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 India Plywood Market to Exhibit CAGR of 6.74%

[Jun 26, 2023]

The India plywood market size reached INR 208.5 Billion in FY 2022-23. Looking forward, IMARC Group expects the market to reach INR 306.5 Billion by FY 2028-29, exhibiting a growth rate (CAGR) of 6.74% during 2023-24 to 2028-29.

The rising construction industry in India represents a significant factor driving the market growth across the country. This is primarily attributed to the increasing application of plywood in building and interior design, which is facilitating the market growth. In addition to this, the increasing demand for furniture and home décor, coupled with the rising disposable incomes is contributing to the growth of the market. The market is also driven by the rising focus of the Government of India (GoI) on infrastructure development and increasing initiatives for affordable housing, which is facilitating the demand for plywood.

Other factors, such as the emergence of eco-friendly and sustainable building practices, the availability of a wide range of plywood grades and types, and the rapid growth of e-commerce and online sales channels, are creating a positive outlook for the market across India.