Decorative Laminates Market Expected to Reach $10.0 Billion by 2031

Predetrmination of Growth:

Increase in the global population and rise in trend of living in nuclear families have significantly heightened the demand for residential infrastructure, which in turn has driven the growth of the global decorative laminates market. At the same time, expansion of the furniture & cabinets industry has supplemented the growth even more. Moreover, several growth prospects in the emerging economies have been beneficial for the market.

The global decorative laminates market was estimated at $7.0 billion in 2021 and is expected to hit $10.0 billion by 2031, registering a CAGR of 3.4% from 2022 to 2031. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.

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Driving Demands:

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.

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.

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Key Segments:

The global decorative laminates market is analyzed across product type, application, end use, and region. Based on product type, the high pressure laminates segment accounted for more than three-fourths of the total market share in 2021, and is expected to rule the roost by 2031. The low pressure laminates segment, however, would garner the fastest CAGR of 3.7% throughout the forecast period.

Based on end-use, the residential segment contributed to nearly four-fifths of the total market revenue in 2021, and is projected to lead the trail by 2031. The commercial segment, on the other hand, would exhibit the fastest CAGR of 3.8% during the forecast period.

Based on region, the market across Asia-Pacific held the major share in 2021, garnering more than two-fifths of the global market. The LAMEA region, simultaneously, would manifest the fastest CAGR of 4.2% throughout the forecast period. The report also analyzes other regions including Europe and North America.

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Top Players:

The key market players analyzed in the global decorative laminates market report include Abet Laminati S.p.A., Archidply, Wilsonart LLC, Fletcher Building, Greenlam Industries Limited, Broadview Holding, Panolam Industries International, Inc., Stylam Industries Ltd., Synthomer Plc., and Merino Industries Limited.

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.
In-depth decorative laminates market analysis is conducted by constructing estimations for the key segments between 2021 and 2031.

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