Market Dynamics:
Market Research Future (MRFR) studied the global decorative laminates market growth 2022 for the analysis period 2022-2030. The decorative laminates market is likely to register 5.67% CAGR in the review period and earn considerable valuation. The surge of the decorative laminate global market can be attributed to the rise in their home décor application. The increase in demand for decorative laminates across the construction industry can support the expansion of the decorative laminate market in the study period. The low maintenance price and installation costs of decorative laminates can also promote the market rise. In addition, the availability of advanced printing techniques and the production of environmentally-friendly laminates can contribute significantly to the rise of the decorative market through the analysis period.
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Market Segmentation
The segment assessment of the decorative laminates global market is done by type and application.
The product type-based segment of the decorative laminates are low-pressure laminates and high-pressure laminates. The high rate of adoption of decorative laminates can cause the worldwide decorative laminate market to thrive at 5.67% CAGR in the forecast period. Superior properties and cost-effectiveness of low-pressure laminate over high-pressure laminates, also in extreme conditions can contribute to the impact of the decorative laminate market throughout the study period. The high traction for low-pressure laminates can be attributed to flooring, furniture cabinets, and wall panel uses in cases of refurbishment. The expansion of residential space and the use of low-pressure laminates with high durability can impact the expansion of the decorative laminate market through the analysis period.
The application-based segments of the decorative laminates global market are wall panels, furniture cabinets, and flooring. The furniture and cabinet segment can secure the highest share, exceeding 55% of the world market at about 5.67% CAGR in the analysis period. The increase in popularity of ready-to-assemble cabinets and other furniture, available in advanced design can improve the market impetus.
Regional Analysis
APAC, LATAM, EU, MEA, and North America are regions across the span of which the decorative laminates market is studied. In Asia Pacific, the decorative laminates market can value a high share of the worldwide market in the analysis period. APAC decorative laminate market can thrive at 5.5% CAGR in the analysis period. The rising number of constructions and increase in consumer spending on real estate are creating considerable demand for decorative laminates. The rise in popularity of decorative laminates can support the expansion of its market through the analysis period. India and other APAC countries are observed to witness the expansion of population base and rapid urbanization. In addition, escalation in per capita income are creating the need and meeting the demand for decorative laminates. The existence of reputed home décor suppliers in the region can support the rise of the decorative laminate market through the analysis period. In North America, the decorative laminates market can earn global foothold as an increase in need for house renovation that include the manufacturing of furniture and cabinets, and floor lamination can contribute to the expansion of the regional market. The easy of raw materials availability can support the expansion of the decorative laminate market through the review period.
Key Players
Wilsonart LLC (US), Funder America, Inc. (US), Steelcase Inc. (US), Formica Corporation (US), Panolam Industries International, Inc (US), Merino Industries Limited (India), Greenlam Industries Limited (India), Abet Laminati S.p.A. (Italy), Stylam Industries Limited (India), Pfleiderer (Germany), Wilsonart LLC, Funder America, Inc., Greenlam Industries Limited, Formica Corporation, and Merinolaminates, and OMNOVA Solutions Inc (US) are some reputed manufacturers functioning in the worldwide decorative laminates market as listed by MRFR.
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