Woodchip particle board acquired the largest revenue share in the Bangladesh particle board market – 6Wresearch.
Bangladesh particle board market witnessed a significant growth during the period 2017-2020 on the back of growth registered in construction and furniture industry in Bangladesh. The middle class of Bangladesh had witnessed increase in per capita income thus enabling the people to buy furniture made up of particle board in the country. Additionally, furniture industry which includes particle board segment has recorded a notable rise in demand in the recent past on account of change in consumer behaviour and buying pattern in the country. Though, the covid-19 pandemic hampered growth in market revenues during the year 2020 but as the movement restrictions were withdrawn, the market recorded demand from hotels and restaurants. Moreover, rising number of housing and commercial sector establishments in the country has contributed to maintain demand in the market.
According to 6Wresearch, Bangladesh Particle Board Market size is projected to grow at a CAGR of 12.6% during 2021-2027. The primary reason for growth in the Bangladesh particle board industry can be attributed to the rising furniture and construction industry in the country. Moreover, with rising restaurants, cafes and food joints in the country, the demand for particle board would augment from the commercial sector.
On the basis of material types, wooden chip particle board market acquired majority of the revenue share. This is on the account of its wide applications across furniture, flooring, false ceiling and many more. On the basis of applications, the furniture sector garnered majority of the market revenue share during the year 2020 and is expected to dominate the market over the coming years as well on account of the rapid expansion of population in the country.
According to Anmol Dhanju, Research Analyst, 6Wresearch, “Particle board market is in the growth stage of the industry life cycle and it is anticipated to witness a burgeoning demand during the forecast period, on account of increasing population and rising per capita income in the country.
Upcoming boom in furniture and construction industry would increase the demand for particle board across the country.”, Anmol further added.
According to Shivankar Guha, Research Associate, 6Wresearch, “Owing to the rising application of particle board in the furniture segment to develop kitchen cabinets, bookcases, doors, windows, and wall & floor coverings, the furniture segment garnered the majority revenue share in 2020 and is expected to maintain its dominance in years to come with rising furniture industry in the country.”
“Bangladesh Particle Board Market (2021-2027F)” report provides an in-depth analysis with 54 figures and 5 tables, covered in 71 pages. The report thoroughly covers the market by material types, finishing types and applications. The report provides an unbiased and detailed analysis of the Bangladesh particle based market trends, opportunities high growth areas, market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
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