The Veneer Sheets Market size is estimated to be valued at USD 42 billion in 2023 and is expected to be valued at USD 55 billion by 2033. The adoption of veneer sheets is likely to advance at a CAGR of 2.7%.
The veneer sheet market has been exhibiting steady pace of growth. Their increasing use to help give wood works a more aesthetic appeal has been surging. This growth trend is expected to persist in the coming year due to the easy availability of veneer resources.
As veneer sheet offers features such as smooth finishing, durability, and wood grain, they are widely used in construction industry especially for building cabinets, on musical instrument, and paneling among other applications. Driven by these factors, the veneer sheet market is forecast to exhibit strong growth in the coming years.
ESOMAR-certified market analysis and consulting company Future Market Insights (FMI) provides insights into key factors driving Veneer sheets market demand in its latest report. In addition to evaluating the effect COVID-19 has had on the Veneer sheets market in general, the study monitors global Veneer sheets sales in 20+ high-growth markets and addresses end-use industries in particular.
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 42 billion |
| Projected Market Size (2033) | USD 55 billion |
| CAGR through (2023 to 2033) | 2.7% |
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The consumption of veneer sheets is primarily concentrated in wood working projects for parquet floors and as a part of furniture used in commercial and residential sectors.
Owing to its properties such as moisture resistance, sustainability and strength, application of veneer sheet is forecast to rise consistently in the coming years. To cater to the rising demand, key manufacturers are producing multifunctional products such as paper-backed, phenolic-backed and others. According to FMI’s analysis, veneer sheets sales have grown at a 1.1% CAGR between 2018 and 2022.
Veneer sheet is derived from various wood species such as black cheery, oak, maple, mahogany, bamboo, ash, and others. These sheets are usually pasted onto substrates such as blockboard, plywood, or MDF, which are relatively inexpensive to offer a more elegant looking finish. Besides this, veneer sheets offer a more durable surface, which is bound to make an impression among consumers. With construction projects slated to increase, the market will be presented with lucrative opportunities to capitalize on in the near future.
For Instance, governments in the Middle East, especially the government of Saudi Arabia, is focusing on real estate development through various residential and commercial projects that will eventually help boost their economy. In addition, increasing investment in the tourism, healthcare and education sectors in Saudi Arabia has resulted in the proliferation of the construction projects. This will give the opportunity for the key players by manufacturing innovative product to give growth for veneer sheets market in the forecast period.
On the downside, COVID-19 pandemic has caused severe impact on the global economy at various levels and the impact is seen on oil & gas industry as well. The veneer sheets market growth is also projected to be affected by the COVID-19 pandemic crisis and is expected to witness a significant plunge in demand in 2020.
With a number of end users affected in regions like North America, Europe and Asia-Pacific. It is anticipated that supply and demand shortages will result in a substantial drop in Y-O-Y growth, but FMI expects the global market for veneer sheets to rise at 2.7 %CAGR by 2033.
| Period | Market Size (in USD billion) |
|---|---|
| 2018 | USD 38 billion |
| 2022 | USD 41 billion |
| 2023 | USD 42 billion |
| 2033 | USD 55 billion |
Veneer sheets are being increasingly used for home décor purposes. It has continued to remain among the highly sought-after choices among consumers to modernize the otherwise dull and outdated looking furniture. While veneer sheets have been commercially successful, the availability of alternatives such as laminate could be eating away into their share in the global market place.
Nonetheless, veneers will continue being among the commonly used materials for decorating and surfacing cabinetry, walls, ceilings, furniture, and others. The veneers are considered among eco-friendly décor options, since they are renewable and go a long way in replacing solid applications in an economic way.
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The high demand for natural veneers is often backed by the eco-friendly nature. Because they are disposable, there is no requirement for disposing them after use. Natural wood veneers can be recycled at the end of their lifespan and changed into wood wastes that are later used for the production of MDFs. Despite relatively higher price of veneers, their recyclability has helped them score higher in comparison to alternatives available in the market.
Veneers are preferred because they constitute the best way of utilizing wood. These sheets are needed merely in a thin layer to give desired look to the furniture. They are obtained from natural resources; they are non-toxic unlike laminates, which are made using chemical processes.
There are numerous requirements for the layout, operations and use of veneer sheets that have been recommended by a large number of regulatory bodies such as National Emission Standard for Hazardous Air Pollutants (NESHAP), hazardous air pollutants (HAPs), Environmental Protection Agency and others.
In the United States, this EPA requires facilities manufacturing plywood and composite wood products to reduce their emissions of harmful air pollutants (HAPs). The presence of stringent regulations is likely to have considerable impact on the market.
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FMI has projected India to remain among the top cost-effective markets throughout the course of the forecast period. Plywood industry in India is thriving back of burgeoning urbanization in the country, which is contributing to growth of veneer sheets market during the forecast period.
Furthermore, the replacement cycle of old sheets of plywood is anticipated to lower down at massive rate, this will create opportunity to raise the opportunity for the veneer sheets manufactures to increase the manufacturing scale. In the meantime, India has been the major log importer of tropical timber from Malaysia and Myanmar.
India’s construction sector comprises the real estate and urban development segments. Of these, the real estate segment constitutes residential, retail, office, leisure parks, and hotel construction among others. According to the National Investment Promotion & Facilitation Agency, Invest India, the country’s construction market is likely to emerge as the third largest one by 2025. The country’s thriving construction sector has been offering attractive opportunities for veneer market.
The United States will remain among the key markets for veneer sales. Growth in the country is expected to be spearheaded by steady expansion of residential and commercial construction.
