Decorative Laminates Market
Decorative Laminates Market (Product: High Pressure Laminates and Low Pressure Laminates; and Application: Flooring, Doors, Walls, Furniture, and Others; and End Use: Commercial, Residential, and Automotive) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Ecommerce, New Products Help Reinvent Product Demand During COVID-19 Pandemic
In order to help businesses navigate through the coronavirus crisis, companies in the decorative laminates market are maintaining robust supply chains and catering to mission-critical applications in healthcare, retail, and hospitality sectors. ATI Decorative Laminates has recently announced to enter the eCommerce business to revive the demand amid the ongoing COVID-19 pandemic for innovative and new products such as its Acrylic Divider Panels and Deco-Defender products.
Antibacterial laminates are generating business opportunities for manufacturers in the decorative laminates market. However, many people are still hesitant to increase their spending on non-essential goods such as furniture, laminates, and home interior products. In such cases, eCommerce and social media platforms are helping to drive the revenue of the market by boosting the demand for antibacterial laminates and coatings.
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Laminate versus Veneer: Which is Better?
Laminates are usually more pocket-friendly and affordable than veneer. However, in terms of aesthetics, veneer materials are more elegant and graceful than laminates, since the latter is mass produced and lacks uniqueness. In terms of variety, companies in the decorative laminates market are capitalizing on this advantage, as laminates are available in textured, high-gloss, soft, and matte finishes. However, veneers are available in a limited number of shades involving paper backed, laid up, and reconstituted veneer materials.
Veneers require more maintenance as compared to laminates. Such advantages are translating into business opportunities for stakeholders in the decorative laminates market. They are increasing the availability of scratch-resistant and waterproof laminates.
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Residential Remodeling, Office Spaces Fuel Demand for Decorative Laminates
The decorative laminates market is projected to cross US$ 72.1 Bn by 2030. Manufacturers are broadening their revenue streams in commercial and office spaces. Advanced 1mm laminates are gaining popularity for offering a serene and soothing atmosphere in Indian office spaces. Customers are preferring zero finish laminates at high traffic places such as offices.
Laminates in countertops and cabinets are gaining prominence in the residential remodeling and design industry. Manufacturers in the decorative laminates market are increasing the availability of cost-efficient laminates so that customers can splurge on other essential products for residential remodeling applications. As such, manufacturers are gaining awareness about stone texture countertops, high gloss, and matte finish laminates that offer a modern look in residential applications.
Synchronized Laminates Impersonating Genuine Wood Gaining Popularity in Interior Décor
Apart from high pressure and low pressure laminates, companies in the decorative laminates market are increasing their output capacities in synchronized laminates and PVC (Poly Vinyl Chloride) laminates to expand their revenue streams. This explains why the market is projected to expand at a favorable CAGR of ~6% during the forecast period. Synchronized laminates are being highly publicized as enriching overlays that resemble genuine wood. Manufacturers are developing these overlays with emblazoned surfaces that mimic the genuine wood grain plan.
Design vision and ability to play with different laminates are translating into revenue opportunities for companies in the decorative laminates market. High gloss laminates are being preferred in interior décor.
BWR Laminates, DNV-accredited Companies Competitive Edge in India
Manufacturers in the decorative laminates market are increasing their production capabilities in high-pressure laminates, pre-laminated particle boards, and medium density fiber (MDF) boards to capitalize on the growth opportunities in India. For instance, Century Plywood India Ltd. (CPIL) is acquiring proficiency in manufacturing Boiling Water Resistant (BWR) Decorative Veneers and Laminates.
Companies in the India decorative laminates market are increasing efforts to adhere with the ISO (International Organization for Standardization) standards. They are acquiring certificates from the UKAS Environmental Management and the Det Norske Veritas (DNV) to gain a competitive edge in the Indian market. High gloss laminates are gaining popularity for adding depth to smaller spaces, owing to light reflection properties.
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eCommerce and social media are helping boost the demand for anti-viral laminates and ply amid the ongoing coronavirus crisis. India holds lucrative growth opportunities for companies in the decorative laminates market, especially during the festive season. However, the artificial look of laminates is hindering the sale of products. Hence, companies should increase awareness about water, heat, and scratch resistant laminates, which offset its disadvantages. An increasing number of customers is investing in wooden texture decorative laminates for use in office spaces and residential remodeling applications. Manufacturers are adopting the zero finish technology to produce laminates that impersonate wood grain texture. Sunmica laminates are predominant in interior design applications.
Decorative Laminates Market: Overview
- Decorative laminates are used to add stylish finishes to furniture, walls, floorings, and other installations. Raw materials required for the manufacture of decorative laminates are wood, vinyl, plastic resin, and paper.
- Decorative laminates protect furniture from scratches, fire, and daily wear & tear. These laminates are available in a wide range of colors, designs, and textures to meet specifications of various end-use industries.
- Decorative laminates improve the lifespan of surfaces and provide them with an attractive finish. There are two types of decorative laminates: low pressure laminates and high pressure laminates. Low pressure laminates are low-cost laminates, while high pressure laminates are high-priced and more durable.
