India’s residential sector is rapidly expanding especially in metro cities, followed by Tier-I and Tier-II cities. The constantly growing construction sector is, thus, likely to contribute immensely to the present edge bands market. Compared to most developed countries, the per capita furniture spending of India is very low, just about 3 dollars per annum. Given the present state of the Indian economy and the growing purchasing power of the middle class, furniture spending is expected to grow multi-fold. As a result of this, the furniture industry and all the associated industries including the edge banding industry are poised for a high growth rate in the future.
Continuous government spending on infrastructure projects, export growths, enhancing quality to match the international mark, end-consumer awareness and affordability, preference for modular furniture, and a strong and thorough supply network will stimulate the market growth of edge bands in the country. Also, edge bands are 50 to 60 per cent cheaper than wood molding as they do not require any polish, and are easy to use, safe, and appealing.
The edge band market is expected to witness prominent growth of CAGR of 15 per cent in the upcoming years, suggests Ply Reporter’s report. This significant growth is expected to come from the unorganized sector alongside the carpenter community and the indulgence of household consumers. It is believed that small cities in the country will also be soon welcoming edge bands as they are still using conventional methods. Furthermore, as the furniture segment grows, the edge band market will continue to grow. However, the invasion of big players will only change the way edge band is being sold and how the application horizon is expanding.
Image credit: Lee ValleyThe PVC edge band tape industry is a growing industry in India. With nearly 70 manufacturing units, the industry size has doubled in the last four years and its growth story hints that it will be doubled in the coming three years with expansion and entry of new players. Many laminate manufacturing brands are also reported to be eyeing PVC edge bands’ demand and desire to enter into production for the same.
This article is a part of our exclusive article ‘Edge Band Market in India’ which is originally published in Furniture Design Technology (FDT Magazine) January 2023 print issue. If you want to read the full article, please subscribe Furniture Design Technology Magazine here:
Furniture Design India and the magazine FURNITURE DESIGN & TECHNOLOGY (FDT magazine) are from the trusted 22-year-old media house of SURFACES REPORTER and PLY REPORTER.
FDT is a B2B monthly bilingual magazine from India that shares the pulse of the furniture business in India and connects the manufacturers, OEMS, product designers, architects, showrooms, designers and dealers.
Read More© 2023 Furniture Design and Technologies.. All Rights Reserved. Developed by eyeQ Advertising
