Veneer sheets market in India

Earlier Report Observations

The Indian veneer sheets market volume stood at 288.5 million m³ in 2018. It increased to 310.8 million m³ in 2019, a growth supported by Greenply Industries' launch of its Wood Crests premium veneer line and Century Plywoods' corporate expansion, which stimulated demand in the luxury interior segment. However, the market contracted sharply to 185.0 million m³ in 2020.

A recovery followed in 2021, with the market volume reaching 295.1 million m³. It then declined to 247.7 million m³ in 2022, a period during which major players like Century Plywoods and Greenply Industries continued their operational and sustainability expansions, activities that shaped the market's underlying structure.

The market surged to 409.0 million m³ in 2023, driven significantly by new product introductions such as Western India Plywoods' Kohinoor Luxury Veneer Collection and rising consumer demand for premium interiors. In 2024, regulatory changes including the DGFT's import license requirement and updated BIS quality standards, alongside declining import prices and continued capacity expansion by leading manufacturers, supported strong consumption growth and a further rise in import volumes.

Production veneer sheets in India

In kind, 2017-2020, K m³

India was among the world's leading producers of veneer sheets from 2017 to 2020, ranking 12th globally by production volume.

Top producers of veneer sheets, 2017-2020

World map of production of veneer sheets, 2017-2020

In 2020, India produced 291.0 thousand cubic meters of veneer sheets, which represents a 1.3% decrease compared to the previous year. The largest increase occurred in 2018, with production remaining stable at 0.0% growth.

Annual dynamics of production in India in kind, 2017-2020, K m³

Exports veneer sheets from India

Exports in kind, M m³

The market exhibited volatility during the observed period. Exports reached their lowest point in 2017 and peaked in 2020, showing a 10.5-fold difference between these years. In 2020, India's veneer sheet exports totaled 25.5 million cubic meters, marking a 171.0% increase from the previous year. The largest decline was recorded in 2019 at 17.9%, while the most significant increase occurred in 2018 with a 372.3% rise.

Annual dynamics of product's exports from India in kind, 2017-2020, M m³

From 2017 to 2020, Nepal remained the primary destination for India's veneer sheet exports, accounting for 86.1% of total exports in volume. Other markets played a much smaller role during this period.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from India in kind, 2017-2020

Exports in value, M $ US

Market performance showed noticeable fluctuations throughout the period. Export values dropped to their minimum in 2017 and climbed to their maximum in 2019, reflecting a 1.9-fold shift. In 2020, India's veneer sheet export value amounted to 19.9 million US dollars, which is 5.3% lower than in 2019. The peak value was recorded in 2019 at 21.0 million US dollars, while the largest increase occurred in 2018 with an 80.1% rise.

Annual dynamics of product's exports from India in value, 2017-2020, M $ US

Between 2017 and 2020, three key markets—Nepal, China, and the United States—collectively absorbed 69.3% of India's total veneer sheet exports by value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from India in value, 2017-2020

Imports veneer sheets to India

Imports in kind, M m³

In 2020, India's veneer sheet imports stood at 210.2 million cubic meters, showing a sharp decline of 34.3% compared to the previous year. From 2017 to 2020, imports decreased by 32.6%, equivalent to an annualized rate of 12.3%. The highest import volume was recorded in 2019 at 319.9 million cubic meters, with the largest increase also occurring in 2019 at 6.8%.

Annual dynamics of product's imports to India in kind, 2017-2020, M m³

Throughout 2017–2020, Myanmar (27.9% of import volume), Indonesia (20.7%), and Gabon (19.4%) were the key partners for India's veneer sheet imports, together accounting for 68.1% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to India in kind, 2017-2020

Imports in value, M $ US

After a two-year uptick, India's veneer sheet imports declined. In 2020, India imported veneer sheets worth 283.0 million US dollars, which is 40.2% lower than in 2019. Between 2017 and 2020, imports decreased by 22.7%, equating to an annualized rate of 8.2%. The maximum value was recorded in 2019 at 283.0 million US dollars, with the largest increase also occurring in 2019 at 21.1%.

Annual dynamics of product's imports to India in value, 2017-2020, M $ US

Over the 2017–2020 period, Myanmar (26.1% of import value), Indonesia (21.8%), and Gabon (20.4%) were the main suppliers of veneer sheets to India, together comprising 68.3% of total imports by value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to India in value, 2017-2020