Decorative Laminates Market To Exceed Valuation Of US$ 72.1 Bn By 2030

Posted by aartimule on December 13th, 2021

Decorative Laminates Market: Introduction

The global decorative laminates market was valued over US$ 47.4 Bn in 2019 and is anticipated to expand at a CAGR of ~6% during the forecast period. The global decorative laminates market is driven by the increase in demand for decorative laminates in flooring applications and rapid expanding of the building & construction industry across the globe. Decorative laminates protect furniture from scratches, fire, and daily wear & tear. These laminates are available in a wide range of colors, designs, and textures to meet the specifications of various end-use industries.

Key Drivers of Decorative Laminates Market

Decorative laminates are primarily used to decorate and protect furniture. These laminates provide premium finish, touch, and feel. They are primarily used in conference rooms, home interiors, and walls. Decorative laminates are laminated sheets of brown Kraft papers and decorative printed papers fused using heat and pressure. The demand for decorative laminates has been increasing across the globe, owing to their extensive usage in flooring applications. The rise in trend of ready-to-fix furniture in offices and homes is also driving the global decorative laminates market. The expansion of the real estate industry is positively impacting the demand for decorative laminates. Decorative laminates are commonly used as an overlay over wooden furniture. These laminates are an essential part of interior surfacing solutions. The usage of decorative laminates on wooden furniture surface provides a unique and stylish look to furniture in residential and non-residential buildings.

Decorative laminates are used in home decor applications, such as sofa, beds, and tables. Additionally, they are used in wall shelves in bathrooms, kitchen, and bookshelves; modular cabinets; and RTA furniture. These laminates are also used in wall highlighting. Ceilings are also covered with textured decorative laminates. Rise in purchasing power of the people and growth in preference of consumers for better esthetic appeal and decorative home furnishings are likely to drive the global decorative laminates market.

Stringent Regulations and High Cost of Raw Materials to Hamper Decorative Laminates Market

Decorative laminates are derived from melamine, phenolic resins, methanol, and formaldehyde. They are employed in various end-use industries. The implementation of regulations over the usage of melamine and phenolic resins is likely to hamper the global decorative laminates market. Stringent government regulations and other policies have been implemented in response to growing concerns over the damage caused by phenolic resins and melamine to the environment. The excessive use of plastic products in decorative laminates has been banned by various countries.

Asia Pacific Dominates Global Decorative Laminates Market

In terms of region, the global decorative laminates market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held the major share of the global decorative laminates market in 2019, due to increase in demand for these laminates in end-use industries in emerging economies of the region. The market in China is projected to expand at a significant pace, owing to the rise in demand for decorative laminates in the residential sector of the country. The decorative laminates market in Asia Pacific is highly fragmented. It is primarily dominated by large and small players from China, India, and Japan.

Europe is also a key region of the market. The decorative laminates market in Europe is mature. Leading players based in Europe are investing significantly in ecological products. This is driving the decorative laminates market in the region.

North America is a developed region of the market in terms of consumption. Therefore, manufacturers mainly focus on the export business. Many players export various decorative laminates. The wider application of ‘concealed’ home office furniture as well as desks and shelving systems encourages manufacturers to introduce creative products. Of late, the market in the U.S. has been inundated with imports, primarily from China.