Decorative Laminates Market Ensure Growth Prospects by 2031

The demand for furniture has increased in the past decade, owing to rise in number of homes. In addition, rise in work-from-home culture is contributing in its rising demand. Furthermore, as a result of rapid urbanization, the number of residential and nonresidential buildings is increasing in the urban areas. Moreover, decorative laminates are used as an overlay for the external and internal walls.

In addition, high-pressure laminates are suitable for flooring purpose. For the furniture & cabinets, decorative laminate is used for providing it an attractive surface finish. Thus, rise in the number of buildings and surge in demand of furniture & cabinets positively influence the decorative laminates market growth.

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The decorative laminates market size was valued at $7.0 billion in 2021, and is estimated to reach $10.0 billion by 2031, growing at a CAGR of 3.4% from 2022 to 2031. The growth of the global decorative laminates market is mainly driven by rise in building construction activities and increase in spending on home renovation projects by home owners and building developers. However, high procurement and application cost of decorative laminates has the potential to limit growth of the market.

Furthermore, decorative laminates manufacturers are adopting various development strategies. For instance, in September 2020 Abet Laminati S.p.A. opened a showroom in Cuneo, Italy, it is named as Abet World.

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Market Players:
The key companies profiled in the decorative laminates market forecast report include Abet Laminati S.p.A., Archidply, Broadview Holding, Fletcher Building, Greenlam Industries Limited, Merino Industries Limited, Panolam Industries International, Inc., Stylam Industries Ltd., Synthomer Plc., and Wilsonart LLC.

KEY FINDINGS OF THE STUDY
• The report provides an extensive analysis of the current and emerging decorative laminates market trends and dynamics.
• Depending on product type, the high-pressure laminates dominated the decorative laminates market share, in terms of revenue in 2021 and the same is projected to grow at a significant CAGR during the forecast period.
• By application, furniture segment registered highest revenue in 2021.
• On the basis of end-user industry, the residential segment garnered the highest revenue in 2021.
• LAMEA is projected to register highest growth rate in the coming years.
• The key players within the decorative laminates market forecast report are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the decorative laminates industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market.

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