Decorative Laminates Market Size, Share & Growth Report 2031

Report Description

The global decorative laminates market size was around USD 7.02 Billion in 2022 and is expected to surpass USD 9.32 Billion by 2031, expanding at a compound annual growth rate (CAGR) of 3.2% during the forecast period, 2023–2031. The market growth is attributed to the increasing use of decorative laminates on furniture, cabinets, and wall paneling to enhance aesthetics for residential and commercial purposes.

Decorative laminates are laminated products that are used as wall paneling or furniture surface material. Laminates are suitable for both residential and commercial purposes. These laminate sheets can be used to enhance the appeal of all surfaces including furniture, walls, and cabinets due to their easy customization and durability property.

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These laminates are made using multiple layers of laminate sheets and kraft papers fixed together using resins. Decorative laminates are manufactured using two methods, low-pressure laminates, and high-pressure laminates. These laminate sheets offer various advantages such as dust resistance, anti-bacterial, and heat resistance. Laminate sheets are easy-to-maintain and offer longer durability which ultimately makes them cost-effective. Decorative laminate offers appealing aesthetics for walls and furniture in residential and commercial areas.

COVID-19 Impact on Decorative Laminates Market

The market report finds that the COVID-19 pandemic hampered the global decorative laminates market owing to the sudden disruption in the construction sector around the globe. Decorative laminates manufacturers need raw materials to produce decorative laminates and due to the lack of raw materials during the pandemic, the global market was affected.

Temporary shutdown of production factories and sudden disruption in the supply chain forced manufacturers to delay or reschedule their production of decorative laminates. The pandemic also hindered the construction industry due to several preventive measures for COVID-19 guidelines, imposed by governments globally.

Lack of raw materials, construction labor shortage, and lack of transportation services further affected the global decorative laminates market. Consumers were unable to buy decorative laminated products such as furniture and cabinets flooring wall panel for home and office work purposes. In 2021, after some relaxation in guidelines from governments across the globe, the global decorative laminates market had some boost in revenue due to rising demand for decorative laminated products such as office furniture and cabinets for home purposes.

Decorative Laminates Market Dynamics

The research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global decorative laminates market report has up-to-date insights about market dynamics and market scenarios that can shape the overall market performance and output during the forecast period, 2023 to 2031.

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Major Drivers

Rising demand for office-based and home-purposed furniture & cabinets

Increasing demand for decorative laminated products such as cabinets and furniture for home and office work purposes can boost the global decorative laminates market. Decorative laminates are gaining popularity in the residential renovation and design business with low maintenance and a wide range of colors and textures for furniture.

The rising demand for decorative laminates is due to the high durability of laminated sheets and their low cost. Decorative laminated sheets are scratch and dust resistant and can act as a protective layer for furniture surfaces. These laminated sheets offer an aesthetically pleasing appearance with a wide range of customizations.

Existing Restraints

Strict government regulations regarding the use of non-biodegradable materials

Decorative laminated sheets are non-biodegradable and cannot be recycled. Laminated sheets that are made of paper only are biodegradable, but the plastic material used with paper is not biodegradable. The strict government regulations regarding the use of non-biodegradable materials is anticipated to hamper the market growth during the forecast period. Governments across the globe are imposing new strict regulations on the use of different non-biodegradable materials to reduce the use of non-biodegradable plastic for a better environment.

Emerging Opportunities

Rising popularity of recyclable and biodegradable decorative laminates

Recyclable and biodegradable decorative laminates can produce lucrative opportunities for the global decorative laminates market. Decorative laminates are not recyclable due to the use of plastic resin, which is made of a mix of plastic and paper. Manufacturers can make plastic resin biodegradable with the use of biodegradable plastic material. Recyclable decorative material can increase the durability and scalability of the laminate sheets, which can produce new opportunities for market growth.

