In India, the upward trajectory of particle board has persisted for the past decade. Gujarat and Maharashtra have served as major hubs for Particle Board production, with Kerala following closely, leading to an oversupply scenario in 2023. The industry has seen very good growth in 2023 in terms of capacity addition, but the market of Particle board did not show good demand, especially in the retail segment. The ready-made furniture sector and OEMs will be supporting demand and capacity utilization.
The prices of Particle Board experienced a sharp decline in 2023, causing challenges for most particle board manufacturers in Gujarat. However, with an expanding market and increased acceptance, particularly among the burgeoning office ready-made furniture makers, the Particle Board industry is poised to experience a more favorable scenario in 2024.
With BIS coming into force, the imported particle board will see a hurdle that will also create an easier space for the PB industry in India. With the arrival of mega plants by brands like by Merino and Greenlam, the awareness on Particle Board quality standards shall rise among consumers, which will certainly enable a level playing field for quality manufacturers in the Particle board market’ is a possibility expected by The Ply Reporter.
Over all, with office space sold during 2022 and 2023 and its possession time nearing in 2024, we will see many offices coming in metros, which will eventually push to consumption of PB. With the number of ready-made furniture manufacturers increasing in every region, the demand for PB is also going to get a boost. Since furniture manufacturers are more prone to accepting 8x6 and 9x6 sizes of PB, which the Indian industry has been adding during the last two years, consumption and demand for PB are certainly going to be better compared to 2023.