According to the United States Census Bureau, construction spending in the United States stood at a whopping USD 1,459.4 Billion in November 2020. With investment in both private and public construction projects predicted to rise, veneer manufacturers will find ample scope to capitalize on in the country.
The United Kingdom is among countries to have recorded remarkable growth in construction activities and infrastructural development. Forecasts suggesting steady rise in construction investment have been favoring expansion of veneer sheets market in the country.
While sales have been profoundly hampered during COVID-19, the gradually recovering construction sector is poised to offset challenges threatening the market. As per the Office of National Statistics, construction output of the country has improved by a marginal 1% in October 2020. Recovery of construction projects is likely to enable the market gain momentum within the country.
Germany has been identified as one of the highly attractive markets for veneer sheets and growth forecasts remain positive through the course of the report’s forecast period. Growth registered by the market is primarily attributable to the impressive performance by the nation’s construction sector.
As per the Federal Statistics Office, Destatis, the turnover of the construction industry in Germany improved by 2.2% in October 2020 in comparison to growth exhibited during the corresponding month of 2019. With construction investment consistently rising, the demand for veneer sheets is set to rise considerably over the coming years.
China's veneer sheets market is flourishing propelled by the country's rapid urbanization and increased demand for modern and visually appealing interiors. The rising disposable income of Chinese consumers has led to a surge in home improvement projects and furniture manufacturing, driving the demand for high-quality veneer sheets.
Chinese manufacturers are investing in advanced production technologies, expanding their product portfolios, and focusing on sustainable practices to meet the growing market demands. The thriving veneer sheets market in China reflects the country's evolving taste for stylish and eco-friendly interior solutions.
Japan's veneer sheets market is experiencing remarkable growth, driven by the country's strong emphasis on aesthetics, craftsmanship, and sustainability. Japanese consumers have a deep appreciation for the natural beauty of wood, making veneer sheets a popular choice for interior design and furniture applications.
The market is witnessing a surge in demand for high-quality and eco-friendly veneers, leading to innovative product offerings and collaborations between manufacturers and designers. Japan's thriving veneer sheets market reflects a perfect blend of tradition, innovation, and exquisite craftsmanship.
The wood-backed segment will continue accounting for one third of the global share among product types through the forecast period. According to FMI, the segment is expected to hold nearly 33% of the market, in terms of product type, by the end of 2033. This is due to its ease availability of resources that make it compatible for all types of applications.
Accounting for over 65% of the overall share through the forecast period, residential sector drives continue to account for bulk of demand for veneer sheets market in plywood industry. Growth in the segment is owing to healthy demand from new housing units as well as from renovation & refurbishment.
Moreover the advent of custom designed furniture including modular kitchen units have envisaged the use veneer sheets as an economic choice of material as compared other engineered wood products.
The veneer sheets market has witnessed significant growth in recent years, driven by the demand for visually appealing and eco-friendly interior and furniture applications. As the market continues to expand, competition among industry players.
The veneer sheets market is witnessing several emerging trends that impact the competitive landscape. There is a growing demand for sustainable and eco-friendly veneer sheets made from responsibly sourced materials. Manufacturers are increasingly adopting sustainable practices, such as using FSC-certified wood or alternative materials like bamboo veneer, to cater to environmentally conscious consumers.
Customization is gaining traction, as customers seek unique and personalized veneer sheet designs to match their interior aesthetics. Market players are offering customization options, such as specific veneer species, patterns, and finishes, to cater to individual preferences.
The competitive landscape of the veneer sheets market is characterized by key players offering diverse product portfolios, implementing strategic partnerships, and focusing on sustainable practices and customization. As the market continues to grow, companies that embrace these strategies and effectively meet the evolving demands of customers will maintain a competitive edge in this dynamic industry.
Product Portfolio:
Strategies for Veneer Sheets Manufacturers to Expand in the Market
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 42 billion |
| Market Value in 2033 | USD 55 billion |
| Growth Rate | CAGR of 2.7% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product Type, End Use, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | GREENLAM INDUSTRIES LTD.; Sauers & Company Veneers; Oakwood Veneer Company; Veneer Technologies Inc.; FormWood Industries Inc.; Turakhia Overseas Pvt. Ltd.; CEDAN INDUSTRIES; CENTURYPLY Ltd; Herzog Veneers Inc.; SR Wood Ltd; Pearlman Veneers; Flexible Materials Incorporated |
| Customization & Pricing | Available Upon Request |
The global market size to reach USD 55 billion by 2033.
North America is projected to emerge as a lucrative market.
The growth potential of the veneer sheets market is 2.7% through 2033
The adoption of alternative options and high costs may likely to limit market growth.
The growing residential and construction activities driving the United States market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Paper-Backed 5.2. Wood-Backed 5.3. Phenolic-Backed 5.4. Laid-Up 5.5. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Commercial 6.2. Residential 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. GREENLAM INDUSTRIES LTD. 15.2. Sauers & Company Veneers 15.3. Oakwood Veneer Company 15.4. Veneer Technologies, Inc 15.5. FormWood Industries, Inc. 15.6. Turakhia Overseas Pvt. Ltd. 15.7. CEDAN INDUSTRIES 15.8. CENTURYPLY, Ltd 15.9. Herzog Veneers, Inc., Ltd 15.10. SR Wood, Ltd 15.11. Pearlman Veneers 15.12. Flexible Materials Incorporated 16. Assumptions & Acronyms Used 17. Research Methodology
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Veneer Sheets Market
