Plywood Market Scenario:
A universal material of construction, the plywood is an integral part of the construction industry, which has existed for over 75 years starting off on a moderate scale. The term itself speaks of successive layers of veneer, ordinarily cross laminated, that undergo high stress to bond together using resin. Decorative wood panelling, cabinet making, construction of buses, ships, etc are all products of the plywood department. It is believed that 20% of the world consumes 80% of the plywood. Some of its common products are aircraft plywood, marine, super block board, inlay boards etc.
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The wood panel comprises of 3 main components largely – plywood, laminates and MDF, with plywood (67%) being the most demanded and MDF (15%) being the least. For example, The Indian wood panel industry is largely unorganized with 67% while the organized sector is just 33%. This is majorly because the use of adulterated and unrefined products leads to a cost advantage for the unorganized market. Rapid urbanization, higher standards of living, and investment in real estate has brought about a surge in the plywood industry growth.
What is the Plywood Market Size?
Plywood market size to maintain the average annual growth rate of 7.52% from 55460 Billion $ in 2014 to 68928 Billion $ in 2017, Research Cosmos analysts believe that in the next few years, Plywood market size will be further expanded, we expect that by 2022, The market size of the Plywood will reach 100236 Billion $.
The industry is divided into commercial and residential. With residential being the bread winners for the industry with over 60% of revenue. Greenply, Century plywoods, Kitply are few of the largest manufacturers of plywood in the country. The gamechanger has been the introduction of features like fragrant plywood, fire and water proof plywood sheets and fingerprint resistant plywood. There exist substitutes for plywood, like MDF. But it still has a long way to go considering a laminate over plywood is still the rich royal look people go for.
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Plywood is one of the most economical building materials used today and is composed of 2 main chemicals – aerolite and formaldehyde. In India, before GST was introduced, plywood paid indirect taxes close to 50% while the unorganized market paid absolutely none. Although even now, the industry is put under the 18% bracket, the unorganized market also comes under the radar that reduces its cost advantage to a great degree. Despite high tax rates on the initial stages of plywood manufacturing, it still has managed to grow by leaps in the past few years with organizations like Century Ply focussing on increasing capacity and strengthening infrastructure.
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