Edge Banding Materials Market

Significant Growth of Construction Sector in India to Positively Impact Demand

Edge banding continues to remain one of the most efficient and reliable techniques to cover the raw edge of wooden panels that are used to make new furniture. At present, a range of edge banding materials, including polyvinyl chloride (PVC), wood, and resins are available in the market due advancements in technology and R&D activities. Moreover, the advent of cutting-edge industry-grade hot-melt adhesive and heat applicators has increased the adoption of edge banding materials over the past few years– a trend that is set to continue and provide an impetus to the overall growth of the global edge banding materials market during the forecast period.

The booming construction sector, particularly in developing regions including Asia Pacific especially in India is expected to provide considerable opportunities to the players involved in the current edge banding materials market landscape. The residential sector in developing regions is expanding at a rapid pace due to which, the demand for edge banding materials continues to grow. Market players are anticipated to focus on product diversification and aligning their growth strategies with the ongoing and expected trends to gain a competitive edge. The increasing demand for sustainable and user-friendly edge banding materials is projected to have a direct impact on the overall growth of the India edge banding materials market during the assessment period.

At the back of these factors coupled with the entry of several small to large-scale market players, the India edge banding materials market is expected to surpass the US$ 140 Mn mark by the end of 2030.

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PVC Edge Bands Gain Popularity as Demand Remains Steady

The housing industry around the world, particularly in developing countries such as India consists of contractors, builders, and other entities that are affiliated to the government is witnessing a consistent growth due to which, the demand for edge bands is on the rise– a factor that is set to have a positive influence on the India edge banding materials market. Furthermore, the noteworthy rise in the middle class population coupled with the increasing disposable income has had a positive impact on construction and housing sectors. In addition, a rise in the number of construction projects, along with advancements in the interior design sphere is likely to shape the growth of the India edge banding materials market during the assessment period.

Among different types of edge banding materials, PVC is projected to remain the most popular choice of material due to the choice of different color schemes, customization, impermeability, and ease of use on curved surfaces in comparison with wood edge bands. Furthermore, the higher durability of PVC edge bands is another factor that is likely to augment sales over the course of the assessment period. Although PVC is expected to remain the most popular material, other variants of plastic edge band materials such as acrylic and ABS are also expected to gain traction in the upcoming years.

India is anticipated to provide abundant growth opportunities to players operating in the India edge banding materials market due to expansion of residential and construction sectors in India. In addition, economical production and manufacturing costs in India is likely to attract market players from other regions.

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COVID-19 Pandemic to Impact Market Growth

Due to the outbreak of the COVID-19 pandemic, construction projects mainly in developing regions around the world were brought to a sudden halt. Furthermore, delays in the completion of several projects due to shortage of labor, economic uncertainty, and barriers across the supply chain are some of the factors that have played a key role in hindering the demand for edge banding materials due to which, the India edge banding materials market is expected to witness sluggish growth rate in 2020. However, as lockdown restrictions in several states of India are gradually being relaxed, the market is expected to show signs of recovery toward the last quarter of 2020.

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Analysts’ Viewpoint

The India edge banding materials market is on the course to expand at an impressive CAGR of ~11% during the assessment period. The market growth can be attributed to a host of factors, including increasing investments in the construction sector in India, significant rise in the number of construction projects across the residential sector, advancements in technology, more creativity in the interior designing sphere, and surge in R&D activities. The market players involved in the current India edge banding materials market are projected to focus on R&D activities to improve the quality of the products and establish a solid foothold in the market.

