Industry revenue of »manufacture of veneer sheets and wood-based panels« in Hungary 2011-2023

Hungary has around 23% of its total land area under forest cover, thereby driving its wood and related products industry. Importantly, hard wood is available in abundance which helps manufacturers of furniture and other wood products to get access to high quality raw materials. Moreover, the country has a rich legacy of handcraft knowhow which makes its products popular not only domestically but also in overseas markets. Therefore, it is not surprising that Hungary’s veneer sheets and wood-based panels market is expected to grow from 262.6 million U.S. dollars in 2017 to over 293 million U.S. dollars in 2023.

Over the years, furniture manufacturing and retailing have emerged as key sectors in the country with total revenues increasing at a steady pace. Living room & dining, bedroom and floor covering furniture are the top three categories. The sector is also witnessing increasing foreign investment due to favorable government policies and support. A good example is Austrian company Ada, which invested around 18 million U.S. dollars in Hungary and received an additional 3.8 million U.S. dollars from the government.

Industry revenue of »manufacture of veneer sheets and wood-based panels« in Hungary from 2011 to 2023

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Hungary. The industry “manufacture of veneer sheets and wood-based panels“ has the code “C1621“.

Details on the methodology can be found here.

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Statistics on "Economic Outlook Hungary"

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