ID: MRFR/CnM/1743-HCR | February 2021 | Region: Global | 449 pages
Decorative Laminates 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.
A decorative laminate is a piece of brown craft or drawing paper that is covered with durable and strong plastic. They can also be fancy printed papers. These papers are laminated. They are then used in industrial and residential building applications.
Industrialists and home builders love to use them because they’re durable. But they have other attractive properties as well. One of these is that they look nice either on furniture in residential units or on cabinets, drawers, and countertops in industrial buildings. Decorative laminates are highly sought after because they don’t scratch easily. They are also not vulnerable to wear and tear from the elements and they don’t catch fire easily. They have a high tensile property.
COVID-19 became a major global health issue after the Chinese government forced the World Health Organization (WHO) to lie to the world about the true dangerous powers of this virus. The virus soon began to spread around the world like wildfire. People in developing nations or in nations with underdeveloped and/or overburdened health care systems were at the greatest risk of dying or of getting severely ill from the virus.
Governments responded by imposing quarantines and lockdowns that were temporary. The industry was stifled as a result. The Decorative Laminates Market was no exception. Manufacturers in this market found that the raw materials needed to make these laminates were in short supply. This raised their production costs substantially. They were forced to pass these costs onto the end consumer in the form of higher prices. Sales dipped dramatically as a result. This was also a temporary restraint for the market.
List of Key Companies:
These Decorative Laminates are very useful. This is why they are the darling of the construction industry. The global construction industry is growing rapidly thanks to rapid growth in developing nations - especially India and China. Construction magnates find that using decorative laminates in residential and commercial units helps lower their overall construction costs. They are able to sell more units because they can price each unit at a lower price point for the end consumer. This is one of the key drivers of growth in the Decorative Laminates Market.
Decorative laminates manufacturers are capitalizing on the immense growth in the decorative laminates market. They are responding by investing heavily in research and development to come up with and market a new generation of more effective decorative laminates that rely on better technologies, are safer, and last longer than their predecessors did. They will be able to justify charging more for the new generations of decorative laminates.
Decorative laminates also beautify furniture. As people around the world grow wealthier, they are willing to spend more on beautiful furniture that lasts longer and is stronger. Decorative laminates are capable of creating exactly this type of furniture. This is another factor that is driving growth in the Decorative Laminates Market.
Crude oil and related products are used to make the raw materials that go into decorative laminates. The price of crude oil and related products can fluctuate dramatically. This can raise overall production costs. Manufacturers sell decorative laminates at higher prices. This is a major restraining factor for the Decorative Laminates Market.
The Decorative Laminates Industry faces the challenge of keeping prices at an affordable level while constantly spending more and more on research and development to create and market newer generations of decorative laminates that are clearly superior to their predecessors in terms of quality and performance.
Cumulative Growth Analysis:
The CAGR for the Decorative Laminates Market is projected to be 5.67% until the end of 2028. The market is expected to be worth USD 11.59 billion by 2028.
Funder America Inc is a major American player in the Decorative Laminates Market. It has managed to maintain its superior market position and is vying to be one of the industry leaders because it has invested heavily in research and development. The result is that it can market a new generation of more effective and stronger/more durable decorative laminates.
One such product is the TFL panel. This is very strong and durable. It also has a high tensile point. This is why hospitals and other such commercial operations love to use it.
The Decorative Laminates Market can be separated into the following groups based on type:
The low-pressure laminates segment has the largest Decorative Laminates Market share. It was 80% as of 2018. Given that its CAGR is projected to be 5% for the next few years, this number has only increased in recent years.
It is very affordable. Therefore, construction magnates find that they can lower overall construction costs by using it. It is also very effective for use in large and small-scale construction projects. Unlike its high-pressure cousin, it doesn’t warp or get destroyed by the elements easily. It also has high tensile properties.
