New York, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Decorative Laminates Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Decorative Laminates Market Research Report, Type, Application and Region - Forecast till 2028” the market is projected to be worth USD 11.59 billion by 2028, registering a CAGR of 5.67% during the forecast period (2021 - 2028)., The market was valued at USD 8.15 billion in 2021.
Market Competitive Landscape:
List of the key competitors of the global decorative laminates market are:
Funder America, Inc. (US)
Steelcase Inc. (US)
Arclin, Inc (US)
Greenlam Industries Limited (India)
Stylam Industries Limited (India)
OMNOVA Solutions Inc (US)
Wilsonart LLC (US)
Panolam Industries International, Inc (US)
Formica Corporation (US)
Merino Industries Limited (India)
Abet Laminati S.p.A. (Italy)
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Market Research Future’s Review on Decorative Laminates Market
Decorative laminates are laminated products that are primarily utilized as furniture surface material or wall paneling. Laminates are commonly used as finishing layers for MDF (medium-density fiberboard), plywood, particleboard, wooden furniture, wall panels, and flooring. Moreover, they are occasionally configured as toilet cubicle systems, laboratory tables, and kitchen tops.
They are also resistant to wear and tear from the elements, and they do not frequently catch fire. They have an extremely high tensile strength. They replace marble and granite since they are just as long-lasting as these other materials. The fact that they sell for a fraction of the price of marble and granite makes them even more intriguing!
Market USP Covered:
People's rising purchasing power and improving the standard of life are projected to drive the decorative laminates industry in the coming years. Rapid urbanization, rising residential development, cost-effectiveness, and environmental friendliness of decorative laminates are also expected to enhance the market in the approaching years. Furthermore, cheap installation and maintenance costs of decorative laminates and qualities such as anti-microbial, scratch resistance, anti-fingerprint, and chemical resistance are expected to drive the market throughout the forecasted period.
The raw materials for decorative laminates are made from crude oil and similar goods. The price of crude oil & related goods can vary greatly. This has the potential to increase overall production costs, thus, manufacturers charge extra for decorative laminates. This is a significant factor restraining the decorative laminates market growth.
Browse In-depth Market Research Report (449 pages) on Decorative Laminates
Governments responded by implementing temporary quarantines and lockdowns following the global outbreak of COVID-19. As a result, the industry was strangled. The market for decorative laminates was no exception. The raw materials required to make these laminates were in short supply. This significantly increased their production expenses. They were compelled to pass these expenses on to customers in the form of higher prices. As a result, sales fell precipitously. Hence the decorative laminates market value saw a slight decline.
The segmentation of the global decorative laminates market is done by type and application. By type, the low-pressure laminates held the highest decorative laminates market share. This is because low-pressure laminates are durable and affordable, and they can be used in both large-scale and small-scale construction projects.
By application, the furniture and cabinets segment dominated the market. This segment held 55% of the decorative laminates market value.
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As of 2018, the Asia-Pacific region accounted for 45% of the decorative laminates market share. It has a 5.5% CAGR, which is predicted to continue through 2025. Many aspects have a role in this. Some of these include an increase in development projects, a growing population (mainly in India and China), and increased purchasing power among the general public. Decorative laminates market size is the largest in China, with India being the next country on the list. Many of the main decorative laminates manufacturers are located in this region also play a significant role.
North America is the world's second-largest consumer of decorative laminates. Furthermore, rising disposable income and increased urbanization are driving up demand for decorative laminates in a variety of applications. The decorative laminates market in Europe is currently growing at a gradual pace. This market is majorly driven by higher living standards and rising per capita consumer purchasing power on home décor. Apart from that, the growing customer preference for aesthetically pleasing home interiors and corporate spaces is fueling the market growth. Furthermore, there is a high demand for ready-to-assemble (RTA) furniture, flooring, and cabinets, which has increased the market for decorated laminates.
Segmentation of Market covered in the research:
Decorative Laminates Market Research Report: Information by Type (Low-Pressure Laminates and High-Pressure Laminates), Application (Furniture and Cabinets, Flooring and Wall Panels) and Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa) - Forecast till 2028
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