The teak veneer sheet industry in the United States and Canada is anticipated to grow to US$ 60.1 million by 2023. The demand for teak veneer sheets in the US and Canada is expected to grow at a 3.6% annual rate between 2023 and 2033. The entire market value is expected to be approximately US$ 86.0 million by 2033.
Teak or Tectona Grandis is one of the renowned tropical hardwood tree species. It is durable, extremely water-resistant, and resistant to rots, pests, and others. Thus, it is widely used for building boats, yachts, outdoor furniture, and others.
Veneer sheets are thin layers of wood logs. They are used for different purposes as they maintain the same natural feel and give an aesthetic appeal to the object.
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Yacht/boat is the leading application segment. Teak veneer sheets are being increasingly used during boat/yacht building owing to their various qualities. They find applications in boat decks, cabinets, etc. Hence, widening usage of teak veneer sheets in shipbuilding applications will boost sales.
Similarly, high usage of teak sheer sheets in the building sector will elevate demand through 2033.
Teak is considered to be one of the most superior materials for interior applications. Veneer sheets made from teak are gaining wider popularity in building sector due to their various advantages.
In building & construction, teak veneer sheets are used for flooring, kitchen cabinets, staircase, pillar, and others (window frames, shower tables, bookshelves, tables, walls, and doors). It is used for interiors as it provides a premium feel.
Growing usage in home decor for aesthetic looks will uplift teak veneer sheet demand across the USA and Canada.
Key Takeaways from Teak Veneer Sheet Market Study
- The USA and Canada teak veneer sheet market is set to expand at 6% CAGR through 2033.
- By grade, A grade segment will generate significant revenues over the next ten years.
- By application, yacht/boat segment will thrive at a steady pace through 2033.
- The USA teak veneer sheet industry will reach a valuation of US$ 51.8 million by 2033.
- Teak veneer sheet sales revenue in Canada is likely to reach US$ 34.3 million by the end of 2033.
“Booming building and boating industries will continue to bolster teak veneer sheet sales across the USA and Canada. Teak Veneer Sheet manufacturers will find significant opportunity in streamlining their production lines for A grade teak veneer. Not only are these of superior quality, but its functionality helps it sell for high prices for use in boats and furniture.” says a lead FMI analyst.
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Competitive Landscape
Greenlam Industries Ltd., Tank Group, GL Veneer, Inc., Oakwood Veneer Company, Natural Veneers, FormWood Industries, Lenderink Technologies Inc., Central India Veneer Private Limited, Century Ply, Sauers & Company Veneers, Veneer Technologies Inc., M.P. VENEERS PVT. LTD., Starwood Veneers Pvt. Ltd., and Duroply Industries Limited are few of the leading teak veneer sheet manufacturers profiled in the report.
These market participants are focusing on increasing their production capacities to cater to the rising demand from end users. They are also launching new products and special production techniques, as well as reducing prices to expand their customer base.
Recent Developments:
- In 2020, Crown Veneer announced the expansion of their production capabilities, including the installation of a new veneer splicing line and a new veneer dryer.
It also introduced a new line of sustainable teak veneer sheets, which are produced using only FSC-certified teak from responsibly managed forests.
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USA and Canada Teak Veneer Sheet Market Segmentation
By Grade:
- A Grade
- B Grade
- SB Grade
- C/Utility Grade
By Application:
- Yacht/Boat
- Deck and Deck Panels
- Cabinets
- Others
- Building
- Flooring
- Kitchen Cabinets
- Staircase
- Pillars
- Others
- Others
By End Use:
- Commercial
- Residential
By Country:
- USA
- Canada
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