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    Decorative Laminates Market Size Estimated to Reach $12.7 Billion by 2027
    (I-BusinessNews.Com, March 23, 2022 ) The Decorative Laminates Market size is estimated to reach US$12.7 billion by 2027 after growing at a CAGR of around 3.7% from 2022 to 2027. Decorative laminates are materials used for lamination with decorative papers on various surface materials to be used in walls, floors, furniture to give an aesthetic appeal to the interior designing of homes and offices. The decorative paper is pressed on top of Kraft paper and is impregnated with plastic resins. They are mainly made of resins such as phenolic, melamine, as overlays, adhesives, plastic resin, and wood substrate. These decorative laminates are majorly used in applications such as wall paneling furniture, flooring wall, tabletops, and others. The increase in residential construction projects in countries like India, Singapore, Korea acts as a driver to the decorative laminates market. This is because, there will be a demand for wall panels, decorative flooring, cabinets in residential housing projects which require decorative laminates for enhancing the aesthetics of the houses. The consumer preference towards interior designing for their houses also will act as a driver for the decorative laminates market.



    COVID-19 Impact

    The COVID-19 pandemic has negatively impacted the Decorative laminates market. This is because several residential construction projects witnessed delays due to imposed lockdown restrictions in major countries like the United States, India, and others. Due to which interior designing products like decorative laminates witnessed fluctuating demand throughout 2020. According to the Organization for Economic Co-operation and Development (OECD), residential construction projects in the United Kingdom collapsed by more than 30% in April 2020, residential building activities in the United States decreased by 21%. Thus, due to the decline in residential projects globally due to covid, there was a slow demand for in-wall paneling, cabinets, flooring which in turn declined the demand for decorative laminates market in 2020.



    Decorative Laminates Market Segment Analysis – By Product Type



    By product type, high-pressure laminates are expected to grow by 3.5% during the forecast period. This is because they show excellent scratch and impact resistance which gives excellent aesthetic quality interior design solutions for consumers. Thus, are widely used in wall paneling in residential construction. High-Pressure Laminates are produced by saturating multiple layers of kraft paper with phenolic resin and highly pressing a layer of decorative paper on top of Kraft Paper. There is increased growth in the kraft paper industry. According to an article by World Paper Mill Organization, the global Kraft Paper market will grow from US$ 15.6 billion in 2019 to around US$ 19 billion in 2025. Thus, due to an increase in the growth of the kraft paper market for the production of high-pressure laminates, there will be increased growth of the decorative laminates market in the forecast period.



    Decorative Laminates Market Segment Analysis – By Resin Material



    By resin material, phenolic is expected to account for the largest share in the global market in 2020 and is expected to grow by 3.1% during the forecast period. Phenolic resins are used during the manufacture of decorative laminates to impregnate the kraft paper. There will be an increase in the production of phenol resins because major phenol-producing companies are expanding their production capacity. For instance, in March 2021, Honeywell Universal Oil Products announced that it will produce more than 565,000 metric tons per annum of phenol and acetone at its petrochemical’s facility in Yeosu, Korea with Lotte GS Chemical Corp., using its Phenol 3G and other technologies. Similarly, Sinopec SABIC Tianjin Petrochemical, Anhui Hangmo, and Jinan Shengquan’s phenolic resin plants started in 2021. Phenolic resin in decorative laminates acts as an excellent adhesives for decorative laminates to be used as edge binding on cabinets, table tops and others. Thus, due to the increased production of phenolic resin, there will be increased use of phenolic resin in the production of decorative laminates.



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    Decorative Laminates Market Segment Analysis – By Application



    By application, wall panel is expected to account for the largest share in the global market in 2020 and is expected to grow by 3.9% during the forecast period. Decorative laminates are widely used in wall panels especially in residential construction because these laminates aesthetically enhance and accentuate the walls and thus are preferred by consumers in their houses. Companies come up with a variety of range of decorative laminates for wall panels. For instance, ATI a major player in the decorative laminates market produces MirroFlex decorative laminates specifically designed for 3-dimensional, thermoplastic wall panels which are suitable for walls in both 4 feet x 8 feet and 4 feet x 10 feet panels. Due to the rise in residential projects coming up in the future, there will be more demand for wall panels in the upcoming years. For instance, in February 2021, the Ministry of Land, Infrastructure, and Transport, South Korea announced its real estate plan, which aims in housing redevelopment projects of around 830,000 housing units in Seoul and other big cities by 2025 led by state-run agencies. Such residential development projects in the forecast period will increase the demand for wall panels to give an appealing interior look to the housing infrastructures. Owing to the growing demand for wood panels, the demand for decorative laminates will also increase in the forecast period.



