Decorative laminates are used in building interiors such as tabletops, countertops, furniture, and floorings, among others, to add aesthetic value and protect these from external weather. This report estimates the market size for decorative laminates on the basis of application, end-use sector, raw material, type, and region. The global decorative laminates market is projected to reach USD 7.97 billion by 2021, at a CAGR of 3.5% between 2016 and 2021. The demand for decorative laminates is primarily driven by their low installation and maintenance cost coupled with rapid growth of the construction industry. However, fluctuating raw material prices is a major challenge in this market.
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Asia-Pacific led the decorative laminates market in 2015, followed by North America and Europe. Rapid growth of the construction industry coupled with increasing disposable income of consumers of leading Asia-Pacific countries, such as China, Japan, India, Indonesia, and South Korea is driving the decorative laminates market in the region. Moreover, this market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period, as the demand for decorative laminates is driven by the construction of new buildings and renovation activities in India and China. Europe and North America are relatively mature markets as compared to South America and the Middle East & Africa. The decorative laminates market in North America is expected to witness moderate growth between 2016 and 2021. Furthermore, Europe was the third-largest decorative laminates market in the world in 2015.
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Based on type, the general purpose segment of the decorative laminates market is projected to grow at the highest CAGR during the forecast period. General purpose laminates are cost-effective and are used worldwide. The increasing applicability of decorative laminates in numerous applications including tabletops, counter tops, furniture, and case goods is the key factor driving the demand for decorative laminates in the residential sector. However, the market size for backer laminates is less, as they are used only as a balancing sheet in applications.
Based on end-use sector, the residential segment of the decorative laminates market is projected to grow at the highest CAGR between 2016 and 2021. With increasing disposable income and changing lifestyle, consumers are emphasizing on improving the aesthetics and durability of home furniture, which, in turn, is fueling the demand for decorative laminates for the residential sector.
Major players in the global decorative laminates market are Fletcher Building Limited (New Zealand), Omnova Solutions Incorporation (U.S.), Greenlam Industries Limited (India), Merino Group (India), Wilsonart International Inc. (U.S.), Abet Laminati S.p.A. (Italy), Archidply Industries Limited (India), FunderMax Gmbh (Europe), Panolam Industries International, Inc. (U.S.), and Stylam Industries Limited (India).
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