Decorative Laminates Market to Cross US$ 72.1 Bn by 2030, TMR Study

WILMINGTON, DE / ACCESSWIRE / November 14, 2022 / Transparency Market Research Inc. - The global market study on decorative laminates found that manufacturers are keen to add new product attributes that make final products low on maintenance, especially the range of scratch-resistant and waterproof laminates. The demand of decorative laminates market is fueled by rise in residential remodeling projects. The TMR study projects the decorative laminates market to exceed value of US$72.1 Bn by 2030.

Fervent focus on product innovation notably through development of decorative laminates that are anti- bacterial and -viral has opened up new frontiers in market in recent years. Growing awareness of laminates with unique feel, touch, and aesthetics among consumers in the automotive, residential, and commercial applications will augment the decorative laminates market size.

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Customers are looking for new laminate designs in these applications, thus expanding the canvas for decorative laminates market manufacturers to constantly innovate. They have stridently expanded the range of decorative products to meet needs of interior décor applications notably in residential spaces.

Key Findings of Decorative Laminates Market Study

• Widespread Use in Residential and Commercial Applications Generates Massive Revenue Streams: Rise in use of decorative laminates of varied texture, gloss, and finish has spurred the sales of products. Massive demand for laminates in office space remodelling and residential renovations underpins substantial revenue streams for players in the decorative laminates market.
• Laminate Manufacturers Unveil New Technologies to Spur Demand: Constant emphasis on developing decorative laminates that meet the changing preferences of consumers will steer growth opportunities. Of note, zero finish technology has been extensively adopted to impart the aesthetic look similar to wood veneer. Aside from that, the various salient performance attributes will stir the popularity of products, thus expanding profitable avenue for companies in the value chain of the decorative laminates market. The introduction of new designs in zero finish laminates and specialized products has unlocked promising avenues for market players. Companies are leaning on unveiling certified products to gain a competitive edge over others. Of note, the commercialization of DNV-accredited laminate resins and coatings is generating abundant opportunity.
• Synchronized Laminates Gathering Traction in Range of Applications: Customers are increasingly seeking laminates with premium texture and patterning. Of note, the study authors observed the growing popularity of synchronized laminates, mainly since they closely resemble real wood. Rapid adoption of these in interior décor application has fueled lucrative prospects for the manufacturers in decorative laminates market. Additionally, high gloss laminates are also popularly demanded in interior décor.

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Decorative Laminates Market: Key Drivers

• Shift toward digital marketing models particularly use of social media and adoption of e-commerce business models has vastly benefitted firms in the decorative laminates market. They are leveraging these for raising awareness of antibacterial laminates and coatings, thus steering commercialization of new technologies in laminates.
• Rapidly growing residential and commercial remodelling projects is a key force for the consumption of decorative laminates.
• Consistent pace of planned urbanization in numerous emerging economies is a key driver of decorative laminates market.

Decorative Laminates Market: Regional Growth Dynamics

• The TMR study found that Europe was a lucrative region in 2019. Widespread demand for products in residential and commercial applications fueled the growth opportunities.
• Asia Pacific accounted for a major share of the global decorative laminates market in 2019. The year witnessed rapid commercialization of various products, pivoting on rising use in all key applications, namely, automotive, commercial, and residential industries.

Decorative Laminates Market: Competition Landscape

Firms in the decorative laminates market are implementing both organic and inorganic growth strategies, observed the TMR analysts.

Some of the prominent market players are Panolam Industries International, Inc., Stylam Industries Ltd (India), FunderMax Gmbh, Archidply Industries Limited, Abet Laminati S.p.A., Wilsonart, Greenlam Industries Ltd., OMNOVA Solutions Inc., and Aica Kogyo Co., Ltd.

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Decorative Laminates Market Segmentation

Product

• High Pressure Laminates
• Low Pressure Laminates

Application

• Flooring
• Doors
• Walls
• Furniture
• Others (including Cabinets)

End Use

• Commercial
• Residential
• Automotive

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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