New York, USA, July 25, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The Decorative Laminates Market was estimated at USD 7.11 billion in 2023. The market valuation is expected to be USD 9.64 billion by 2032, registering a staggering CAGR of 3.4% during the forecast period of 2024-2032.
What is a Decorative Laminate?
Decorative laminates are surfaces that have been artificially created and coated with unique ornamental kraft paper to provide visually appealing surfaces. One of the most popular materials for enhancing aesthetics and resurfacing a variety of surfaces, such as kitchen countertops, cabinetry, furniture, wall panels, doors, and ceilings, is this one. Any décor material with qualities like multi-resistance, anti-bacterial, scratch resistance, and impact resistance can be replicated with the aid of decorative laminates.
A vast range of mica sheets or ornamental laminates are available, such as wall panels, solid surfaces, LVT, high-pressure laminates, special laminates, performance laminates, and compact laminates. Each of these laminate product categories offers a wide range of uses in various areas of your house with various patterns and functions.
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Key Market Stats:
- The decorative laminates market size was valued at USD 7.11 billion in 2023.
- The market is anticipated to grow from USD 7.35 billion in 2024 to USD 9.64 billion by 2032.
- The market is expected to exhibit a CAGR of 3.4% during the forecast period.
Major Findings from the Report:
- One important factor is the growing desire for smart and customized interior designs in both residential and business settings. Aside from that, technological developments in manufacturing processes and the growth of the building industry are propelling decorative laminates market demand.
- The decorative laminates industry segmentation is mainly based on the raw material, product, end user, application, and region.
- North America registered the largest decorative laminates market share globally in 2023.
Decorative Laminates Market Drivers and Trends:
- Customer’s Rising Interest: Consumer’s increased interest in buying products and raw materials to improve their housing look is one of the prominent factors impacting the decorative laminates market growth due to their possibility to transform the perspective of houses and offices into an attractive environment.
- Increased Availability of Raw Materials: High-performing, stiff, and dependable raw materials are becoming increasingly necessary in the market due to the notable increase in demand for decorative laminates. In order to satisfy the wide range of demands of the decorative laminate industry, this is allowing raw material suppliers to increase production and conduct innovative research.
- Customized and Comfortable Decorative Laminates: The possibility to change individual perspectives and deliver peace through the incorporation of customized decorative laminates and cozy dwellings is propelling demand from employers to get ease from work pressure. This trend is encouraging key players in the decorative laminates market to expand product innovations and production capacity in the marketplace.
- Product Launches: The world's population is starting to pay attention to sophisticated decorative laminates because of the continuous product launches that are taking place all over the world.
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Industry’s Prominent Players:
- Airolam Decorative Laminates (India)
- Abet Laminati SpA (Italy)
- Archidply (India)
- Broadview Holding (Netherlands)
- Bell Laminates (India)
- FunderMax (Austria)
- Merino Laminates Ltd (India)
- Greenlam Industries Limited (India)
- OMNOVA North America Inc (US)
- Wilsonart LLC (US)
- STYLAM INDUSTRIES LIMITED (India)
Geographical Landscape:
In 2023, the majority share was held by the North America region. This is mostly due to the market players' expanding business expansion initiatives to broaden their brand coverage and boost production capacity in response to increased customer demand.
Due to rising consumer spending on interior design, the Asia Pacific region is anticipated to develop at the quickest rate throughout the forecast period, with a solid CAGR. The decorative laminates market is seeing new demand potential as inexpensive ornamental laminates become more widely available.
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By Product Outlook:
- High Pressure Laminates
- Low Pressure Laminates
By Raw Material Outlook:
- Plastic Resin
- Overlays
- Adhesives
- Wood Substrate
- Others
By Application Outlook:
- Furniture
- Cabinets
- Flooring
- Wall Panels
- Others
By End-User Outlook:
- Residential
- Non-Residential
- Transportation
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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