NEWARK, DE / ACCESSWIRE / June 5, 2023 / According to Future Market Insights (FMI), the United Kingdom veneered panel market size is forecast to expand from US$ 276.7 million in 2023 to US$ 495.5 million by 2033. Total sales of veneered panels across the United Kingdom are projected to rise at 6.0% CAGR from 2023 to 2033.
The rising usage of veneered panels across thriving construction, automotive, and furniture sectors is a prominent factor driving the United Kingdom market.
Similarly, the development of new and innovative veneered panel products will act as a catalyst triggering sales in the United Kingdom market.
Veneered panel products with improved durability offer increased resistance to wear, impact, and moisture. This makes them suitable for various applications, including flooring, furniture, and interior decor. Customers value products that are long-lasting and can withstand daily use, leading to increased demand.
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Veneered panels with enhanced fire-resistant properties are becoming increasingly sought after in industries where fire safety is a priority, such as construction and interior design. These panels can help minimize the spread of flames and reduce the risk of fire-related damage, thereby driving demand for such products.
The construction and interior design industries are subject to stringent safety and compliance regulations. Veneered panels that meet these requirements, particularly in terms of durability and fire resistance, are in high demand.
Customers and businesses prioritize products that comply with safety standards, further boosting the market demand.
The development of new and innovative veneered panels with improved durability and fire-resistant properties meets the increasing demand for safer, longer-lasting, and aesthetically pleasing materials. These factors contribute to the growth of the veneered panel market.
Key Takeaways from this Market:
- The United Kingdom's veneered panels market is forecast to thrive at 6.0% CAGR through 2033.
- By product type, the particle board veneered panels segment is expected to create an incremental $ opportunity of about US$ 94.5 million between 2023 and 2033.
- By end user, the construction segment is set to progress at 6.4% CAGR while the furniture segment will dominate the market with a valuation of US$ 201.6 million by 2033.
- England is expected to collectively hold around 61.4% of the overall market share.
- Veneered panel demand in Scotland is projected to increase at 5.8% CAGR.
"Consistently growing demand for construction and renovation activities can provide significant opportunities for the veneered panel market across the United Kingdom. Durability and fire resistance are the key properties of this product driving such high demand in housing and interior-work processes," - says a lead analyst at Future Market Insights (FMI).
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Who is Winning?
The veneered panels market in the United Kingdom is characterized by fragmentation, with a moderate level of activity from a limited number of key players. These key participants hold approximately 30% to 35% of the market share. There is a presence of small and medium-sized players who are actively driving the market and competing with larger, established companies.
Top veneered panel manufacturers such as James Latham, Decospan Group, Triesse Ltd., UV Plc, Select Veneers Ltd., Griffiths and Hood Ltd., Plastics and Veneers Ltd., Greenlam Industries Ltd., and UK Timber Ltd. hold significant market shares.
Manufacturers can invest in research and development to introduce innovative products and solutions. This can include developing new veneer finishes, textures, and patterns, or introducing environmentally friendly options.
Innovative products can attract customers, differentiate the manufacturer from competitors, and open up new market opportunities.
Manufacturers can also consider producing complementary products such as edge banding, veneer sheets, or pre-finished components. Diversification allows manufacturers to serve different market segments and cater to various customer needs.
Similarly, companies are employing merger & acquisition strategies to strengthen their presence across the United Kingdom. For instance,
- In 2021, IJK Timber Group was acquired by James Latham. The acquisition is aimed at increasing the company's panel product and timber offering in Northern Ireland.
More Insights into this Market Report:
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the United Kingdom veneered panel market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the United Kingdom's market potential, growth, and scope, the market is segmented based on product type, end-user, and region.
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Market Segmentation:
By Product Type:
- Plywood
- MDF
- Particle Board
- Blockboard
- Laminated
- Decorative
By End Use:
- Construction Industry
- Wall Cladding
- Ceiling
- Doors
- Decorative Panels
- Others
- Marine Industry
- Boat Interiors
- Yacht Interiors
- Others
- Automotive Industry
- Dashboards
- Door Panels
- Others
- Furniture Industry
By Region:
- England
- Scotland
- Wales
- Northern Ireland
Table of Content (ToC):
1. Executive Summary
1.1. United Kingdom Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. End-use Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Material Innovation / Development Trends
4. Key Success Factors
4.1. Material Adoption / Usage Analysis
4.2. Material USPs / Features
4.3. Strategic Promotional Strategies
5. Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033
5.1. Historical Market Volume (Th. Sq. Meter) Analysis, 2018 to 2022
5.2. Current and Future Market Volume (Th. Sq. Meter) Projections, 2023 to 2033
5.3. Y-o-Y Growth Trend Analysis
6. Market - Pricing Analysis
6.1. Regional Pricing Analysis
6.2. United Kingdom Average Pricing Analysis Benchmark
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