Global Decorative Laminates Market, by Application, 2018 (USD Million):
Sources: MRFR Analysis
Low-pressure laminates can be grouped into the following segments by Application:
It’s practical, durable, and can take a beating and still keep on ticking. These properties, when combined with their very practical and affordable price, make it the construction material of choice for construction companies.
The furniture and cabinets application segment is expected to have a CAGR of 5% until 2025. It currently commands 55% of the total Decorative Laminates Market Share. Both low-pressure and high-pressure laminates are the construction material of choice for contractors.
The Decorative Laminates Market can be grouped into the following regions:
Global Decorative Laminates Market Share, by Region, 2018 (%):
Sources: MRFR Analysis
The Asia-Pacific region has the largest Decorative Laminates Market Share at 45% as of 2018. It has a high CAGR of 5.5% which is expected to continue until 2025. Many factors contribute to this. Some of these are an increase in construction projects, a growing population (especially in India and China), and greater purchasing power from the masses.
China holds the greater part of the Decorative Laminates Market Share. This is followed by India. The fact that many of the major Decorative Laminates Manufacturers are in this region is also a major contributing factor. Decorative laminates are used in furniture and on counters. They are used in lieu of marble and granite. Decorative laminates are just as durable as these other materials are. What makes them even more attractive is the fact that they sell for a fraction of the price of marble and granite!
North America accounted for 20% of the overall Decorative Laminates Market Share in 2018. What accounted for this strong market share was the fact that more and more Canadians and Americans were renovating their houses. They were choosing decorative laminate materials because these were sold at a lower price point than other materials. They were just as strong and durable as the other materials as well!
The Decorative Laminates Market remains highly competitive. What accounts for this is the fact that barriers to entry are low. Another important factor is the fact that this market has a higher CAGR. This is what makes it very lucrative. Many companies are entering the market. Those companies and existing companies are finding that they must innovate in order to survive. They are innovating by investing heavily in research and development.
This allows them (through trial and error) to come up with a new generation of decorative laminates that are more effective in terms of protecting the materials that they cover in any environment. These laminates are also priced much lower than what their predecessors used to be priced at.
Companies are also entering into mergers and acquisitions and strategic partnerships. Mergers and acquisitions increase the overall resource pool that these companies can access. This allows them to enter into new markets on a stronger footing. It allows them to solidify their position in existing markets. Strategic partnerships, also known as joint ventures, accomplish the same objectives.
Funder America is a major American company in the Decorative Laminates Market. It has managed to retain its superior position in the market by investing heavily in research and development. This has allowed it to develop a new generation of sophisticated decorative laminates with more diverse applications. The new generation of decorative laminates also has a lower price point.
The CAGR for the Decorative Laminates Market is 5.67%. The construction industry uses it heavily in furniture and construction projects because it’s strong and durable and doesn’t catch fire easily. The Asia-Pacific leads the Decorative Laminates Market in terms of market share and CAGR.
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Funder America, Inc. (US), Wilsonart LLC (US), Steelcase Inc. (US), Panolam Industries International, Inc (US), Arclin, Inc (US), Formica Corporation (US), Greenlam Industries Limited (India), Merino Industries Limited (India), Stylam Industries Limited (India), Abet Laminati S.p.A. (Italy), OMNOVA Solutions Inc (US), and Pfleiderer (Germany)|
|Key Market Opportunities||the volatile raw materials prices|
|Key Market Drivers||increasing applications of decorative laminates in the construction industry|
Frequently Asked Questions (FAQ) :
The decorative laminates market is predicted to grow at a 5.67% CAGR between 2020-2028.
The global decorative laminates market is predicted to touch USD 11.59 billion by 2028.
Asia Pacific is predicted to have a major share in the decorative laminates market at a 5.8% CAGR.
Increasing application in the construction industry, technological advancements, and low installation and maintenance costs are the key factors adding to the growth of the decorative laminates market.
Fluctuating cost of raw materials may hamper the decorative laminates market growth.