Key Companies in the Plywood market include

• Archid Ply


• Austin Ply


• Century Plywood


• Duro Ply


• Gattani Plywood


• Green Ply


• Green Panel


• Kajaria Ply


• Kit Ply


• Merino Industries Limited

India Plywood Industry Developments

In recent years, Greenply Industries has also been enhancing its manufacturing base all over the country. In September 2023, the company invested Rs 800 crores spread over several new manufacturing units, including a sandalite plywood factory worth Rs 100 crores in Uttar Pradesh and a density Fiberboard (MDF) unit in Vadodara, Gujarat. These units are part of Greenply’s plan to reinforce its position in the plywood as well as the MDF market. Greenply also formed a joint venture with the Turkish furniture company Samet BV to manufacture furniture components, thereby expanding its product offerings Sr.­.

Greenply Industries, another prominent player in the arena, has spent himself in strategic action. In 2018, the company got demerged, with the medium-density fiberboard (MDF) business forming a new vertical called Greenpanel Industries. This helped Greenply to shift its focus to plywood and laminates while the MDF business was fast developing at Green Panel. This separation permitted both companies to grow their respective businesses without compromising on the growth potential of how each company wanted to operate.

The Greenply-Samet JV expects its turnover to go as high as ₹750-800 crore in FY26. This collaboration has started commercial production from a modern plant located in Vadodara, Gujarat where the companies are producing high-end hardware products. This factory will cater to the domestic demand market as well as the export market, given Samet's operations in over 80 countries. The JV has also initiated the production of certain important product segments, including Master hinge and GS-Class ball bearing slide systems, which are in increasing demand in the furniture hardware markets in India.

India Plywood Market Segmentation

Plywood Sector Outlook

• Organized


• Unorganized

Plywood Product Type Outlook

• Marine Ply


• Commercial Ply

Plywood Application Outlook

• Residential


• Commercial

Plywood Consumer Price Outlook

• Less than INR 60 per sq. Ft.


• INR 60-79 per Sq. Ft.


• INR 80-94 per Sq. Ft.


• INR 95-104 per Sq. Ft.


• INR 105-115 per Sq. Ft.


• Above INR 115 per sq. Ft.

Plywood Dealer Price Outlook

• Less than INR 60 per sq. Ft.


• INR 60-79 per Sq. Ft.


• INR 80-94 per Sq. Ft.


• INR 95-104 per Sq. Ft.


• INR 105-115 per Sq. Ft.


• Above INR 115 per sq. Ft.