2031 Forecast | Decorative Laminates Market Growing at 3.4% CAGR and Expected to reach $10.0 billion
Decorative Laminates Market
Decorative Laminates Market size was valued at $7.0 billion in 2021, and is projected to reach $10.0 billion by 2031, growing at CAGR of 3.4% from 2022 to 2031
WILMINGTON, DELAWARE, UNITED STATES, February 5, 2024 /EINPresswire.com/ -- The Global Decorative Laminates Market was estimated at $7.0 billion in 2021 and is expected to hit $10.0 billion by 2031, registering a CAGR of 3.4% from 2022 to 2031. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Increase in the global population and rise in trend of living in nuclear families have significantly heightened the demand for residential infrastructure, which in turn has driven the growth of the global decorative laminates market. At the same time, expansion of the furniture & cabinets industry has supplemented the growth even more. Moreover, several growth prospects in the emerging economies have been beneficial for the market.
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Covid-19 scenario-
Restrictions on manufacturing activities impacted the global decorative laminates market negatively, especially during the initial period.
Also, reduced furnishing and remodeling activities aggravated the market condition even more. However, the market is expected to revive soon.
The global decorative laminates market is analyzed across product type, application, end use, and region. Based on product type, the high pressure laminates segment accounted for more than three-fourths of the total market share in 2021, and is expected to rule the roost by 2031. The low pressure laminates segment, however, would garner the fastest CAGR of 3.7% throughout the forecast period.
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Based on end-use, the residential segment contributed to nearly four-fifths of the total market revenue in 2021, and is projected to lead the trail by 2031. The commercial segment, on the other hand, would exhibit the fastest CAGR of 3.8% during the forecast period.
Based on region, the market across Asia-Pacific held the major share in 2021, garnering more than two-fifths of the global market. The LAMEA region, simultaneously, would manifest the fastest CAGR of 4.2% throughout the forecast period. The report also analyzes other regions including Europe and North America.
Top Players:
The key market players analyzed in the global decorative laminates market report include Abet Laminati S.p.A., Archidply, Wilsonart LLC, Fletcher Building, Greenlam Industries Limited, Broadview Holding, Panolam Industries International, Inc., Stylam Industries Ltd., Synthomer Plc., and Merino Industries Limited.
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