Scope of the Decorative Laminates Market Report

The global decorative laminates market research report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Decorative Laminates Market Segment Insights

Furniture & Cabinets segment to expand at a significant growth rate

Based on application, the global decorative laminates market is divided into flooring, wall panels, and furniture & cabinets. The furniture & cabinets segment accounted for major revenue of the global market in 2021. The furniture & cabinets segment is expected to expand at a significant growth rate during the projected period owing to the rising use of decorative laminated sheets for furniture & cabinets.

These sheets are widely used for improving the aesthetics of kitchen countertops owing to the anti-bacterial property of laminates. Decorative laminates are extensively used for cabinets and furniture for appealing aesthetics.

The wall panels segment is anticipated to grow rapidly and hold a key share of the market in the coming years. The segment growth is attributed to the rising use of decorative laminates for wall panels for more warmth and style in any living space. Consumers can use these laminates to resurface entire living rooms and to create monotonous walls with various laminates. Decorative laminates have dust-resistant properties which can give wall panels a stylish and glossy look all the time.

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Low-pressure laminates segment to register a considerable CAGR

Based on product, the global market is segregated into low-pressure laminates and high-pressure laminates. The low-pressure laminates segment is projected to register a considerable CAGR during the forecast period due to the low cost and easy maintenance of low-pressure laminated sheets. Various properties of low-pressure laminates such as anti-bacterial properties and fire resistance make them excellent choices for wall paneling, kitchen benchtop, and bathroom vanities. Low-pressure laminates are more suitable for home furniture and kitchen shelf due to their less durability.

The high-pressure laminates segment is anticipated to account for a major market share in the coming years owing to the rising demand for high-durability laminates for both residential and commercial projects such as tabletops, table counters, benchtops, and more. High-pressure laminates consist of printed decoration paper fused to multiple sheets around 6-8 pieces of Kraft paper saturated with a synthetic thermosetting resin.

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Plastic resin is expected to expand at a significant rate

Based on type, the global decorative laminates market is bifurcated into plastic resin and paper. The plastic resin is expected to grow at a significant rate owing to the wide use of plastic resin in decorative laminates due to its long durability, strength, and rigidity. These plastic resin laminates are widely used for tables and other tops. It resists all liquid stains and heat.

The paper segment in the global decorative laminates is also expected to expand at a considerable CAGR in the coming years due to print and easy-to-print materials' longer durability. The decorative laminated paper offers various customization as per the consumers’ needs which helps to boost the revenue of the global market.

Residential segment is expected to register a considerable CAGR

Based on end-user, the global decorative laminates market is bifurcated into residential and commercial. The residential segment is expected to register a considerable CAGR in the coming years. Decorative laminates are extensively used for residential purposes such as tabletops, kitchen tops, furniture, and wall paneling. Decorative laminates are anti-bacterial which makes them suitable to use for hygienic places such as kitchen tops. These laminated sheets are extensively used in residentials for wall paneling owing to their dust-resistance property.

On the other hand, the commercial segment is expected to expand at a significant rate owing to the increasing use of decorative laminates in commercial places, such as offices. The rising adaptation of decorative laminates for wall paneling for better interior designs and aesthetic looks for offices can boost the segment in the coming years.

Asia Pacific to dominate the market

In terms of regions, the global decorative laminates market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific held the major market share in 2021. Asia Pacific is expected to dominate the market during the projected period due to the increasing construction sector and infrastructures in developing countries.

In emerging economies such as China, India, and Japan, the rising demand for decorative laminates is due to changing lifestyles and shifting focus towards decorative laminates as it offers an aesthetic appealing look for home and offices. In Asia Pacific, the increasing construction sector can boost the use of decorative laminates for home renovation and offices.

The market of North America is anticipated to expand at a rapid pace during the forecast period due to the increasing application of decorated laminates and the presence of major players in the region. In North America, the easy availability of raw materials due to the presence of major key players can boost the decorative laminates industry.

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