Steady growth registered by the veneer sheets market is attributable to consistently rising demand from commercial and residential construction. In a new study, FMI has forecast the market to reach US$ 33.37 Bn by 2021. Growth forecasts continue to stay positive, albeit moderate because some of the established markets have been reaching maturity. For instance, despite recovery post COVID-19 in 2020, Europe will continue exhibiting moderate growth through the forecast period.
Veneer is a very thin coating used on the surface of the solid material. Veneer sheets are often glued to a solid material so that an otherwise dull piece of furniture can be made to appear elegant in a cost-effective manner. Moreover, applying a layer of veneer increases the durability of furniture, which makes veneer sheets highly sought-after in the construction sector.
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As per FMI analysis, the global veneer sheets market is projected to reach a market value of US$ 41,163 Mn by 2031, growing at a CAGR of 2.3% during the forecast period of 2021-2031. Although the market for veneer sheets is projected to rise consistently, the COVID-19 pandemic is expected to have a major impact on short-term demand pattern. COVID-19 pandemic also has compelled manufacturers to revisit strategies adopted for expansion to ensure steady growth in the near future.
Also, delays caused in building projects and manufacturing process have contributed to a decline in demand for sheets of veneer. Nonetheless, with economies returning to normalcy post extended lockdown period, sales of veneer sheets are expected to pick up, especially in the residential sector, which has also been identified as leading end-use in the report. FMI has predicted it to account for nearly 65.5% of the market in 2021.
Key Takeaways from Veneer Sheets Market Study
- Veneer sheet market will pick up pace post decline registered in 2020. FMI has projected the market to record 1.5% Y-o-Y growth in 2021
- The U.S. will continue leading the market in North America, accounting for 80.9% share in 2021
- The U.K. is projected to record growth at 1.0% in 2021
- Germany and France will remain key markets for veneer sheets in Europe
- Germany and France will continue exhibiting high demand, with Germany forecast to remain dominant in Europe through 2031
- Japan and South Korea to remain lucrative markets in East Asia. Among these countries, South Korea will exhibit high growth over the forecast period
“Product differentiation is one of the key strategies adopted by the market players. They are focusing on introducing a wide range of veneer sheets, designed keeping in mind specific applications as per consumer requirement,” said a lead FMI analyst.
Veneer Sheets Market: Participant Insights
Some of the leading companies operating in veneer sheets market are 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., Ltd, SR Wood, Ltd, Pearlman Veneers and Flexible Materials Incorporated. These companies are focusing on strengthening their product portfolio and expanding their market footprint through acquisition of smaller companies in the market.
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To Know More about Veneer Sheets Market
A new market research report published by Future Market Insights (FMI) on the global Veneer Sheets market report offers in-depth insights into the market demand trends and assessment of opportunities during the forecast period. The report analyses the Veneer Sheets market through three different segments- product type, end-use, and region. The Veneer Sheets report also offers detailed analysis of pricing analysis by different product types demand across various end-use industries, and patent analysis in the market.
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)