India Solid Wood Market consumption volume is projected to grow at a CAGR of 10.2% respectively during 2024-2030F

On the basis of application, furniture industry generated the maximum revenue share in India Solid Wood Market – 6Wresearch

By application, the furniture industry occupied the largest share in India solid wood market, approximately 65 percent of solid wood demand is catered by furniture industry. Further, the growth of the furniture market in the country is expected to be propelled by a rise in residential demand, thriving tourism and hospitality industry, alongside the corporate sector. The proliferation of hotels and corporate offices in the nation substantially augments the rising requirement for furniture, thus boosting the demand for solid wood in the application.

According to 6Wresearch, India Solid Wood Market consumption volume is projected to grow at a CAGR of 10.2% respectively during 2024-2030F. The solid wood market in India has experienced substantial growth in recent years, mainly propelled by a surge in demand for furniture within the residential and commercial sector. For instance, the Indian government’s housing sector initiative ‘Pradhan Mantri Awas Yojana (Urban)-Housing for All’ which started in 2015, under which a total of 11.86 million houses are sanctioned with a total investment of INR 8.11 Lakh crore (USD 96.5 billion) contributed to an increased need for furniture, flooring, and various wooden structures within hotels, cafes and homes.

Rising disposable income and projections of significant income growth in India are expected to drive the consumer sector's expansion, as highlighted by BMI and Sachs reports. This trend, along with increasing consumer willingness to invest in premium products, is likely to fuel demand for high-end woGoldmanod furniture products in homes, including furniture, cabinetry and millwork.

The Indian market is witnessing a surge in demand for engineered wood products driven by eco-friendliness and durability, leading to a significant shift away from solid wood in construction. This trend is expected to continue, with substitutes such as metal materials increasingly replacing wood in low-cost construction projects, potentially restraining the growth of the solid wood market.

According to Shivankar, Research Manager, 6Wresearch, the dominance of the offline channel in India's solid wood market could be attributed to various factors. A key factor is the traditional buying behavior prevalent in the Indian market, particularly in the solid wood segment. Consumers often prioritize physically examining and feeling the quality of wood products before making a purchase.

The India Solid Wood Market (2024-2030) report provides an in-depth analysis with 42 figures and 14 tables, covering 175 pages. The report comprehensively covers the market by wood specie, application, distribution channel, and region. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.