    Decorative Laminates Market Segment Analysis – By Geography



    Asia Pacific is the largest and the fastest-growing region in the decorative laminates market in the year 2021 and is expected to grow by 4.5% during the forecast period. This is because of the increase in residential construction projects in the Asia-Pacific region. Increasing residential construction projects and schemes in countries like China, India, Singapore, and others are expected to boost the demand for wall panels, cabinets, tabletops, and others. Several government schemes promote residential construction in these countries. For instance, in India, the residential sector is expected to grow in the upcoming years due to the initiatives taken by the central government aiming to build 20 million affordable houses across the country by 2022 under the Pradhan Mantri Awas Yojana Scheme of the Union Ministry of Housing And Urban Affairs. Due to such schemes, there is a growth in residential construction in Asia-Pacific. Thus, there will be an increased demand for wall panels, cabinets, wooden table tops which will increase the demand for decorative laminates market in the forecast period.



    Decorative Laminates Market Drivers



    Increasing consumer preference towards home renovation and enhancing home interior is driving the demand for decorative laminates market



    There has been a significant increase in demand for home renovation ideas amongst consumers in recent years to enhance their home interior to have an appealing look. According to an article by Wilsonart, a major player in the decorative laminates market, due to the work from a home pattern, remote lifestyle, there is an increase in the urge for home renovations among consumers. Residential clients are looking to create modern, sleek, and welcoming spaces with a nod toward function and technology. Wilsonart offers a portfolio of engineered surface decorative laminates for every room in a house. Therefore, the increase in home renovations will create a demand for the decorative laminates market.



    An increase in residential construction projects will drive the decorative laminates market



    There is an increase in upcoming residential construction projects which will drive the market growth of the decorative laminates market. According to a report by World Economic Forum Organization on April 2021, Singapore is building its first smart and sustainable ‘forest town’ with abundant green spaces and underground roads. Under this project named as Tengah project, the country is building five residential districts with 42,000 homes on the 700-hectare site in Singapore’s Western region which are designed to improve residents’ health and wellbeing and give them a better quality of life. Such smart city residential construction projects which require residential construction in such a huge number will require decorative laminates to be used in wall panels, wooden cabinets, and other furniture items. Thus, the increase in such residential projects will create more demand for decorative laminates and thus drive the market growth.



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    Decorative Laminates Market Challenges



    The development of large format printing can be a challenge to the decorative laminates market



    The use of large format printing using inkjet printers is increasing which is now becoming an alternative to decorative laminates. This is because decorative laminates have the risk of cracking. This is because changes in weather and moisture conditions cause them to expand and contract, leading to cracks in the laminate. The large format printing is almost similar to decorative laminates and comes in a wide range of variety of designs. For instance, large format prints using inkjet prints can be first printed on wall stickers, and then installed on walls. There is no need for special adhesives like resins to be used in large format printing unlike decorative laminates, and thus are cheaper than decorative laminates.



    Decorative Laminates Industry Outlook



    Technology launches, acquisitions, and R&D activities are key strategies that are adopted by the dominant players in this market. Decorative Laminates top 10 companies include



    Omnova Solutions Incorporation

    Fletcher Building Limited

    Greenlam Industries Limited

    Merino Industries Limited

    Wilsonart LLC

    ATI Decorative Laminates

    Archidply Industries Limited

    FunderMax Gmbh

    Panolam Industries International, Inc.

    Stylam Industries Limited



    Acquisitions/Technology Launches



    In August 2020, Wilsonart International Inc, Wilsonart Engineered Surfaces announced that it has signed an agreement to acquire Alpine Sales, Inc., a Columbia, South Carolina-based wholesale distributor of decorative surfaces, post-formed countertops, lacquers and stains, and hardware. This agreement will promote Alpine’s broad engineered surfaces portfolio with decorative laminates of Wilsonart.



    Key Takeaways



    The growth of residential construction projects in the Asia-Pacific region will drive the market. This is because there will be a demand for home furniture like cabinets, tabletops, shelving’s in the modern house construction projects which will drive the decorative laminates market. In low pressure laminates, the decorative paper is soaked in melamine resin, and the laminated paper is then directly bonded to particle board or fiber board (MDF and HDF) at low pressure. It is essentially a composite artificial material and is made by pressing together thin layers of flat paper and plastic resins.



    The consumer preference towards renovation and changing the interior design of their homes according to the modern look will increase the demand for decorative laminates made of flat paper and plastic resins.



    The growth of wall panels due to an increase in residential construction will drive the decorative laminates market.



    Relevant Report:



    Laminating Film Market

    https://www.industryarc.com/Research/Laminating-Film-Market-Research-501644



    For more Chemicals and Materials related reports, please click here



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