The Indian furniture market is transformed into ready-made furniture production with a big change and the preference for medium density fiber (MDF) boards is increasing compared to the plywood in parallel with the global trends. While the growth rate of the plywood share in the Indian market is about 8 to 9 percent, the MDF market is now growing at around 17 to 20 billion rupees a year. (235 billion dollars / 1,5 trillion TL)
Report from the World Bank...
According to the report prepared by the World Bank, Asia will be one of the world's largest consumer furniture markets in the future and India will have the biggest share in this market. Moreover, "Produce in India" enterprise is an initiative to promote local furniture industry and production in India. According to the World Bank's survey, India's organized furniture market is expected to exceed $ 32 billion by 2019, up 20% year-on-year by 2019. The luxury furniture market is also expected to reach $ 27 billion in 2020, showing an annual growth rate of 4.1% in the same period.
"Plywood becomes more expensive and raw materials are less available on the market."
The increase in demand for MDF products continues, because 80 percent of the wood panels consumed in the international market are MDF and chipboard, while plywood only accounts for 15 to 20 percent consumption. Today, in India, on the contrary, plywood is still dominated by consumption, accounting for 80 to 85 percent of the market. Commenting on the MDF industry in India, Executive Director and CEO of Greenpanel, Shobhan Mittal said, the MDF will be the future of domestic infrastructure applications in the country, while plywood is becoming more and more expensive. MDF is designed wood. MDF is produced by wood-wood fibers bonded with synthetic resin adhesives under intense heat and pressure.
Greenpanel is India's largest wood panel manufacturer. The production facilities in Uttarakhand and Andhra Pradesh produce the highest quality Medium Density Fiber (MDF), Plywood, Veneer, Wood Flooring and Doors. The Indian company Greenply Industries Ltd recently renounced the company's EPD (designed panel) division and d it the Greenpanel, where the company's entire MDF business will take place.
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