Decorative Laminates Materials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global market for decorative laminates is expected to grow at a CAGR of more than 3% during the forecast period. The major factor driving the market studied is the growing construction industry in the Asia-Pacific region. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.

Furniture application is expected to dominate the market studied over the forecast period owing to the increasing construction industry.

Asia-Pacific region is expected to dominate the global decorative laminates market and is also forecasted to be the fastest-growing region over the forecast period.

Key Market Trends

Furniture Application to Dominate the Market

• Decorative laminates are used in various applications in the furniture industry. Decorative laminates are primarily used on wooden furniture to give it a more attractive look. It is mainly decorative or kraft paper soaked in phenyl formaldehyde.
• The growing middle-class population, coupled with increasing disposable incomes, has facilitated an expansion in the middle-class housing segment, thereby, increasing the demand for furniture, globally.
• China has the largest furniture industry in the world in terms of production, consumption as well as exports. The growing non-residential sector in the country is driving the demand for furniture in the country, which is further projected to support the demand for the decorative laminates in the near future.
• Additionally, the development of smart cities all over the world is rapidly increasing in recent times. By 2020, the smart city industry is expected to grow, with a revenue of around USD 400 billion.
• Thus growing construction activities is expected to boost the demand for furniture which further is expected to boost the demand for the market studied in coming years.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region is expected to dominate the global decorative laminates market and is also forecasted to be the fastest-growing region over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
• Increasing construction activities in countries such as China, India, Japan among others are expected to boost the demand for furniture, wall panels, cabinets, etc. which further is expected to drive the demand for decorative laminates in the coming years.
• In China, there are numerous airport construction projects that are either in development or the planning phase. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Chongqing Jiangbei International Airport, and Guangzhou Baiyun International Airport, among others.
• According to Invest India, the Indian construction industry is expected to grow at a CAGR of 15.7% from 2017-2022 and is projected to value USD 738.5 billion in 2022. Additionally, initiatives, such as ‘Housing for All’ and ‘Smart City Mission’, is expected to drive the growth of the construction sector in India.
• Furthermore, countries such as Japan, ASEAN countries have also been contributing to the growth of the market studied. Such factors are expected to further drive the demand for decorative laminates market over the forecast period.

Competitive Landscape

The global decorative laminates market is partially fragmented in nature with many healthy competitors in the market. The major companies are Greenlam Industries Limited, Merino Laminates Ltd, OMNOVA Solutions Inc., FunderMax, and Wilsonart LLC among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support