Market players are focusing on capacity expansion to attain a competitive edge.
DUBAI, UAE / ACCESSWIRE / February 8, 2021 / Future Market Insights: FMI states in its recent study on the veneer-sheets that the market will record a CAGR of 2.3% by 2031. Demand for the veneer sheet is anticipated to continue surging due to the increasing investment in the tourism sector.
"With the intent of gaining an edge in a highly competitive veneer sheets market, manufacturers have been focusing on innovations and various expansion strategies." says the FMI analyst.
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Veneer sheet Market - Important Highlights
- According to product type, wood-backed sheets are estimated to be highly sought after during the forecasted period.
- Paperbacked sheets are expected to gain traction during 2021-2031 on account of their durability.
- The construction sector will continue to be the prominent end-user of the veneer sheet.
- China is expected to lead the market in terms of sales during the projected years.
- India to exhibit a high market growth for veneer sheets during the upcoming years.
Veneer sheet Market - Drivers
- Rising urbanization in different parts of the world is creating demand for the construction industry for home décor is the key market diver for the veneer sheets.
- Government investment and rapid development of the tourism industry is contributing to the favorable market growth
- Increasing investment in the healthcare and education sector is likely to drive market growth during the forecast period.
Veneer sheet Market - Restraints
- Implementation of stringent regulations to minimize the harmful air pollutants coming from wood products is the key market restraint for
- veneer sheets.
- High production and finishing cost are likely to cause a hindrance to the growth of the market.
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COVID-19 Impact on Veneer sheet Market
The veneer sheet market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic With several end-users affected in regions like North America, Europe, and Asia-Pacific. therefore, it is anticipated that supply and demand dearth will result in a substantial drop in sales. however, the market is expected to set on a path of regaining as economies steadily stabilize.
Competitive Landscape
The veneer sheet market players are leaning towards unique innovations besides opting for strategic collaborations to attain a competitive edge. For instance, Oakwood Veneer Companies have offered a vast range of veneer sheets designed exclusively for specific applications.
A few of the key companies functioning in the global market include GREENLAM INDUSTRIES LTD., Sauers & Company Veneers, Oakwood Veneer Company, Veneer Technologies, Inc, FormWood Industries, Inc., Turakhia Overseas Pvt. Ltd., CEDAN INDUSTRIES, CENTURY PLY, Ltd, Herzog Veneers, Inc., Ltd, SR Wood, Ltd
About the Study
The study offers readers a comprehensive assessment of the veneer sheet market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (Paper-Backed, Wood-Backed, Phenolic-Backed, Laid-Up, Others), Application(Commercial, Residential, and others) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Report: https://www.futuremarketinsights.com/reports/veneer-sheets-market
Press Release Source: https://www.futuremarketinsights.com/press-release/veneer-sheets-market
SOURCE: Future Market Insights
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https://www.accesswire.com/628290/How-Advancements-in-the-Construction-Industry-is-Spurring-Growth-of-Veneer-Sheet-Market-Future-Market-Insights-Report-Analyzes
