Global Decorative Laminates Market to Reach $95 Billion by 2025
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According to a new report published by Persistence Market Research, New York, N.Y., USA, titled Decorative Laminates Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025), manufacturers of decorative laminates are focusing on the introduction of new application specific product offerings to better address the specific requirements of customers.
Moreover, market players are found to be channelizing efforts towards strengthening their distribution channels along with focusing on direct sales. Among the regional markets, the Asia Pacific market is expected to account for a substantial value share in the global decorative laminates market due to rising construction activities in the residential sector across the region. Global sales of decorative laminates is estimated to be valued at about $64 billion in 2017 and this is projected to increase to about $95 billion by the end of 2025.
Global decorative laminates market factors boosting revenue growth include:
- Housing market recovery and new construction projects mushrooming across the globe
- A rapidly growing ready-to-assemble furniture market
- Growing demand for laminate flooring in the global market
- Rising per capita expenditure on furniture and flooring
- Increasing expenditure on construction activities across the globe
- Growing urbanization leading to new construction activities particularly in the residential sector.
On the basis of product type, the global market for decorative laminates is segmented into low pressure laminates, high pressure laminates, and edge banding. Low pressure laminates is further sub-segmented into paper and films and foils. In terms of value, the low pressure laminates segment is expected to lose 100 BPS in 2025 compared with 2017 and is projected to expand at a CAGR of 4.9% during the forecast period. The paper sub-segment is expected to gain 170 BPS in 2025 compared with 2017 and is anticipated to expand at a CAGR of 5.2% over the forecast period. The low pressure laminates segment is expected to remain lucrative and dominate global market demand during the forecast period.
Application segments include furniture and cabinets, flooring, wall panel, and others. The furniture and cabinets and flooring segments are expected to dominate the global market due to an anticipated steady growth in demand for decorative laminates across these end use applications.
Asia Pacific, Europe, and North America regions are projected to be the major contributors to the growth of the global decorative laminates market throughout the forecast period.
Modernization of infrastructure and growth in the construction and infrastructure industry are the two factors anticipated to drive market demand for decorative laminates in the Asia Pacific region, while rapid growth in the construction sector in the U.S.—especially in the housing sector—is anticipated to bolster the demand for decorative laminates in North America. The Asia Pacific decorative laminates market is projected to hold more than half the global market value share by 2025.
