The global decorative
laminates market is expected to display higher growth rate
over the next seven years. The market is subject to witness a substantial
growth due to the growing construction activities, rapid urbanization,
increasing population and growing infrastructural spending by both developing
and developed economies across the globe. Growing constructional activities
like in shopping malls and business parks the developing economies across the
Asia Pacific region such as India, China, Malaysia, Thailand and Singapore are
expected drive the growth of decorative laminates market in the upcoming years.
Growing demand of decorative laminates from
housing market is credited to booming buildings & construction industry,
thus driving market growth over the forecast period. Additionally, increasing
benefits of decorative laminates over traditional materials such as metal,
wood, and plastic are expected to fuel the growth of the market in upcoming
years. Globally, the market is predicted to generate massive revenue over next
seven years, providing numerous opportunities for market players to invest for
research and development in the decorative laminates market.
Increasing demand for decorative laminates
from building & construction industry owing to benefits associated with its
use such as higher durability and attractive appearances of the surfaces are
expected to influence market growth over the forecast period. Additionally,
decorative laminates also provides protection against harsh weather and
external environmental factors such as ultra-violet radiation, high
temperatures, acid rain, and pollution particles. These factors are predicted
to boost market demand for decorative laminates during the forecast period.
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Growing popularity of decorative
laminates in marine applications to build decks, rooftops and doors are
anticipated to boost market growth. Increasing adoption of decorative laminates
in manufacturing of structural panels is likely to drive market expansion.
Increasing infrastructural activities in developing economies across the globe are
major drivers for sustained growth of the market, in the last few years.
Furthermore, rise in the per capita income and surging economic condition in
BRICS economies such as India, Brazil and China are predicted to fuel market
growth in near future.
Easy availability of raw materials
required to manufacture decorative laminates, particularly in regions where
forest resources and wood plantations are in abundant amount, are offering
lucrative growth opportunities for market players in the decorative laminates
industry. Moreover, substantial investment by market players in development of
innovative products to gain a competitive edge coupled with mergers,
acquisitions and partnerships for vertical integration are driving growth of
the market, in the recent years.
The market is broadly categorized into
two major segments based on the application type such as residential sector and
non-residential sector. The non-residential sector is considered as one of the
fastest growing segment in the market with substantial revenue generation in
the last few years. Growing popularity of decorative laminates in the
non-residential segment is attributed to the increasing demand from
restaurants, laboratories, educational institutes, office furniture, hospital,
hotels, and retail shops. The residential segment has also witnessed
substantial growth owing to the improved living standards and rising per capita
income.
The market is divided by region as
North America, Europe, Asia-Pacific, Latin America and Africa. North America
has shown major growth in recent years owing to the rise in the implementation
of latest technologies home décor industry, increase in the number of research
& development activities in the region and existence of well-established
industrial infrastructure.
Asia-Pacific region is predicted to
hold major market share in the decorative laminates market with massive growth
in forecast period. Countries such as India, China and Singapore are leading
the Asia-Pacific market with robust growth home décor industry, increasing
building & construction activities, rising per capita income, improved
living standards, and significant investment by leading industry players
considering potential growth opportunities in the region.
The key players in the decorative laminates
market are Fletcher Building Ltd., Omnova Solutions Inc., Greenlam Industries
Ltd., Merino Group (India), Wilsonart International Inc., Abet Laminati S.p.A.,
Archidply Industries Ltd., FunderMax GmbH, Panolam Industries International,
Inc., and Stylam Industries Ltd.
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