The Global Market for Decorative Laminates is Projected to Exceed US$47 Billion by 2024

Growing Demand for High Pressure Laminates, the Stronger & Most Versatile Variety of Laminates, Drives Steady Growth in the Decorative Laminates Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Decorative Laminates market. The global market for Decorative Laminates is projected to exceed US$47 billion by 2024, driven by growing demand for High-pressure laminates (HPLs) as the most durable, ubiquitous, and functional man-made surface materials, and rise in new construction and renovation activity globally.

Laminate is defined as a decorative material that is man-made and applied onto the surface of a substrate. Though often referred to as high-pressure laminate or HPL, the technical name of laminate is “thermosetting high-pressure decorative plastic laminate”. Superior attributes of decorative laminate over other alternatives that are driving widespread adoption across the world include its availability in innumerable designs, ease of installation, flexibility, long lasting, costing much lesser than conventional products, low-maintenance, high impact resistance and heat resistance, superior performance and quality, versatility, consistency, and its high value for investment with today’s expertly manufactured, customized laminates, and high quality home décor options enhancing and protecting customer investment. Macro trends benefiting growth prospects for decorative laminates include demographic evolution in emerging countries; urbanization growing at the rate of over 65 million per year; and growing global concern towards sustainable development and promotion of green products.

Future growth in the market will be driven by the digital revolution gaining momentum in decorative laminates. Digital techniques, which extend a high degree of freedom, and flexibility to experiment with potential prototypes, along with high levels of creative flexibility offered by digital technologies promises to raise the bar for high-pressure laminates, and revolutionize the way manufacturers design products. Growing penetration of laminate flooring supported by their benefits of durability, easy-to-clean, enhanced resistance against fading and stains, offering realism of wood and other expensive floors at a more affordable price, easy installation on almost all grade levels, superior resistance against impact and scratches, and smooth replacement procedure represent another important growth driver. Wide range of design, colors, and textures of laminates are providing an optimum solution for consumers looking for decorative, yet affordable and durable alternative for accomplishing the high-end look of real wood, stone, or ceramic tiles. Positive outlook for the global construction industry coupled with improving lifestyles of people around the world creating interest in remodeling of home interiors are also expected to invigorate demand for decorative laminates in the coming years.

As stated by the new market research report on Decorative Laminates, Asia-Pacific represents the largest and the fastest growing market worldwide with a projected CAGR of 6.1% over the analysis period. Booming construction activity and subsequent rise in number of new constructions in both residential and commercial space, particularly in regional powerhouses such as China and India, are expected to generate substantial market opportunities for decorative laminates in the region. Other growth drivers include transition of India and China from primarily rural-based societies to modernized, urban-based global economies; exponential increase in urbanization; expanding middle class and their increased lifestyle spending on furniture, home accessories and furnishings.

Key players in the market include Abet Laminati S.p.A., AICA Kogyo Co., Ltd., Arclin, Inc., Armstrong Flooring, Inc., Arpa Industriale S.p.A., ATI Decorative Laminates, Beaulieu International Group N.V., Borg Group Holdings Pty Limited, Dekodur GmbH & Co. KG, Financiera Maderera S.A., Fletcher Building Limited, FRITZ EGGER GmbH & Co. OG, FunderMax GmbH, GreenPly Industries Limited, Kingboard Laminates Holdings Limited, Kronospan Limited, Mohawk Industries, Inc., Panolam Industries International, Inc., Pfleiderer Group Spólka Akcyjna, Roseburg Forest Products Company, Inc., Rougier S.A., Swiss Krono Holding AG, Tarkett S. A., Timber Products Company, Westag & Getalit AG, and Wilsonart International, Inc., among others.

The research report titled “Decorative Laminates: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in terms of value for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America), and Rest of World. Product segments analyzed in the report include Low Pressure Laminates (Saturated Papers, Papers (Low Basis Weight), Decorative Foils and Vinyls), High Pressure Laminates and Edgebanding. End-use segments analyzed include Cabinets, Furniture, Floorings, Store Fixtures, Wall Panels, and Others.

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