Market Overview:
The Global Decorative Laminates Market is showing immense potential in reaching a valuation of USD 91,015.03 Million with 5.30% CAGR between 2019 and 2025. The time frame can also be considered the forecast period. Market Research Future (MRFR) in its report has declared possibilities for the market for decorative laminates and how it can achieve better growth in the coming years.
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Decorative laminates can be described as laminated sheets made of brown Kraft papers or decorative printed papers that have been fused by heat and pressure. These laminates find significant application in protecting furniture from various wear & tear, scratches, fire risk, fungal or bacterial attack, and others. It also gives a good aesthetic touch to the furniture. These laminates add features like moisture and stain resistance that increases the durability of furniture. At the same time, the lifespan of these products get increased by a significant margin. It is further getting traction from low maintenance cost and installation cost. These laminates are environment-friendly, but the pricing of these decorative laminates depend much on the volatility of the raw materials, which can hinder the growth process.
Competitive Landscape:
- Wilsonart LLC
- Funder America, Inc
- Arclin, Inc
- Steelcase Inc.
- Panolam Industries International, Inc
- Merino Industries Limited
- Formica Corporation
- Greenlam Industries Limited
- Stylam Industries Limited
- Abet Laminati S.p.A.
- OMNOVA Solutions Inc
- Pfleiderer
Market Segmentation:
The Global Decorative Laminates Market can be read on the basis of type and application. MRFR’s report is further getting backing from various data fetched by analysts to make the report more scientific.
By product type, the decorative laminates report can be segmented into low-pressure laminates and high-pressure laminates. In 2018, low-pressure laminates had coverage of over 80% of the market. It is further slated to grow with 5% CAGR during the forecast period.
By application, the global report on the decorative laminates market includes wall panels, furniture & cabinets, and flooring. The furniture & cabinet segment can be considered the leading segment as it had over 55% of the total market share in 2018. It is also expected to climb high with 5% of the total market share in the coming years.
Regional Landscape:
The market in the Asia-Pacific region is providing the maximum traction to the growth of the global market. In 2018, the region had a coverage of 45% of the global market share and it is projected to grow with the fastest CAGR of 5.5% in the coming years as well. The growth can be attributed to the burgeoning construction industry, better consumer spending, and the population that is generating the demand. In terms of volume and value, China is expected to lead the regional market where the large consumer base and high urbanization count are going to play assertive roles. In India, the market would also get a chance to proliferate and gain advantages.
The North American market had the second position as they covered almost 20% of the global demand in 2018. This can be attributed to the adoption of these decorative laminates for renovation projects and better flooring designs. The US is forming significant growth opportunities and is expected to lead the market.
In October 2019, Wilsonart Engineered Surfaces declared that they are selling their Wilsonart Asia business to Aica Kogyo Co., Ltd. The latter is known for their role as a major manufacturer in Asia in the chemicals and building materials segment. The process would witness the handing over of decorative laminates section as well.
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