India: Veneer Sheet Market 2024

Veneer Sheet Market Size in India

For the third year in a row, the Indian veneer sheet market recorded growth in sales value, which increased by 3.8% to $X in 2022. Overall, consumption, however, saw a strong expansion. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in years to come.

Veneer Sheet Production in India

In value terms, veneer sheet production dropped slightly to $X in 2022 estimated in export price. Overall, production, however, recorded a deep slump. The most prominent rate of growth was recorded in 2021 when the production volume increased by 6.2%. Veneer sheet production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Veneer Sheet Exports

Exports from India

In 2022, shipments abroad of veneer sheets and sheets for plywood and other wood sawn lengthwise increased by 12% to X square meters, rising for the sixth consecutive year after two years of decline. Over the period under review, exports saw significant growth. The growth pace was the most rapid in 2018 when exports increased by 186% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, veneer sheet exports surged to $X in 2022. In general, exports showed buoyant growth. The pace of growth was the most pronounced in 2018 when exports increased by 80% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Nepal (X square meters) was the main destination for veneer sheet exports from India, with a 82% share of total exports. Moreover, veneer sheet exports to Nepal exceeded the volume sent to the second major destination, Bangladesh (X square meters), tenfold. The third position in this ranking was taken by China (X square meters), with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Nepal stood at +36.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+15.7% per year) and China (+25.6% per year).

In value terms, Nepal ($X) remains the key foreign market for veneer sheets and sheets for plywood and other wood sawn lengthwise exports from India, comprising 40% of total exports. The second position in the ranking was held by Bangladesh ($X), with a 14% share of total exports. It was followed by China, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to Nepal amounted to +30.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+17.8% per year) and China (+14.6% per year).

Export Prices by Country

The average veneer sheet export price stood at $X per square meter in 2022, rising by 5.2% against the previous year. In general, the export price, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2015 an increase of 47%. The export price peaked at $X per square meter in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per square meter), while the average price for exports to Nepal ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+1.8%), while the prices for the other major destinations experienced a decline.

Veneer Sheet Imports

Imports into India

Veneer sheet imports into India dropped significantly to X square meters in 2022, with a decrease of -16.1% on the previous year. Overall, imports, however, recorded a buoyant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 69%. Imports peaked at X square meters in 2021, and then reduced sharply in the following year.

In value terms, veneer sheet imports declined to $X in 2022. Over the period under review, imports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of 90%. Over the period under review, imports hit record highs at $X in 2021, and then reduced in the following year.

Imports by Country

Gabon (X square meters), Indonesia (X square meters) and Myanmar (X square meters) were the main suppliers of veneer sheet imports to India, together comprising 80% of total imports.

From 2012 to 2022, the biggest increases were recorded for Gabon (with a CAGR of +115.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Gabon ($X), Indonesia ($X) and China ($X) were the largest veneer sheet suppliers to India, together comprising 72% of total imports.

Gabon, with a CAGR of +140.4%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average veneer sheet import price stood at $X per square meter in 2022, rising by 9.5% against the previous year. Overall, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, veneer sheet import price increased by +7.5% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 14% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per square meter), while the price for Gabon ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gabon (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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