Italy’s woodworking technology sector is showing signs of growth and is expected to pick up further in 2016 as government incentives and a more positive economic sentiment are likely to encourage new investments, according to Acimall, the Italian woodworking machinery and tools manufacturers’ association.
Preliminary estimates for 2015 show export value increasing 6.8% to EUR1.34 billion from 2014 while the value of production went up 7.2% to EUR1.79 billion from 2014, almost bouncing back to a level before the global economic crisis. In 2008 turnover exceeded EUR2 billion.
Domestic market sales amounted EUR450 million, up by 8.7% from EUR414 million in 2014.
“Although the general scenario is better than in the past, trying to predict the future is hard in this international economic and political climate,” said Dario Corbetta from the Association’s Studies office. “However, next year we expect an increase in investments in the domestic market.”
Two factors feed this optimism: The Italian government will allow companies to apply for a 140% depreciation of the value of purchased goods; this depreciation will be evenly distributed across the entire lifecycle. A 50% ‘furniture bonus’ will be extended to under-35 couples who buy new furniture, a measure that is likely to drive furniture sales. Corbetta added that a similar incentive in 2014 generated generated revenues of over EUR836 million.
Acimall’s Studies office is expecting businesses to expand by 5-10% in 2016, an encouraging outlook for an industry that employs 9,000. Of a total of 270 companies, 180 are Acimall members, which account for 18% of global production.
The next Xylexpo in May 2016 is also expected to drive this growth.
Source: Acimall/ Edited by: Panels & Furniture Asia