Drivers of Decorative Laminates Market
- The global decorative laminates market has been expanding. These laminates require low maintenance and are easily available. Therefore, decorative laminates are extensively preferred over wooden flooring. Demand for interior decoration has been rising across the globe. Increase in demand for decorative interiors in convention centers, gymnasiums, and indoor sports clubs is likely to create new opportunities for the decorative laminates market. Inclination toward better lifestyle and rise in interest in home interior and remodeling are anticipated to be key driving factors of the global decorative laminates market.
- The decorative laminates market is also driven by the increase in demand for these laminates in the housing industry. Decorative laminates have become a crucial part of large and evolving markets such as real estate, furniture, and modular kitchen. Low installation and maintenance costs of decorative laminates are also expected to boost the global decorative laminates market over the next few years. Rapid growth of the residential sector in urban as well as semi-urban areas and rise in reconstruction and renovation activities in North America and Europe are estimated to contribute significantly to the overall market growth. Substantial expansion of services and manufacturing sectors has led to strong growth of the global GDP. This, in turn, has had a positive impact on the decorative laminates market.
Key Challenges for Decorative Laminates Market
- Decorative laminates are derived from melamine, phenolic resins, methanol, and formaldehyde. They are employed in various end-use industries. Regulations over the usage of melamine and phenolic resins are likely to hamper the global decorative laminates market. Stringent government regulations and other policies have been implemented in response to growing concerns over the damage caused by phenolic resins and melamine to the environment. Excessive use of plastic products in decorative laminates has been banned by various countries.
- High cost of raw materials is projected to hamper the global decorative laminates market. Raw materials, such as melamine, phenolic resins, methanol, formaldehyde, tissue paper, Kraft paper, and wood logs and other chemicals are utilized in the preparation of decorative laminates. Prices of these raw materials are considerably high. This increases the overall production cost of decorative laminates, thereby hampering the market.
Lucrative Opportunities for Players in Decorative Laminates Market
- Key players such as Fletcher Building Limited, Aica Kogyo Co., Ltd., OMNOVA Solutions Inc., and Greenlam Industries Ltd. can focus on expanding their global footprint through strategic capital allocation and increase in production capacity
- Companies need to focus on product improvements in order to create new interest in existing products. This can help draw customers and improve the quality of products.
Domination of Asia Pacific in Decorative Laminates Market
- In terms of region, the global decorative laminates market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held the major share of the global decorative laminates market in 2019. It was also the fastest growing market in 2019. Rapid commercialization is the major factor driving the decorative laminates market in Asia Pacific. Increase in demand for decorative laminates in commercial, residential, and automotive end-use industries is also boosting the decorative laminates market in Asia Pacific.
- Europe also held key share of the global decorative laminates in 2019. Residential housing and commercial end-use industries account for key share of the decorative laminates market in this region
- North America also constitutes vital share of the global decorative laminates market due to the strong presence of manufacturers of decorative laminates in the region. Similarly, Middle East & Africa and Latin America are also developing regions and expected to witness remarkable growth in the market during the forecast period.
Leading Players in Decorative Laminates Market
- Major players in the global decorative laminates market are
- Fletcher Building Limited
- Aica Kogyo Co., Ltd.
- OMNOVA Solutions Inc.
- Greenlam Industries Ltd.
- Wilsonart LCC
- Abet Laminati S.p.A.
- Archidply Industries Limited.
- FunderMax Gmbh
- Panolam Industries International, Inc.
- Stylam Industries Ltd (India)
- Players operating in the global decorative laminates market are adopting various organic and inorganic growth strategies such as mergers & acquisitions, new product launches, strategic collaborations, expansions, and joint ventures to increase their product portfolio and business operations
Decorative Laminates Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global decorative laminates market to gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for the growth of the global decorative laminates market. The study also identifies growth avenues for stakeholders. The report provides insightful information about how the global decorative laminates market is likely to expand during the forecast period of 2020 to 2030.
The report offers intricate dynamics about different aspects of the global decorative laminates market that aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the building & construction industry with respect to the global decorative laminates market during the forecast period. It also includes a key indicator assessment to highlight growth prospects of the global decorative laminates market and estimates statistics related to growth of the market in terms of volume (million square meters) and value (US$ Mn).
This study covers a detailed segmentation of the global decorative laminates market, along with key information and a competition landscape. The report mentions company profiles of key players operating in the global decorative laminates market, wherein various developments and expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Decorative Laminates Market
The report provides detailed information about the global decorative laminates market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market, and are looking for innovative methods to create a unique benchmark in the global decorative laminates market that would help them design successful strategies and make target-driven decisions.
- Which product segment of the global decorative laminates market would emerge as a leading revenue generator during the forecast period?
- What would be the Y-o-Y growth rate of the global decorative laminates market between 2020 and 2030?
- What are winning imperatives of frontrunners in the global decorative laminates market?
- Which application segment is expected to generate maximum revenue in the global market for decorative laminates during the forecast period?
Research Methodology – Decorative Laminates Market
The research methodology adopted by analysts for compiling the report on the global decorative laminates market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the global decorative laminates market.
For primary research, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the global decorative laminates market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global decorative laminates market.
Decorative Laminates Market – Segmentation
TMR’s research study segments the global decorative laminates market in terms of product, application, end use, and region. This report presents extensive market dynamics and growth trends associated with different segments and explains how they are influencing the growth of the global decorative laminates market.