The booming automotive industry is anticipated to increase sales of veneered panels due to their essential role in interior bodywork. This surge reflects a growing trend towards premium materials that enhance vehicle aesthetics and functionality.
According to Future Market Insights (FMI), the United Kingdom veneered panel industry size is forecast to expand from USD 276.7 million in 2023 to USD 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, developing new and innovative veneered panel products will act as a catalyst to trigger sales in the United Kingdom market.
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 the United Kingdom Veneered Panel Market Study
- The United Kingdom veneered panels market is forecast to thrive at 6.0% CAGR through 2033.
- By product type, particle board veneered panels segment is expected to create an incremental $ opportunity of about USD 94.5 million between 2023 and 2033.
- By end user, the construction segment is set to progress at 4% CAGR while the furniture segment will dominate the market with a valuation of USD 201.6 million by 2033.
- England is expected to collectively hold around 4% of the overall market share.
- Veneered panel demand in Scotland is projected to increase at 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)
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
- Greenlam Industries Ltd.
- Veneer Technologies Inc.
- James Latham
- Triesse Ltd.
- Timbmet
- Decospan Group
- Griffiths & Hood Ltd.
- Read Veneers
- Reliance Veneer Co Ltd
- Hanson Plywood Ltd
- UV Plc
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 the United Kingdom Veneered Panel 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 use, and region.