India Edge Banding Materials Market: Overview

• In terms of value, the India edge banding materials market is expected to exceed US$ 140 Mn by 2030
• Rapid growth in the residential construction sector in India is estimated to boost the demand for furniture in the country. This is likely to propel the demand for edge banding materials in India during the forecast period.
• Edge banding covers the raw edges of furniture panels with a thin strip of wood, plastic, metal, and resinous material. Edge bands are thin strips that go on the end of raw wood boards and other furniture edges to cover them up. The conventional edge banding process is used for general carpentry equipment and materials. Various advanced technologies and automated procedures (with the help of hot-melt adhesive) are being adopted by manufactures to meet the rising demand for edge banding materials. Different types of edge banding materials are available in the market. These include plastic (PVC, ABS, and acrylic), wood, and metal.
• Edge banding or edge banding materials or tapes are significantly used in residential construction in furniture applications. Edge banding materials are widely used to cover the raw edges of various furniture in homes. Engineered wood is used to make modular furniture. The wood is treated and made resistant to moisture. However, wood has a natural tendency to absorb water. This tendency cannot be removed completely – it can only be reduced. Edge banding protects wooden panels in furniture from moisture, thus reducing the effects of atmospheric humidity and liquid spills.

India Edge Banding Materials Market: Key Drivers and Restraints

• Demand for furniture depends on the scenario of the housing industry. The housing industry in India is highly fragmented. The unorganized sector comprises small builders and contractors; and accounts for more than 70% of the housing units constructed. The organized sector comprises large builders and government or government affiliated entities. Investment in housing has been rising steadily in India since the last few years. The 10th five-year plan envisages a growth of 381% in the total investment made in the housing segment in the country. This can be ascribed to the shortage of housing in the country. India has a large and growing middle class population of 300 million people. A large section of this population needs new houses. Construction of new houses is anticipated to augment the demand for furniture. This is estimated to consequently positively impact the edge banding materials market.

India Edge Banding Materials Market: Key Materials

• Based on material, the India edge banding materials market has been segregated into plastic (PVC, ABS, acrylic, and others), wood, metal and, others
• In terms of revenue, the PVC segment is estimated to account for major share of the edge banding materials market in the near future, owing to the extensive utilization of PVC in the furniture sector in the India. This trend is expected to continue during the forecast period. PVC is commonly used in the manufacture of edge bands for the furniture industry due to its excellent processing characteristics. PVC edge banding is popular for modular furniture, as it is durable, simple to fix, and has long life. It is the most produced and least expensive plastic on earth that can be recycled. This makes it one of the green edge bands in the market. The ABS sub-segment is projected to expand at a healthy pace during the forecast period, as ABS edge banding material is a highly resistant laminate banding that is abrasion resistant, impact resistant, and mechanically and thermally resilient.

India Edge Banding Materials Market: Prominent End Uses

• Based on end-use, the India edge banding materials market has been divided into residential, commercial, and others

• The residential segment is projected to constitute major share of the edge banding materials market during the forecast period. The housing industry in India has been exhibiting strong growth since the last few years. Rising purchasing power, growing population, increasing investments in socio-economic infrastructure, rapid urbanization, and migration of people from rural to urban areas are the key factors boosting the housing sector in the country. The housing sector in India is expected to reach market size of US$ 1 Trn by 2030 from US$ 120 Bn in 2017 and contribute 13% of the country’s GDP by 2025.

• Therefore, expansion of the residential construction industry is projected to boost the demand for edge banding materials in India

India to offer Highly Lucrative opportunity for Edge Banding Materials Market

• In terms of demand, India is expected to be one of the lucrative country of the edge banding materials market in Asia Pacific. The country accounts for significant share of the edge banding materials market in Asia Pacific. There exists immense potential in residential real estate in India. Demand for organized real estate in India stands at roughly 880 million square feet. It is forecast to reach approximately 1.35 billion square feet by 2022 at a 9% annual growth rate. Residential projects make up 85% of the real estate market in India. Factors driving the demand for residential real estate in the country include continuing urbanization trend and reduced household sizes due to the rise of nuclear families.

India Edge Banding Materials Market: Competition Landscape

• Major players operating in the edge banding materials market include Vaibhav Industries, Veena Polymers, Squareone Décor, Paramount Composites India, E3 Group, Gdecor Industries India Private Limited, REHAU India, Shirdi Industries Ltd., Sri Umiya Industries, and MARUTI ENTERPRISE

Segmentation of India Edge Banding Materials Market

TMR’s study on the India Edge Banding Materials market segments the market based on Material, application, and region. Changing market trends and other crucial market dynamics associated with these segments of the India Edge Banding Materials market are discussed in detail.