Views: 12 Author: Site Editor Publish Time: 2019-10-08 Origin: Site
According to Technavio’s market research analyst, the market for wood manufacturing in Turkey will grow at a CAGR of almost 5% by 2020. The recent growth of the furniture industry in this region will help to impel this market’s growth prospects during the next four years. The furniture sector is one the more developed sectors in the country with a market worth of around USD 10 billion. This segment comprises of approximately 35,000 manufacturing companies and 40,000 retailers and provides employment to 26,000 employees. According to the Centre for Industrial Studies, Turkey is the 16th largest producer and 21st largest exporter of furniture in the world, accounting for a 2% share of the global market. Rapid urbanization, increase in disposable income, and the shift in preference towards luxury products like high-end bedroom furniture, chairs, tables, and upholstered furniture will aid in the growth of the furniture industry in this region.
Another factor responsible for this market’s steady growth is the high demand for medium-density fiberboard (MDF) products. MDF is a composite panel manufactured by combining wood fiber and resin. It is recyclable, durable, and can be used to manufacture designer furniture. Additionally, as powder-coated MDF has a lower carbon and ecological footprint compared to materials with solvent-borne and water-borne coatings, its demand among the end users will increase significantly over the next few years.
The market is characterized by the presence of diverse international and regional vendors. However, as international players are increasing their footprint in the market, regional vendors are finding it difficult to compete with them, especially on features such as quality, technology, and pricing. The competitive environment in this market will intensify further with an increase in product/service extensions, technological innovations, and M&A activities.
Sawmilled and planed wood
During 2015, the wood-based panels dominated this market space by accounting for a market share of almost 85%.
Oriented strand boards (OSB)
According to this market research, the particle boards segment dominated this market during 2015 by accounting for a market share of more than 35%. This segment leads the market in terms of production and includes products that are manufactured from small pieces of wood. Particle boards are frequently coated with veneer, laminated paper, or foil.