Global Decorative Laminates Market was valued at USD 6.55 billion in 2018, and it is projected to reach USD 8.10 billion by 2025, registering a CAGR of about 3.0% during the forecast period.
The laminates are materials that are widely used for flooring and wall paneling for decoration. The material is used in both residential and commercial purposes and is manufactured by drenching multiple layers of kraft papers with phenolic resin and fused using heat and pressure.
The demand for these products is driven by an increase in disposable income, rapid urbanization, increasing residential construction, and low installation and maintenance cost of decorative laminates. Low installation costs coupled with low maintenance costs, as well as preference for decorative laminates over wooden floorings are the factors fueling the demand for the target product.
Decorative laminates are available in the market in two major forms, such as high-pressure decorative laminates and low-pressure decorative laminates. The laminates are available in a variety of designs, styles, colors, and textures, such as ceramic, wood, tile, and metal. These laminates are predominantly used by architects and interior designers worldwide.
The materials are widely used for their exclusive properties. These are the most durable materials for countertops, horizontal surfaces, floors, and desktops. New designs such as the metal devices and the gloss surface have improved this device and thus are increasing demand for decorative laminates market.
Volatility in the price of raw materials used to manufacture laminates is expected to hinder the growth of the market. Low costs and properties, such as scratch resistance, chemical resistance, and anti-microbial and anti-fingerprint, are further driving the demand for decorative laminates.
Key Market Trends
Low Pressure Laminates Segment Dominated Global Decorative Laminates Market
Cost advantages of low-pressure laminates outweigh the durability factor of the high-pressure laminates, globally. the low-pressure laminates are significantly finding uses in large cabinets and store fixture markets where cost-effectiveness is a major factor for the consumer. The demand for these laminates is also augmented by the strong growth in the manufacture of cabinets, as well as improved performance attributes. The low-pressure laminates are easily applied in substrates with raised panels (as in cabinet doors) and curved edges. Saturated papers have numerous applications, due to their capacity to provide a high-gloss exterior at a low cost.
Asia-Pacific is Fastest Growing Market for Decorative Laminates Market
Asia-Pacific is expected to register the fastest growth in the global decorative laminates market. The growth in this region can be attributed to the increase in the construction sector in the region, along with the increasing disposable income of the people. Changing lifestyles and shifting preference toward decorative laminates are the factors that are expected to boost the demand for these laminates.
The region is also benefitted from its leading position in concocted wood production, especially particleboard and medium-density fiberboard (MDF), which are often given a laminate layer at the point of production. China is one of the largest producers of floor laminates and (Ready-to-assemble) RTA furniture, worldwide. Moreover, the production capacity of China, in terms of laminate boards, is also rapidly expanding. India generates the highest demands, in terms of laminates. The country is rapidly developing its manufacturing sector, including RTA furniture and cabinets, in order to increase the capacity to produce particleboard and MDF more efficiently.
However, the nations, such as the United States and Europe reap the gains from the well-established decorative laminates industries. North America is dominating the market, due to the increasing applications of decorative laminates, as well as the presence of the major players in the country. People are using these laminates in the renovation of their homes, due to their exclusive properties to manufacture furniture cabinets and floor laminates in the region. The easier availability of raw materials is another factor that is expected to benefit the region for leading the market.
Competitive Landscape
the global decorative laminates market is fragmented, due to the presence of a large number of small- and large-scale manufacturers in the market. the manufacturers in the decorative laminate market offer a variety of designs, colors, and textures, in order to diversify their product portfolios and remain competitive in the market. They are also introducing new concepts, such as the use of microscopic aluminum, printing techniques, and environment-friendly laminates. These factors are further boosting the demand for these products. The major players in the decorative laminates market are Wilsonart International Inc, Greenlam Industries Ltd, Stylam Industries Ltd, Omnova Solutions Inc., Fletcher Building Limited, Fundermax GmbH, and Archidply Industries Ltd.
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