Indonesia Wooden Shelves Market is Forecast to Touch USD 453.5 Million by 2026, Growing at a CAGR of 3.9% During 2020 to 2026
According to BlueWeave Consulting, Indonesia wooden shelves market has reached USD 348.3 million in 2019 and is further projected to reach USD 453.5 million by 2026, growing at a CAGR of 3.9% during 2020-2026 (forecast period). Increasing demand for capacity expansion and storage facilities in Indonesia is likely to drive the market for Indonesia wooden shelves market over the forecast period. Increasing demand and the need for systematic storage and easy material handling are anticipated to support the industry growth of Indonesia. Expanding infrastructural development coupled with supportive funding for housing projects by the government sector is likely to create potential market growth opportunities.
The rapid growth of population in conjunction with urbanization is positively influencing the adoption of wooden shelves. The easy availability of low-cost wooden shelves on account of intense competition is propelling the demand. Rapid economic growth, increasing disposable income, and easier availability of land at a lower cost would create ample opportunities for Indonesia's wooden shelves market growth. Furthermore, improving living standards and economic conditions are prominently augmenting the demand for Indonesia wooden shelves. Advanced interior designs for modern residential buildings along with the availability of economical labor in emerging nations is bolstering the industry growth.
Expanding construction industry to spur wooden shelves demand
A significant development in the real estate and commercial construction due to a positive economic outlook accompanied by gradual shifting of preference toward high-end imported furniture would stimulate the wooden furniture market demand. Rising investments in the hospitality industry are expected to propel business expansion. Increasing import and export of luxurious and comfortable wooden shelves due to increasing consumer spending and changing lifestyles are fueling the demand for upholstered wooden shelves. An upsurge in the reupholstering trend of wooden shelves is gaining popularity among consumers due to factors such as superior quality, easy customization, cost-efficiency, and increased environmental awareness. Additionally, the extension of shelves life, enhancement of the color appearance, and improvement of the comfort level would further impel the Indonesia wooden shelves market growth.
The furniture occupies the largest share of Indonesia wooden shelves market
The furniture application is expected to lead the Indonesian wooden shelves market due to the rising consumer spending on various wood-based furniture products and increasing preference for traditional furniture for living rooms and bedrooms among consumers. Increasing consumer purchasing power coupled with low-interest rates has led to an increase in building projects in Indonesia. Furthermore, increasing investments in the construction of new commercial spaces are likely to spur market growth shortly.
Indonesia Wooden Shelves Market: Country insights
Indonesia is the largest producer and consumer for wood-based panels on account of population growth, which demands high investments in the construction. A rise in packaging applications is supporting the demand for the products owing to increasing industrial exports from the country. The construction sector in the country has been growing rapidly, with increased investment by the government. The factors driving the building and construction industry are the ever-increasing populations, rapid urbanization, as well as the rise in purchasing power. As a result of the aforementioned factors, investments in infrastructure are being made and are included in plans. Thus, the increasing investments in construction activity are responsible for the technological advancements in Indonesia's wooden shelves market. Growing demand for wooden shelves in Indonesia is further boosting the industry growth.
The leading players” in Indonesia wooden shelves market includes PT. Tanjung Kreasi Parquet Industry, Kayu Lima Sentosa, PT. SAS Kreasindo Utama, PT. Zenith Pratama Indah, PT. Indonesia Hijau Sarana, PT bali furniture hunter, PT UbinKayu Indonesia, CV. FABILFAT GROUP, PT. Sentra Utama Palletindo, PT Rama Gombong Sejahtera, PT AMINDO WANA PERSADA, CV. Kayubagus Internasional, Sahabat Utama Industri, PT, CV. Jonathan Citra Mandiri, International Timber Trade & Industries, Albasindo Wood Products, Alengga Furniture, Satya Graha Timber, PT. Kayu Lapis Asli Murni, Inti Panelindo, IDUS, RHEUS, PT Dharma Satya Nusantara Tbk and PT. Samawood Utama Works Industries, and others.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Indonesia wooden shelves market size & forecast. The report promises to provide recent technology trends of Indonesia's wooden shelves market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.