Edge Banding Materials Market: Introduction
In terms of value, the edge banding materials market in India is anticipated to exceed US$ 140 Mn by 2030 and expand at a CAGR of more than 11.0% during the forecast period
In terms of volume, India is projected to hold a significant amount of market share of edge banding materials market in Asia Pacific in 2019. It is estimated to be the leading country of the edge banding materials market in Asia Pacific during the forecast period. Manufacturers of edge banding materials plan to expand their footprint and portfolio in Asia Pacific, thereby offering significant opportunities for the edge banding materials market.
The commercial real estate industry in India is likely to experience increase in investment activities. Foreign direct investment alone might see a close to six-fold jump to US$ 23.5 Bn over the next 10 years. Vast office spaces and other commercial spaces require furniture for various purposes for day-to-day working. Edge banding materials are extensively employed in furniture end-uses to increase the durability and lifespan of the furniture. This is anticipated to boost the demand for edge banding materials in the country in the near future.
India Edge Banding Materials Market: Key Drivers and Restraints
Growth in the housing sector is estimated to propel the demand for furniture, thereby fueling the demand for edge banding materials in India.
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Furniture is an integral component of every office. Besides being a must for utility purposes, office furniture also adds to the esthetics of the space, and overall, the visual brand, whether large or small. The right material of office furniture sets can improve the workplace culture manifold and even help retain employees. Employees who like their work desks are more motivated to be productive. Increase in number of startup businesses around the globe especially in India (Asia Pacific) that require commercial spaces for office work, owing to the favorable business conditions and government policies in India, is projected to drive the demand for office furniture. This, in return, is expected to fuel the demand for edge banding materials across India.
Real estate is one of the most recognized sectors across the globe. It comprises four sub sectors: housing, retail, hospitality, and commercial. Expansion of the commercial sector is complemented by the growth of the corporate environment and demand for office space as well as urban and semi-urban accommodations. The construction industry ranks third among the 14 major sectors in terms of direct, indirect, and induced effects in all sectors of the economy. Growth in the commercial sector is also projected to positively impact the edge banding materials market in the near future.
India Edge Banding Materials Market: Key Segments
In terms of volume, the residential end-use segment held major share of the edge banding materials market in India in 2019. It was followed by the commercial segment. This trend is anticipated to continue during the forecast period. The residential segment offers significant opportunities for the edge banding materials market in India, owing to an increase in utilization to of edge banding materials in furnishings such as sofa, coffee table, chest of drawers, book case, armchair, dining room table, desk, wardrobe, bed, and outdoor tables. Furthermore, the commercial segment is estimated to expand at a moderate pace during the forecast period.
Based on material, the plastic (PVC) segment held significant share of more than 30% of the edge banding materials market in India in 2019. This trend is estimated to continue during the forecast period. On the other hand, ABS and acrylic sub-segments of the plastic segment of the edge banding materials market in India are projected to expand at a steady CAGR compared to the others segment during the forecast period.
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Competition Landscape of India Edge Banding Materials Market
Major players operating in the edge banding materials market in India include Vaibhav Industries, Veena Polymers, Squareone Décor, Paramount Composites India, E3 Group, Gdecor Industries India Private Limited, REHAU India, Shirdi Industries Ltd., Sri Umiya Industries, and MARUTI ENTERPRISE
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