According to Market Research Future (MRFR), Decorative Laminates Market Analysis is projected to be worth USD 71.10 billion by 2030, registering a CAGR of 5.72% during the forecast period (2023 - 2030)

Decorative laminates are laminated items used as furniture surface material or wall paneling. They are typically used as overlays over wooden furniture. Decorative laminates are an integral part of an interior surface solution. Decorative laminates are resistant to oil, liquid stains and heat, and are durable, scratch-resistant and cost-effective. They are used in home design applications for making furniture such as sofa, beds, and tables. These are also found in wall shelves in bathrooms, kitchens and bookshelves, as well as in portable cabinets and ready-to-assemble (RTA) furnishings. The use of decorative laminates on a wooden furniture surface gives a distinctive and elegant look to furniture. The technological developments in texture and printing techniques, buying power and rising customer demand for better aesthetic appeal are expected to generate lucrative opportunities for the players and drive the growth of the global decorative laminates market.

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Melamine, phenolic resins, methanol, formaldehyde, tissue paper, Kraft paper, and wood logs are the principal raw materials used in the production of decorative laminates. Of these, phenolic resin, melamine, methanol, and formaldehyde prices rely directly on crude oil prices since they are derived from fossil fuels. The OPEC determines the output rates and may affect the prices of supply of decorative laminates based on oil and gas. Changes in supply and demand are triggering a fluctuation in oil prices. Prices collapse when supply exceeds demand, and vice-versa. Political instability, natural disasters, and the cost of production (refining) also influence the overall price of crude oil. Many manufacturers, including Greenlam Industries Limited, are importing raw materials which incur a high cost of decorative laminates. Furthermore, the businesses remain vulnerable to foreign-exchange risks in the absence of a structured hedging strategy. Also, timber production has stagnated in recent years. Therefore, the reliance on wood products on imports is very strong. Foreign exchange rates and tariffs on imports further increase prices for raw materials. Besides, any changes to environmental policies in the supplying countries directly affect the timber and wood product supply. Therefore, during the review period, the volatile prices of raw materials are likely to curb global demand growth.

 Market Dynamics

Over the forecast period, 2023–2028, the global demand for decorative laminates is expected to record a CAGR of over 5.72%. Global market growth is driven primarily by the growing use of decorative laminates within the construction industry. Furthermore, the low cost of decorative laminates for repair and installation is also expected to drive global market growth. Additionally, technological developments in printing techniques and environmentally friendly laminate processing are expected to present enormous growth opportunities for market players. The volatile prices of raw materials, however, are expected to hinder the growth of the global market for decorative laminates in the coming years.

Segmentation

The global market of decorative laminates has been divided by type, application and region.

Based on product type, the segment of low-pressure laminates dominated the global market for decorative laminates in 2018 with a share of over 80%, registering a CAGR of about 5% during the forecast period. Due to its cost-effectiveness and superior properties as compared to high-pressure laminates, the segment is expected to experience substantial growth even under extreme conditions. The demand for low-pressure laminates is gaining momentum due to increased construction of residential buildings where low-pressure laminate cost savings are balancing the performance benefits of higher-priced high-pressure laminates.

Based on the application, the global decorative laminates market was segmented into furniture & cabinets, wall panels, and flooring. Of these, the segment of furniture & cabinet accounted for the largest market share of over 55% in 2018 and is expected to record a CAGR of over 5.0% during the evaluation period. The growth of the segment of furniture & cabinets is due to the increase in the use of ready-to-assemble (RTA) furniture and cabinets. In addition, the advanced design is expected to contribute to the segment's growth in decorative laminates for furniture & cabinets. In fact, manufacturers intend to implement revolutionary laminates in the applications of furniture & cabinets.

By region, the global decorative laminates market has been segmented into Europe, North America, Latin America, the Middle East & Africa, and the Asia Pacific.

The Asia Pacific market accounted for the largest market share of over 45% in 2018 and is expected to report the highest CAGR of over 5.5% over the assessment period. This is due to the increasing construction industry, rising consumer spending and the region's growing population. The growth of the construction industry in the growing Asia Pacific economies is likely to fuel market growth. Such laminates are used in the manufacture of furniture, wood panels and flooring for residential and commercial buildings due to their ease of application and cleaning. In addition, due to their high durability and aesthetic appeal, there is an increasing need for decorative laminates in the manufacture of ready-to-assemble (RTA) furniture, toilet cubicle systems, laboratory tables, and kitchen tops. They act as an economical replacement for natural materials and can replace high-cost floorings such as marble, granite, and slate.

The North American market had a second-largest market share of more than 20% in 2018 due to the increasing adoption of decorative laminates for house renovation for furniture, cabinets and laminate flooring in the region. Due to the easy availability of raw materials, the US is expected to be the leading market in the world.

Key Players

The key players in the global Decorative Laminates Market Vendor Share Research include Wilsonart LLC (US), Funder America, Inc. (the US), Steelcase Inc. (US), Panolam Industries International, Inc (US), Abet Laminati S.p.A. (Italy), Formica Corporation (US),  Arclin, Inc (US), Greenlam Industries Limited (India), Stylam Industries Limited (India), Merino Industries Limited (India), OMNOVA Solutions Inc (US), and Pfleiderer (Germany). The major manufacturers operating in the global market for decorative laminates are Funder America, Inc., Wilsonart LLC, Formica Corporation, Greenlam Industries Limited, and Merinolaminates.

They retain the majority of the global market share due to their strong sales growth, product development, and a wide product portfolio. In addition, various approaches, such as capacity expansion, mergers and acquisitions, and product releases, are being implemented to achieve full sales and long-term growth during the assessment period. Wilsonart, for example, acquired Laminate Works Dallas, a division of Laminate Works Inc., a manufacturer of decorative laminate panels located in Kansan City. This acquisition would help the company increase its production capacity of HPL panels. Moreover, the TFL panels have provided considerable support from the

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