USA and Canada Teak Veneer Sheet Market Size, Share, Demand & Trends by 2033
From 2023 to 2033, teak veneer sheet demand in the USA
and Canada market will thrive at 3.6% CAGR. By 2033, total market
valuation will reach around US$ 86.0 million. The USA and Canada teak
veneer sheet market size is expected to reach US$ 60.1
million in 2023.
Teak or Tectona Grandis is one of the renowned
tropical hardwood tree species. It is durable, extremely water-resistant, and
resistant to rots, pests, and others. Thus, it is widely used for building
boats, yachts, outdoor furniture, and others.
Veneer sheets are thin layers of wood logs. They are
used for different purposes as they maintain the same natural feel and give an
aesthetic appeal to the object.
Yacht/boat is the leading application segment. Teak
veneer sheets are being increasingly used during boat/yacht building owing to
their various qualities. They find applications in boat decks, cabinets, etc.
Hence, widening usage of teak veneer sheets in shipbuilding applications will
boost sales.
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Similarly, high usage of teak sheer sheets in the
building sector will elevate demand through 2033.
Teak is considered to be one of the most superior
materials for interior applications. Veneer sheets made from teak are gaining
wider popularity in building sector due to their various advantages.
In building & construction, teak veneer sheets are
used for flooring, kitchen cabinets, staircase, pillar, and others (window
frames, shower tables, bookshelves, tables, walls, and doors). It is used for
interiors as it provides a premium feel.
Growing usage in home decor for aesthetic looks will
uplift teak veneer sheet demand across the USA and Canada.
Key Takeaways from Teak Veneer Sheet
Market Study
- The
USA and Canada teak veneer sheet market is set to expand at 3.6% CAGR
through 2033.
- By
grade, a grade segment will generate significant revenues over the next
ten years.
- By
application, yacht/boat segment will thrive at a steady pace through 2033.
- The
USA teak veneer sheet industry will reach a valuation of US$ 51.8
million by 2033.
- Teak
veneer sheet sales revenue in Canada is likely to reach US$ 34.3
million by the end of 2033.
“Booming building and boating industries
will continue to bolster teak veneer sheet sales across the USA and Canada.
Teak Veneer Sheet manufacturers will find significant opportunity in
streamlining their production lines for A grade teak veneer. Not only are these
of superior quality, but its functionality helps it sell for high prices for
use in boats and furniture.” says a lead FMI
analyst.
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Competitive Landscape
Greenlam Industries Ltd., Tank Group, GL Veneer, Inc.,
Oakwood Veneer Company, Natural Veneers, FormWood Industries, Lenderink
Technologies Inc., Central India Veneer Private Limited, Century Ply, Sauers
& Company Veneers, Veneer Technologies Inc., M.P. VENEERS PVT. LTD.,
Starwood Veneers Pvt. Ltd., and Duroply Industries Limited are few of the leading
teak veneer sheet manufacturers profiled in the report.
These market participants are focusing on increasing
their production capacities to cater to the rising demand from end users. They
are also launching new products and special production techniques, as well as
reducing prices to expand their customer base.
Recent Developments:
- In
2020, Crown Veneer announced the expansion of their
production capabilities, including the installation of a new veneer
splicing line and a new veneer dryer.
- It
also introduced a new line of sustainable teak veneer sheets, which are
produced using only FSC-certified teak from responsibly managed forests.
USA and Canada Teak Veneer Sheet Market
Segmentation
By Grade:
- A
Grade
- B
Grade
- SB
Grade
- C/Utility
Grade
By Application:
- Yacht/Boat
- Deck
and Deck Panels
- Cabinets
- Others
- Building
- Flooring
- Kitchen
Cabinets
- Staircase
- Pillars
- Others
- Others
By End Use:
- Commercial
- Residential
By Country:
- USA
- Canada
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