The Particle Board Market in India is being driven by Increasing demand for furniture from office space and hospitality sectors in India
The Particle Board Market in India is expected to grow at a CAGR of 5.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 554.2 million. The Indian construction industry is experiencing robust growth, fueled by urbanization and infrastructure projects, leading to a surge in demand for particle boards. In 2023, the office leasing sector recorded an all-time high of 62.98 million square feet in gross leasing activity, marking a 26.4% year-on-year increase. Major initiatives like the Navi Mumbai International Airport and the Delhi-Mumbai Industrial Corridor are driving this growth by enhancing connectivity and stimulating economic activity. Furthermore, sustainable urban living projects, such as Dholera Smart City in Gujarat, are promoting the use of materials like particle boards in furniture and interior design, thereby reinforcing the market's growth trajectory.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
130 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.1% |
Market growth 2024-2028 |
USD 554.2 million |
Market structure |
market_structure.ucfirst |
YoY growth 2023-2024(%) |
4.8 |
Key countries |
India and APAC |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Indian particle board market caters to various sectors including crafts, construction, and interior design. Suppliers offer particleboard for diverse applications such as shelving, kitchen cabinets, walls, ceilings, flooring, and soundproofing. Particleboard's eco-friendly recycling and long-lasting properties make it a popular choice for home renovations and budget-friendly projects. Its density, moisture resistance, and smooth surfaces cater to wall cladding, floor installation, and furniture design. With increasing interior design trends towards sustainable building materials, particleboard's environmental impact and wood waste recycling are key considerations. Fire rating, thickness, and decorative finishes add to its versatility. For new home construction and property investment, high-density fiberboard offers eco-friendly, cost-effective, and design-aesthetic solutions. Kitchen design ideas and home improvement projects benefit from particleboard's versatility, with its uses ranging from table design to wood alternatives like laminate flooring. Personal style and design aesthetics can be enhanced through particleboard's smooth surfaces and various densities, making it a budget-friendly and long-lasting alternative to traditional wood.
The Particle Board Market in India is a significant segment of the global building products industry, which encompasses manufacturers of various components for construction and home improvement. This market primarily focuses on the production of raw particleboard, constructed from wood shavings and chips, as well as value-added products such as laminated particle board, fire-resistant particle board, and bagasse-based particle board. The growth of this market is driven by the expansion of the construction sector, particularly in developing economies, where there is a pressing need to address urbanization and infrastructure development in areas like residential and healthcare facilities. Technavio, a leading market research firm, estimates the global building products market size based on the combined revenue generated by manufacturers of these products and equipment. The market's growth is further fueled by the increasing demand for lightweight and cost-effective wooden panel products, ready-made furniture, and insulation materials.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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