Decorative Laminates Market: Introduction
The global decorative laminates market was valued over US$ 47.4 Bn in 2019 and is anticipated to expand at a CAGR of ~6% during the forecast period. The global decorative laminates market is driven by the increase in demand for decorative laminates in flooring applications and rapid expanding of the building & construction industry across the globe. Decorative laminates protect furniture from scratches, fire, and daily wear & tear. These laminates are available in a wide range of colors, designs, and textures to meet the specifications of various end-use industries.
Key Drivers of Decorative Laminates Market
Decorative laminates are primarily used to decorate and protect furniture. These laminates provide premium finish, touch, and feel. They are primarily used in conference rooms, home interiors, and walls. Decorative laminates are laminated sheets of brown Kraft papers and decorative printed papers fused using heat and pressure. The demand for decorative laminates has been increasing across the globe, owing to their extensive usage in flooring applications. The rise in trend of ready-to-fix furniture in offices and homes is also driving the global decorative laminates market. The expansion of the real estate industry is positively impacting the demand for decorative laminates. Decorative laminates are commonly used as an overlay over wooden furniture. These laminates are an essential part of interior surfacing solutions. The usage of decorative laminates on wooden furniture surface provides a unique and stylish look to furniture in residential and non-residential buildings.
Decorative laminates are used in home decor applications, such as sofa, beds, and tables. Additionally, they are used in wall shelves in bathrooms, kitchen, and bookshelves; modular cabinets; and RTA furniture. These laminates are also used in wall highlighting. Ceilings are also covered with textured decorative laminates. Rise in purchasing power of the people and growth in preference of consumers for better esthetic appeal and decorative home furnishings are likely to drive the global decorative laminates market.
Stringent Regulations and High Cost of Raw Materials to Hamper Decorative Laminates Market
Decorative laminates are derived from melamine, phenolic resins, methanol, and formaldehyde. They are employed in various end-use industries. The implementation of regulations over the usage of melamine and phenolic resins is likely to hamper the global decorative laminates market. Stringent government regulations and other policies have been implemented in response to growing concerns over the damage caused by phenolic resins and melamine to the environment. The excessive use of plastic products in decorative laminates has been banned by various countries.