Decorative Laminates Market Analysis

Global Decorative Laminates Market Overview

Global Decorative laminates Market Size was valued at USD 45.87 billion in 2023. The Decorative laminates market industry is projected to grow from USD 45.98 Billion in 2024 to USD 71.10 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.72% during the forecast period (2024 - 2032). The increase in demand for decorative laminates, which are widely used in the construction industry is driving the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Decorative laminates Market Trends

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  Increasing applications of decorative high-pressure laminates in the construction industryto boost the market growth

  
  

Decorative laminates are laminated products used as furniture surface materials or wall paneling. There are two types of decorative laminates, low-pressure and high-pressure laminates, from which high-pressure laminates are considered one of the most durable decorative surface materials in the laminate market. These laminates offer advanced functional and mechanical properties, such as antimicrobial, anti-fingerprint, and durability. They are highly resistant to aggressive chemicals, abrasion, fire, moisture, shock, and impact and can be modified according to the need. Due to their superior properties, decorative high-pressure laminates find widespread applications in the construction industry.

Also, there is a growing need for decorative high-pressure laminates in manufacturing ready-to-assemble (RTA) furniture, toilet cubicle systems, laboratory tables, and kitchen tops because of their high durability and aesthetic appeal. They are an affordable substitute for natural materials and can replace high-cost floorings, such as marble, granite, and slate. However, they are relatively more expensive than low-pressure laminates because of high manufacturing costs. Moreover, the construction of residential and commercial buildings in developed and developing countries has increased due to the growing population and rapid urbanization. In addition, these laminates offer an unlimited variety of colors, finishing surfaces, thickness range, and dimensions, depending on the requirement.

Decorative high-pressure laminates are impervious to oil and liquid stains and heat; and offer high durability, scratch resistance, and cost-efficiency. They manufacture furniture in home decor, such as sofas, beds, and tables. In addition, they are used in wall shelves in bathrooms, kitchens, and studies, as well as in modular cabinets and RTA furniture. In addition, these laminates are also used in wall highlighting. The ceilings are also covered with textured decorative high-pressure laminates. The increasing purchasing power and growing preference of consumers for better aesthetic appeal and decorative home furnishings are likely to influence the global market growth positively.

Figure 1: Construction Market from 2020 to 2030 Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The increasing demand for commercial spaces in developed and developing countries due to the growth of service sectors such as IT, BFSI, and telecom is driving the growth of the construction industry, which drives the decorative laminates market. Thus, the extensive properties of high-pressure laminate and the growing construction industry with increasing purchasing power are factors expected to boost the demand for decorative laminates and fuel the global market growth during the forecast period. As shown below, according to Statista global construction market will show healthy growth during the forecast period, increasing demand for various decorative laminates for residential and commercial sectors and propelling the market growth.

In addition to the superior mechanical and functional properties, decorative laminates are easy to install compared to hardwood floors and other substitutes. Moreover, they are an excellent option for flat-top surfaces such as wall paneling, countertops, and desks/benches in schools. These laminates are highly durable and resistant to wear and tear. They are resistant to scratches and abrasion and thus are perfect for installation in heavy-traffic areas to withstand shock and impact. They can be installed using laminate glue or resin without professional help, which requires fewer installation costs. Thus, the increasing demand of Decorative laminates construction market driving the growth of the Decorative laminates market revenue.

Decorative laminates Market Segment Insights

Decorative laminates Type Insights

The Decorative laminates market segmentation, based on type, High-pressure laminates and low-pressure laminates. The High-pressure laminates segment held the majority share in 2021 contribution to around ~80-85% in respect to the global Decorative laminates market revenue. This is primarily owing to the rising demand of Decorative laminates in construction. For instance, as per the report of GlobalABC published in 2021, there is rising demand for construction activities.

October 2021: Wilsonart expanded its capacity by opening a new facility in Klamath Falls, Oregon, to dilate its TFL (Thermally Fused Laminate) capacity and footprint in North America. The Oregon facility will aid in the expansion of KML and Wilsonart branded TFL products, including The LUJOTM Collection. This has helped to increase production capability on the West Coast.

February 2022: Panolam partnered with Specialty Laminates as a supplier partner for thermally fused laminate (TFL) product lines. With the addition of Specialty Laminates, Panolam offers customers a more robust inventory and distribution channel than ever before. This partnership expands growing texture TFL programs and create a larger value-added footprint in the growing TFL market in North America.

