Bangalore, Feb 28: World furniture market is estimated at Rs 20,000 crore and growing at 20 per cent per year, PDA Trade Fair Chairman and CEO Pradeep Devaiah said. Speaking to the sources after announcing the beginning of the 'Fifth Edition of India Wood-2008' and 'International Wood Exhibition' here from tomorrow, he said India's share in the world market was Rs 600 crore. ''The Indian organised furniture sector has grown by 20 per cent a year. The boom itself can logically be ascribed to the growth in the economy.
The growth in the IT sector has also fueled the need for work stations and office furniture'', he added. Mr Devaiah said the furniture manufacturing industry in the country was witnessing a paradigm shift and was becoming an organised industry. At present about 80 per cent of the wood industry in the country was under organised, he said. He said the exhibition would provide a platform to get them into organised sector for mutual interest as well as growth of the industry in the country. He said there would be about 420 exhibitors, including 180 from 31 countries. He said rubber wood was gaining popularity in the industry. Fifty per cent of the woodworking machinery market in India was depending on imported machinery, he added. Machinery market was growing at about 20 per cent annually and Karnataka alone was about 15 per cent, he said. Mr Devaiah said about Rs 400 crore business was expected during the five-day exhibition against Rs 150 crore registered in the last edition.