By the end of 2018, the global market for decorative plastic and paper laminates is expected to be valued at USD 66 billion, and by the end of 2028, it is expected to reach USD 113 billion. Over the projected period, the decorative plastic and paper laminates market is expected to grow at a compound annual growth rate (CAGR) of 5.5%.
The main reasons behind the growth of RTA furniture in the US and Europe are rising disposable income, urbanization, and infrastructure development expenditures, mostly in the residential and commercial sectors. These factors also fuel the expansion of the decorative plastic and paper laminates market.
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Rapid Recovery of Residential Housing Sector Firms up the Base for Decorative Plastic & Paper Laminates Demand
Although commercial sector currently dominates in terms of demand for decorative plastic and paper laminates, residential housing sector is likely to take over soon.
The residential construction realm has been witnessing strong signs of recovery over the past couple of years, which is playing a key driving force for the revenue growth of decorative plastic and paper laminates landscape.
Moreover, rapid growth of hospitality sector is providing a strong impetus to product innovation, thereby pushing the growth of leading bands dealing in decorative plastic and paper laminates landscape.
Commercial construction is also significantly favoring the sales decorative plastic and paper laminates, as indicated by the report.
Manufacturers of decorative plastic and paper laminates are also capitalizing on opportunities presented by a growing number of remodeling and repainting projects.
Wooden Flooring Trends among Consumers, Following Furniture & Cabinets
“Furniture and cabinets account for over half the share of total market value, whereas flooring applications are likely to gradually take over,” says the analyst.
Shifting consumer preferences for laminate flooring in both residential and commercial sectors is creating a heap of investment opportunities for manufacturers of decorative plastic and paper laminates.
“Consumers today seek endurance, scratch resistance, and aesthetics while purchasing furniture for homes or workplaces. Such factors are provide the trigger for application specific innovations in decorative plastic and paper laminates,” the analyst explains further.
Spectacular growth prospects are identified for Asia, North America and some parts of Eastern Europe.
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Mushrooming Popularity of RTA Furniture Favors Global Sales of Decorative Plastic & Paper Laminates
Constant design innovation, consistent focus on superior quality, and maximum convenience are collectively driving consumer appeal for ready-to-assemble (RTA) furniture, especially in developed markets of North America and Europe.
Manufacturers of both RTA furniture and decorative plastic and paper laminates are taking efforts to collaboratively unlock the opportunities – with an additional benefit of less susceptibility to damage during transit and shipping.
Penetration of RTA furniture into developing economies is also gradually increasing owing to relatively lower price point and maintenance cost, thereby contributing to sales of decorative plastic and paper laminates.
Digital Print Designs on Decorative Plastic and Paper Laminates Gather Considerable Momentum
Personalization has been trending across industries, and interior decoration is among the prominent ones. Customized digitally printed laminates are especially designed to cater to specific consumer demands regarding print design, pattern, and graphic.
Sheets of digital decorative plastic and paper laminates have high resolution images printed on them, and can be directly applied on furniture, doors, commercials, exhibition stands, and walls.
Digital print laminates are creating a slew of opportunities for manufacturers in the decorative plastic and paper laminates landscape.
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Decorative Plastic and Paper Laminates Market: Top 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.
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