Decorative laminates Application Insights

The Decorative laminates market segmentation, based on application, Furniture and Cabinets, Flooring, Wall Panels Others. The Furniture and Cabinets segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The increased use of Decorative laminates in building and construction to drive the decorative laminates market. The decorative laminate market growth has been driven by the increase in Industrialists and home builders who love to use them because they’re durable. But they have other attractive properties as well. One of these is that they look nice either on furniture in residential units or on cabinets, drawers, and countertops in industrial buildings. Decorative laminates are highly sought after because they don’t scratch easily. They are also not vulnerable to wear and tear from the elements and they don’t catch fire easily. They have a high tensile property. Due to the rise of the emerging new technologies in the global market, some of the market heavy industries want to increase the most advanced manufacturing product, which has helpful for these sectors. Hence, demand in different applications positively impacts the market growth.

July 2022: Formica Corporation expanded its popular DecoMetal Laminates line with seven new designs. These latest additions bring even more distinctive metal finishes for usage in vertical surface applications, broadening the possibilities of metal surfacing designs as designers continue to pay homage to Art Deco styling by using luxurious metal aesthetics in commercial projects. The new designs include three metal laminate patterns that use metal foils as the decorative surface and four printed solid metal choices, which are solid aluminium sheets that have been artistically designed and textured with a protective finish.

July 2019: Panolam launched The Healthcare Collection, a line of technically innovative and design-driven high pressure laminate products from the company’s Pionite, Nevamar, and Inspira lines. The ultimate in design versatility for a variety of healthcare interior situations is offered by the Healthcare Collection. The Healthcare Collection features smaller scaled abstract design components and neutral-colored patterns that willimprove the surroundings of any healthcare environment.This has further increased market share in the Decorative laminates industry.

Figure 2: Decorative laminates Market, by Type, 2021 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Additionally, the use of superior-quality resins and adhesives in manufacturing processing makes the laminates extremely resistant to scratches, stains, and moisture. The additional topcoat prevents water and dust from causing further damage. Major manufacturers, such as Merinolaminates and Greenlam Industries Limited, offer laminates treated with antimicrobial coatings, antimicrobial resins, and anti-allergen protection, ensuring safety. Also, these laminates have a long shelf life of around 20 years because of high resistance to heat, moisture, and abrasion, which results in less maintenance cost. Hence, low installation and maintenance costs will likely favor the growth of the decorative laminates market during the forecast period.

Decorative laminates Application Insights

Based on application, the global Decorative laminates industry has been segmented into  Furniture and Cabinets, Flooring, Wall Panels, Others. Laminate Sheets are manufactured in a wide variety of colors, patterns, and textures. These laminates have a high level of scratch and abrasion resistance. They are used for office furniture and circuit boards. One of the most popular laminate finishes used in kitchens and other carpentry projects is the matte finish. These laminates have a modest reflecting surface, and good resistance to scratches and dust, which makes matte finish laminates easy to clean and maintain. The other segment is expected to bolster at a 4.31% CAGR during the assessed timeline.

Decorative laminates Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific Decorative laminates dominating market accounted for USD 18.33 billion in 2021 and is expected to exhibit an 6.19% CAGR during the study period. This is attributed to the increase in building & construction industries, particularly in China, India, Malaysia and other nations, have led this market sector to raise so tremendously.

Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: DECORATIVE LAMINATES MARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America Decorative laminates market accounts for the second-largest market share due to the application of decorative lamiates in building the panels, bathroom components, and others. Further, the Germany Decorative laminates market held the largest market share, and the UK Decorative laminates market was the fastest growing market in the European region

The Asia-Pacific Decorative laminates Market is expected to grow at a CAGR of 6.19% from 2022 to 2030. This is because of the initiatives taken by government in infrastructure development. Moreover, China Decorative laminates market held the largest market share, and the India Decorative laminates market was the fastest growing market in the Asia-Pacific region

For instance, India Decorative laminates market is the favored destination for Decorative laminates manufacturers due to the infrastructure projects. On the other hand, Japan is famous for the automotive industry. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.

Decorative laminates Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Decorative laminates market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Decorative laminates industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global Decorative laminates industry to benefit clients and expand the Decorative laminates market sector is to manufacture locally to reduce operating costs. In recent years, Decorative laminates has provided products with some of the most significant benefits.

Wilsonart LLC (US) is a US-based provider of decorative laminates. High-pressure laminate, quartz, solid surface, coordinated TFL, edgebanding, and other decorative engineered surfaces are manufactured and distributed by the company for usage in the office, healthcare, residential, hospitality, and retail markets. The company operates in the US, Canada, Mexico, Germany, France, the UK, and Poland. The company sells its products largely through a network of exclusive, independent distributors in North America that are company-owned, as well as non-exclusive, independent distributors in more than 100 other countries around the world. In May 2021, Wilsonart acquired Flagg Incorporated, a leading wholesale distributor of decorative laminates to the building and remodeling industry. Flagg, based in Cincinnati, distributes supplies and services for the cabinet-making industry, including engineered decorative laminates, boards, hardware, and components. By expanding Wilsonart's footprint in the Midwest, this strategic acquisition represents significant growth potential for the company.

