Decorative Laminates Market On the Rise by 2020

On the basis of product decorative laminates are classified as high-pressure laminates, low-pressure laminates and edgebanding. Based on the end-user the market of decorative laminates is divided in five broad segments: cabinets, furniture, floorings, store fixtures and others.

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Asia-Pacific represents the largest and fastest growing market for decorative laminates, followed by North America and Europe. Increasing disposable income, constant economic growth, rising standards of living and increased demand for housing in urban areas are some of the key growth drivers in the APAC region. Increasing disposable income allow the customer to spend more on furniture, home accessories and furnishings among which decorative laminates play key role. According to the National Bureau of Statistics China, annual per capita disposable income of urban households in China increased from USD 2,271.0 in 2008 to USD 3408.5 in 2012. The overall annual disposable income in India medium household income increased from USD 1,366.2 billion in 2010 to USD 1,587.6 billion in 2013. Additionally, wide range of colors, designs, textures and styles led to increase consumer interest and is expected to provide ample growth opportunities for decorative laminates market.

The market of decorative laminates is expected to witness a significant growth in the coming years. Some of the major drivers contributing the overall market growth of decorative laminates include increased residential construction, growing consumer interest in home remodeling and rising demand for upgrades in non-residential market. Governments and private sectors across the globe are investing in better infrastructure facilities. Construction of residential and non-residential buildings leads to the demand for decorative laminates market. For infrastructure development, the U.K government’s public sector investment is expected to rise by USD 4.9 billion to about USD 77.7 billion in 2013-14 over 2012-13. It is further expected to increase to about USD 83.0 billion in 2014-15.

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The major companies operating in the decorative laminates market include Formica Group, FunderMax, Kingboard Laminates Holdings Limited, ronotex GmbH & Co., Kronospan Holdings Limited, Advanced Technology Inc., Armstrong World Industries Inc., Roseburg Forest Products Company, Sekisui Chemical Company Limited, SierraPine Limited, Tarkett SA, Timber Products Company, Woodcraft Industries Incorporated, OMNOVA Solutions Inc and Wilsonart International

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