Decorative Laminates Market Expected to Reach $10.0 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Decorative Laminates Market," The decorative laminates market size was valued at $7.0 billion in 2021, and is estimated to reach $10.0 billion by 2031, growing at a CAGR of 3.4% from 2022 to 2031.

The demand for furniture has increased in the past decade, owing to rise in number of homes. In addition, rise in work-from-home culture is contributing in its rising demand. Furthermore, as a result of rapid urbanization, the number of residential and nonresidential buildings is increasing in the urban areas. Moreover, decorative laminates are used as an overlay for the external and internal walls. In addition,  high-pressure laminates are suitable for flooring purpose. For the furniture & cabinets, decorative laminate is used for providing it an attractive surface finish. Thus, rise in the number of buildings and surge in demand of furniture & cabinets positively influence the decorative laminates market growth.

The growth of the global decorative laminates market is mainly driven by rise in building construction activities and increase in spending on home renovation projects by home owners and building developers. However, high procurement and application cost of decorative laminates has the potential to limit growth of the market.

Commonly observed product types of decorative laminates are high-pressure laminates and low-pressure laminates. Among these, the high-pressure laminates segment accounted for the highest market share in 2021, and the same is expected to witness significant growth during the forecast period, owing to increase in demand from commercial sector. The market is analyzed with respect to different applications depending on wall, flooring, and furniture & cabinets. On the basis of end user, the market is categorized into residential and commercial.

In 2021, Asia-Pacific dominated the global decorative laminates market, in terms of revenue, followed by Europe and Asia-Pacific. Moreover, the market in Asia-Pacific has grown with high CAGR of 3.7%, owing to growth in development of single-family homes.

Furthermore, decorative laminates manufacturers are adopting various development strategies. For instance, in September 2020 Abet Laminati S.p.A. opened a showroom in Cuneo, Italy, it is named as Abet World.

However, during the pandemic lockdown, various manufacturers in the decorative laminates market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of decorative laminates manufacturing companies. In addition, lack of manpower and raw materials constricted supply of raw materials for decorative laminates, and has negatively influenced the growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.

KEY FINDINGS OF THE STUDY

• The report provides an extensive analysis of the current and emerging decorative laminates market trends and dynamics. 
• Depending on product type, the high-pressure laminates dominated the decorative laminates market share, in terms of revenue in 2021 and the same is projected to grow at a significant CAGR during the forecast period.
• By application, furniture segment registered highest revenue in 2021.
• On the basis of end-user industry, the residential segment garnered the highest revenue in 2021.
• LAMEA is projected to register highest growth rate in the coming years.
• The key players within the decorative laminates market forecast report are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the decorative laminates industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market. 
• In-depth decorative laminates market analysis is conducted by constructing estimations for the key segments between 2021 and 2031.