EdgeBanding Materials Market: Introduction
In terms ofvalue, the edge bandingmaterials market in India is anticipated to exceed US$ 140 Mnby 2030 and expand at a CAGR of more than 11.0% duringthe forecast period
In terms ofvolume, India is projected to hold a significant amount of market share of edgebanding materials market in Asia Pacific in 2019. It is estimated to be theleading country of the edge banding materials market in Asia Pacific during theforecast period. Manufacturers of edge banding materials plan to expand theirfootprint and portfolio in Asia Pacific, thereby offering significantopportunities for the edge banding materials market.
Thecommercial real estate industry in India is likely to experience increase ininvestment activities. Foreign direct investment alone might see a close tosix-fold jump to US$ 23.5 Bn over the next 10 years. Vast office spaces andother commercial spaces require furniture for various purposes for day-to-dayworking. Edge banding materials are extensively employed in furniture end-usesto increase the durability and lifespan of the furniture. This is anticipatedto boost the demand for edge banding materials in the country in the nearfuture.
India Edge Banding MaterialsMarket: Key Drivers and Restraints
Growth inthe housing sector is estimated to propel the demand for furniture, therebyfueling the demand for edge banding materials in India.
Furnitureis an integral component of every office. Besides being a must for utilitypurposes, office furniture also adds to the esthetics of the space, andoverall, the visual brand, whether large or small. The right material of officefurniture sets can improve the workplace culture manifold and even help retainemployees. Employees who like their work desks are more motivated to beproductive. Increase in number of startup businesses around the globeespecially in India (Asia Pacific) that require commercial spaces for officework, owing to the favorable business conditions and government policies inIndia, is projected to drive the demand for office furniture. This, in return,is expected to fuel the demand for edge banding materials across India.
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Real estateis one of the most recognized sectors across the globe. It comprises four subsectors: housing, retail, hospitality, and commercial. Expansion of thecommercial sector is complemented by the growth of the corporate environmentand demand for office space as well as urban and semi-urban accommodations. Theconstruction industry ranks third among the 14 major sectors in terms ofdirect, indirect, and induced effects in all sectors of the economy. Growth inthe commercial sector is also projected to positively impact the edge bandingmaterials market in the near future.
India Edge Banding MaterialsMarket: Key Segments
In terms ofvolume, the residential end-use segment held major share of the edge bandingmaterials market in India in 2019. It was followed by the commercial segment.This trend is anticipated to continue during the forecast period. Theresidential segment offers significant opportunities for the edge bandingmaterials market in India, owing to an increase in utilization to of edgebanding materials in furnishings such as sofa, coffee table, chest of drawers,book case, armchair, dining room table, desk, wardrobe, bed, and outdoortables. Furthermore, the commercial segment is estimated to expand at amoderate pace during the forecast period.
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Based onmaterial, the plastic (PVC) segment held significant share of more than 30% ofthe edge banding materials market in India in 2019. This trend is estimated tocontinue during the forecast period. On the other hand, ABS and acrylicsub-segments of the plastic segment of the edge banding materials market inIndia are projected to expand at a steady CAGR compared to the others segmentduring the forecast period.
Competition Landscape of India EdgeBanding Materials Market
Majorplayers operating in the edge banding materials market in India include VaibhavIndustries, Veena Polymers, Squareone Décor, Paramount Composites India, E3Group, Gdecor Industries India Private Limited, REHAU India, ShirdiIndustries Ltd., Sri Umiya Industries, and MARUTI ENTERPRISE
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