30-Nov-2022 | Zion Market Research
The global veneer sheets market size was worth around USD 3,295 million in 2021 and is predicted to grow to around USD 4693 million by 2028 with a compound annual growth rate (CAGR) of roughly 4.56% between 2022 and 2028.
Veneer sheets are lean slices of bark and in most cases wood, with a width of 3 millimeters that are glued to a surface, called the substrate which generally consists of particle board, wood, or medium-density fiberboard. This combination results in the creation of cabinets, doors, furniture, or parquet floors. Veneer sheets have also found applications in marquetry, which refers to the artistic way of applying veneer sheets to any surface to act as a decorative piece, picture, or design.
Plywood is typically made of three or more three layers of veneer sheets. Normally, each sheet is glued using grain, the longitudinal way wood fibers are found at 90 degrees adjacent to layers to provide added strength. Veneer sheet beading refers to the process of applying the material on the edges of objects to enhance the physical appearance of the product, like a jewelry box. A veneer is created by peeling the trunk of trees or by flitches, rectangular and large blocks of wood. In the market, few types of veneer sheets are readily available.
Some of them are raw, paper-backed, phenolic-backed, laid up, reconstituted, and wood on wood veneer. Raw veneer offers no backing and hence can be used on either side. However, both sides appear different when finishing is applied. Paper-backed veneer has a backing of paper and since they come in different sizes, they have gained popularity amongst consumers who do not intend on joining different veneer pieces together. Laid-up veneer refers to raw veneers joined together to create larger sheets. Reconstituted veneer is gaining momentum in tropical regions.
The global veneer sheets market is anticipated to grow due high demand for raw veneer sheets. These materials are non-toxic and biodegradable. Due to their eco-friendliness, they have become popular in recent times and a preferred choice amongst end-consumers.
Once the useful life of natural wood veneers is over, they can be recycled and converted into wood waste, which is later used to create middle-density fiberboards. Growing awareness amongst the population about the impact of consumer choices on the environment and rising efforts towards cutting down on environment-harming choices is expected to drive the demand for biodegradable veneer sheets. The use of advanced technology to manufacture high-grade veneer sheets that are cost-efficient may also attract more consumers in the coming years.
However, the global market is anticipated to witness some roadblocks during the growth trend due to the mass availability of substitutes like laminates. Veneer sheets are expensive and not all consumer segments can afford to spend large amounts on these materials. Since the substitutes offer relatively the same results, a large part of the population prefers to use substitutes over veneer as they also offer added benefits like resistance to water and heat damage that veneer sheets generally lack.
The increasing remodeling activities may provide excellent expansion opportunities while high maintenance is expected to challenge further addition of consumers.
The global veneer sheets market is segmented into application, product, end-user, and region
Based on product, the global market segments are wood-backed, phenolic-backed, paper-backed, and others. The global market witnessed high demand for wood-backed veneer sheets in 2021. This high CAGR can be attributed to the natural look provided by these sheets while also providing cost-efficiency. Wood-backed veneer sheets are non-toxic and allow for a better way of utilizing wood. On average, 12 sheets of veneer should be sufficient for a room with furniture.
Based on the end-user, the global market is divided into residential and commercial. In 2021, the global market was led by the commercial segment by a small margin over the residential sector due to the capability of commercial units to spend heavy amounts on interior designing as compared to owners of personal living space. Growing investments in the renovation and maintenance of culturally important buildings or sites were another reason for segmental growth. The Eiffel tower is known to cost around USD 1.19 billion every year for its maintenance.
Asia-Pacific may generate the highest revenue in the global veneer sheets market during the projection period owing to the rising number of players in the regional market as well as strategic choices adopted by these businesses to expand their global footprint. Currently, India is one of the leading providers of interior decorating services and products. It is home to some of the largest key players. Growth in North America is projected to grow due to the US and Canada housing some of the biggest names in the furniture industry namely IKEA, Walmart, Lowe’s, and others. In the financial year 2021, IKEA announced a gross profit of 12.9 billion.
The global veneer sheets market is led by players including Oakwood Veneer, GREENLAM INDUSTRIES LTD., CENTURY PLY, FormWood Industries, Pearlman Veneers, Sauers & Company Veneers, Flexible Materials, Samko Timber, and others.
In September 2022, IKEA announced its plans to strengthen its connection with shoppers in the Indian market. The company has changed its brand strategy
This review is based on a report by Zion Market Research, titled “Veneer Sheets Market By Application (Boat Interior, Landscaping, Furniture Fitting & Lining, Vehicle Interior, and Others), By Product (Wood Backed, Phenolic Backed, Paper Backed, and Others), By End-User (Residential, and Commercial), By and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/veneer-sheets-market
The global veneer sheets market is segmented as follows:
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