Also, Panolam Industries International, Inc. (US) creates and produces decorative laminate panels for institutional, residential, and commercial applications. To give customers durable and affordable alternatives to natural surfacing materials like wood, stone, and ceramic, the company manufactures decorative thermally fused melamine panels, high-pressure laminates, and fiberglass laminates. Nevamar & Pionite HPL, Panolam & Pluswood TFL, FRL, FRP, and Conolite are the most comprehensive integrated surface solutions. The company's products are used in various settings, including high-traffic emergency rooms, dormitories, stadiums, industrial plants, residences, upscale restaurants, offices, and retail boutiques. In February 2022, Panolam partnered with Specialty Laminates as a supplier partner for thermally fused laminate (TFL) product lines. With the addition of Specialty Laminates, Panolam offers customers a more robust inventory and distribution channel than ever before. This partnership expands growing texture TFL programs and creates a larger value-added footprint in the growing TFL market in North America.

Key Companies in the Decorative laminates market includes

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  Funder America Inc.(US)

  
  


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  Wilsonart LLC (US)

  
  


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  Steelcase Inc.(US)

  
  


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  Panolam Industries International, Inc. (US)

  
  


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  Arclin Inc (US)

  
  


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  Formica Corporation (US)

  
  


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  Greenlam Industries Limited (India)

  
  


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  Merino Industries Limited (India)

  
  


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  Stylam Industries Limited (India)

  
  


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  Abet Laminati S.p.A. (Italy)

  
  


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  OMNOVA Solutions Inc (US)

  
  


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  Pfleiderer (Germany) among others

  
  

Decorative laminates Industry Developments

June 2022: Abet Laminati acquired the company Fiberesin Inc, American leader in the development, production, and sales of HPL ventilated facades. In North America, Fiberesin stands for a significant business with a strong commercial presence, a history of accumulated expertise, and a set of specialised talents. Two manufacturing facilities in Wisconsin and a sizable nationwide distribution network with more than 100 employees are all included in the US company's acquisition. Abet Laminati hopes to strengthen and broaden its footprint in America through this acquisition, as well as to propel the business into the future with more vigour and resolve while upholding its "international" mission.

September 2019: Greenlam Industries Ltd announced the capacity expansion at its Nalagarh plant in Himachal Pradesh, India. The plant capacity has been increased by 1.6 million laminate sheets per annum to satisfy the growing demand for decorative sheets and boards across the world.

Jan, 2023: Rushil Decor to invest Rs 60 crore for a new Laminate Sheet - a global leader in smarter living solutions to boost climate protection in the region, stated that it will set up a 1.2 million sheet p.a. new, modern, make-in-India, greenfield decorative laminates (including bigger size i.e. Jumbo size) manufacturing plant in Gujarat to consolidate its leadership in the wood panel industry and expand its margin profile. The investment in the fully-integrated plant amounts to Rs. 60 crore and illustrates Rushil Décor's long-term vision to boost indigenous production capacity and operational efficiency, expanding the range of value-added solutions and strengthening its commitment to sustainability of the business and shaping a greener planet.Mr. Krupesh G Thakkar, Chairman & Managing Director, Rushil Décor Ltd, said, "We have embarked upon a transformational journey and our Vizag plant, which was setup with a vision to capture the growing demand in the MDF market and boost make-in-India manufacturing, has enabled us gain both scale and market share in the industry. Committed to the Make in India mission, and open collaborations, Rushil Décor is passionate about making the firm a national asset, through agroforestry, creation of jobs, rural uplift, sustainable livelihood, and smart living."

Decorative laminates Market Segmentation

Decorative laminates Type Outlook

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  Low-Pressure Laminates

  
  


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  High-Pressure Laminates

  
  

Decorative laminates Application Outlook

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  Furniture and Cabinets

  
  


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  Flooring

  
  


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  Wall Panels

  
  


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  Others

  
  

Decorative laminates Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Russia
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Australia & New Zealand
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Latin America
  
  
  
  • Mexico
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Rest of Latin America
  
  
  
  


• Middle East & Africa
  
  
  
  • Turkey
  
  
  • GCC Countries
  
  
  • South Africa
  
  
  • Rest of the Middle East & Africa