Decorative Plastic and Paper Laminates Market: Introduction
Decorative laminates are laminated sheets made of kraft papers and decorative printed papers, which are fused together with the help of pressure and heat. They are the surface materials used to protect and improve the aesthetics of engineered wood. Generally, decorative plastic and paper laminates are used in the construction of cabinets, countertops, flooring and furniture, among other products.
On the basis of type, decorative plastic and paper laminates can be categorized into low pressure laminates, high pressure laminates and edge banding. Moreover, decorative plastic and paper laminates are used in several applications such as furniture & cabinets, floorings, wall paneling, doors and column cladding, among others.
The global Decorative Plastic and Paper Laminates market is projected to reach a value of US$ 66 Bn by 2018 end and is projected to reach US$ 113 Bn by the end of 2028. The Decorative Plastic and Paper Laminates market is estimated to expand at a CAGR of 5.5% during the forecast period. The global Decorative Plastic and Paper Laminates market is projected to create an incremental opportunity worth US$ 46 Bn between 2018 and 2028.
Growing Ready-to-assemble Furniture Market to Drive the Decorative Plastic and Paper Laminates Market over the Forecast Period
Ready-to-assemble furniture (RTA) mainly comprises unfinished or semi-finished furniture that is sold in component parts and assembled by consumers. Also, RTA furniture is easy to assemble, less prone to shipping damage and easy to transport and requires low maintenance. Attributing to these advantages, the purchase and maintenance cost of such furniture is also relatively low.
The low cost of RTA furniture as compared to traditional furniture and its aesthetic appearance have led to the higher consumer preference for this furniture type in developed as well as developing countries. This significant rise in the demand for RTA furniture will subsequently lead to a rise in the demand for decorative plastic and paper laminates.
Rising disposable income and urbanization as well as spending on infrastructure development, mainly in residential and commercial sectors, are the major driving factors for the growth of RTA furniture in the U.S. and Europe, which in turn provides impetus for the growth of the Decorative Plastic and Paper Laminates market.
According to FMI analysis, the ready-to-assemble furniture market in the U.S. and Europe is expected to grow at 5.1% and 4.8% CAGRs, respectively, over the forecast period. This significant growth in the ready to assemble furniture market in the U.S. and Europe is expected to boost the demand for decorative plastic and paper laminates during the forecast period.
Moreover, the changing consumer preference towards laminate flooring and rising construction spending in the U.S. and Europe is a major factor driving the growth of the decorative plastic and paper laminates market over the forecast period. Along with this, growing construction activities in developing regions, such as Asia-Pacific, are expected to fuel the growth of the decorative plastic and paper laminates market. Countries in Asia Pacific such as China and India, among others are expected to focus on increasing their infrastructure and construction spending during the forecast period.
China and India Tipped to be Healthy Growth and High Potential Markets during the Forecast Period
APAC is one of the fastest growing markets for several industries due to the presence of countries, such as India, China, Indonesia, Philippines, and Vietnam, which are witnessing infrastructural transformation. China, the largest market for decorative plastic and paper laminates, accounts for nearly 70% of the decorative plastic and paper laminates consumption in APAC, owing to the significant construction related activities and associated spending in the country.
China is expected to maintain its dominance in the global as well as regional decorative plastic and paper laminates market over the forecast period. Moreover, China and India have witnessed a significant surge in the construction of residential and commercial spaces over the recent past. This is anticipated to create major opportunities for participants in the decorative plastic and paper laminates market.
The increasing per capita expenditure in the countries of Asia Pacific, such as China and India, is expected to boost the demand for decorative plastic and paper laminates in the near future. India is estimated to witness a healthy growth rate over the forecast period.
The India Decorative Plastic and Paper Laminates market is expected to witness significant growth due to the strong construction industry in the country. As per the reports of WTTC, the construction sector contributed about 13% to the Indian economy in 2016 and is expected to grow at a decent pace in the coming years.
The country is reported to have built around 7 Million houses since 2015, out of which 24% of the houses were built under government initiatives and schemes. Moreover, the growth of the construction industry is expected to provide lucrative opportunities for the growth of the decorative plastic and paper laminates market in India.
Decorative Plastic and Paper Laminates Market: Key Trends
Over the recent past, major key manufacturers of decorative plastic and paper laminates have been focusing on enhancing their products offerings with an aim to capture a wider customer base in developed countries such as the U.S., Germany, the U.K., France and Italy, among others. For the same, companies are establishing new printing techniques and innovating new textures. This increase in product portfolio is expected to create opportunities for the growth of the decorative plastic and paper laminates market during the forecast period
Decorative Plastic and Paper Laminates Market: Key Players
Some of the players reported in this study on the global decorative plastic and paper laminates market include Archidply Industries Ltd, OMNOVA Solutions Inc., Illinois Tool Works, Inc., Fletcher Building Limited, Greenlam Industries Ltd., Stylam Industries Ltd, Merino Group, Panolam Industries International, Inc., OMNOVA Solutions Inc., Illinois Tool Works, Inc. and Century Plyboards (India) Limited, among others.
Moreover, manufacturers of Decorative Plastic and Paper Laminates are channelizing efforts towards the expansion of their production capacities and strengthening their retailer and distributor network. This is expected to certainly impact the Decorative Plastic and Paper Laminates market in the near future.
Decorative Plastic and Paper Laminates Market: Segmentation
By Type
- Low Pressure
- High Pressure
- Edge Banding
By Application
- Furniture and Cabinets
- Flooring
- Wall Paneling
- Doors
- Column Cladding
By End Use
- Residential
- Commercial
- Institutional
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- SEA
- India
- China
- Japan
- MEA
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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