Decorative Laminates Market to Surpass 5.5% CAGR till 2024

January 27, 2017

The global decorative laminates market size is anticipated to exceed 12 billion square meters by 2024. It can register a CAGR above 5.5% from 2016 to 2024 (forecast period). Decorative laminates not only provide a beautiful finish to surfaces but also enhance their lifespan. Consumers are exposed to a broad range of decorative laminates nowadays. They are available in various designs, textures, and colors. They protect furniture surfaces from wear & tear, fire, and scratches. Melamine, phenol, formaldehyde, methanol, kraft paper, and base paper among others are some of the main raw materials used in the manufacture of these laminates.

Demand is driven by low installation costs and low maintenance costs. Consumers these days show greater preference for decorative laminates over wooden floorings. Also, rising income levels coupled with the trend of home renovations & interior decoration can propel the global Decorative Laminates Market in the forthcoming years. The trend of designer interiors in indoor sports clubs, gyms, and convention centers could create opportunities for further growth. Stiff competition and the availability of affordable substitutes can hamper overall demand for decorative laminates.

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Products, applications, and regions are the three main factors based on which the worldwide decorative laminates industry is segmented. On the basis of products, the industry is fragmented into HPL (high pressure laminates), LPL (low pressure laminates), and edgebanding. Unlike, HPL, LPL have shorter lifespan. This is because high pressure laminates are made of phenolic resin and kraft paper which makes them durable and quite strong. HPL are mainly used for floorings, desktops, and countertops. Since low pressure laminates are quite affordable, they are usually purchased by the lower income groups.

Based on applications, the worldwide Decorative Laminates Market is categorized into flooring, furniture, cabinets, and wall panels. The highest share in the overall industry is held by the furniture & cabinets segment. The popularity of ready-to-fix furniture for residential & commercial applications is expected to drive the market in the years to come. Demand for wall panels & floorings from end users, such as shopping malls, colleges, airports, offices, hotels, and hospitals, is projected to rise substantially.

As per regions, the global decorative laminates market is segmented into Asia Pacific, Europe, North America, and the Middle East & Africa. The overall market was led by Asia Pacific in 2015. Surging income levels & standards of living in countries, such as China and India are factors that drive this regional market. High expenditure on non residential & residential construction in Indonesia and India may augment the Asia Pacific market in the forecast period.

High concentration of laminate furniture & flooring manufacturers in Europe is a key factor that is expected to fuel the Europe market from 2016 to 2024. High investments by the U.K. government in infrastructure can fuel regional demand. Another noteworthy factor that fuels the North America market is rapid industrialization. The prospering real estate & hotel industries in the UAE and in South Africa may make the MEA a very lucrative market during the forecast period. Companies in the global decorative laminates industry are Wilsonart International, Kronospan Holdings, Kingboard Holdings, Armstrong World Industries, and FunderMax.

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