Decorative Laminates Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Decorative Laminates Market is segmented By Type (High-Pressure Laminates, Low-Pressure Laminates, Others), By Properties (Anti-bacterial, Anti-fungi, Fire-resistant and flame-retardant, Others), By Application (Furniture, Kitchen, Wall panels/Display shelves, Electronic Industries, Pharmaceutical Labs, Hospitals, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Decorative Laminates Market Overview

Decorative Laminates Market is expected to grow a CAGR of 2.9% during the forecast period 2024-2031

Decorative laminates are products that are primarily used as furniture surface materials, wall paneling, or others. It is manufactured as a high- or low-pressure laminate. These processes are not much different from each other except for the applied pressure in the pressing process. It is laminate with a durable flat sheeting material used in home and industrial furnishings. Moreover, DL's demand is expected to increase in the manufacture of products such as cabinets, ready-to-assemble (RTA) furniture, and flooring, often made from laminated engineered wood, the low maintenance and installation costs. Besides, gains will also be driven by increased market decrement due to the other expense like surfacing materials (wood veneer and paint), due to which the cost and performance of DL have a massive benefit like continued improvement in textures and in printing techniques that create advanced graphics rivaling the aesthetics of alternative materials. The manufacturers are continuously focusing on product development, improved textures, and printing techniques, which develop advanced graphics that rival the aesthetics of alternative materials.

Decorative Laminates Market Summary

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Decorative Laminates Market Dynamics

The current trends have made most people cognizant of their well-being, leading to increased anti-bacterial surfaces' demand. Moreover, the anti-bacterial property has become a preferred choice for everyone, whether at the home, office, or in public. 

Decorative laminates are used in the home, office, and others because of their excellent properties laminates are easy to clean, it doesn’t require polishing or painting, laminates are easy to install, are relatively hygienic and easy to maintain, resistant to scratch and abrasion, resistant to moisture and shock. Moreover, some innovations and technologies are being conducted like silver nanotechnology, which reduces the level of bacterial and fungal growth on the laminated surface by more than 99.9% and ensures a germ-free environment 24 hours a day. Besides, silver nanotechnology has some properties like long-lasting anti-microbial performance due to which laminates last longer, are safe, non-toxic, stay steady at higher temperatures (thermo-stable), and have 99% protection, which ensures a germ-free environment.

However, decorative laminates have some limitation that impacts the growth of the market. The limitation of the market, like laminates, is challenging to recycle or reuse. Moreover, if the top layer gets worn, which decreases the quality of laminates, which directly means that the whole laminate sheet has to be replaced. If laminate sheets are used for flooring, it makes the surface very slippery. Besides, the laminates are brittle; hence they are prone to clipping and are difficult to bend.

Decorative Laminates Market Segmentation Analysis

By type, the market is segmented into high-pressure laminates, low-pressure laminates, and others. By properties, the market is segmented into anti-bacterial, anti-fungi, fire-resistant, flame-retardant, and others. The market is segmented into kitchens, wall panels/display shelves, electronic industries, pharmaceutical labs, hospitals, and others by application.

The high-pressure laminates are being used because of properties like durable laminate available; the layer of laminate adheres to the substrate under pressures of 70 to 100 bars (between 1000 & 1500 psi) at temperatures of 280° to 320° Fahrenheit using adhesives, it significantly has higher impact resistance than LPL, flame retardant, a higher level of resistance to heat and chemicals, eight finishes, 20-day lead time. Whereas low-pressure laminates are lower cost, and less durable than HPL, the layer of laminate is adhered to the substrate under pressures of 20 to 30 bars (between 290 & 435 psi) at temperatures of 335° to 375° Fahrenheit without the use of adhesives, thinner than HPL, flame retardant, resistance to heat and chemicals, 11 finishes, 15-day lead time.

On the surface of laminates, microbes can be increased in number at a quick rate within half an hour. This led to undesirable stains, malodors, and premature degradation, which affects the durability, lifespan, and hygiene of a laminated product. In most cases, once microbes have begun to increase on a laminated surface, successive cleaning is required to stop microbes' growth. Moreover, an average laminate can be transformed into an anti-bacterial laminate during the impregnation process's final resin bath. As a result, we can get a surface with long-term resistance to harmful microbes, which directly reduces the risk of cross-contamination and complements existing hygiene practices. This is required because they are mostly applied on kitchen tops and countertops, cabinets, tabletops, and others, which are bound to have constant contact with the younger children and food materials.

Besides, figured laminates have anti-fungal properties. This is a specially engineered surface, and the resins used in it with a very hygienic product with anti-fungal properties. These types of laminates are mostly used in horizontal applications. The fabrication of figured laminates is used in residential and commercial. Proper fabrication of figured laminates allows for an aesthetic look and a luxurious surface that lasts for a long time.

Decorative Laminates Market Geographical Share

In the Asia-Pacific region, India has more demand for decorative laminated. The market for laminates is mainly driven by increasing demand from the housing market and growing demand due to the new construction industry's growing significance. Moreover, laminates have become an indispensable part of significant and evolving needs like the real estate, furniture, modular kitchen, and flooring market. The increased demand for laminated has triggered the order in the decorative laminates market. Apart from this, the urban population's increment is rising per capita income and a gradual shift towards a non-food industry, which have become the other key factors driving the decorative laminates industry's growth in India.

The combined growth of the plywood and laminates industry is believed to be to the tune of Rs. 21000 crores per year with the share of laminates of approximately Rs.3300 crore and the industry are expected to have a linear growth in the forecast period.

After the Asia-Pacific region, North America is the second-largest region for the decorative laminates market, mainly driven by kitchen decorative. It is expected that the US will have massive growth in the decorative laminate market owing to have easy availability of raw materials.

Decorative Laminates Companies and Competitive Landscape

The decorative laminates market is modestly fragmented with the presence of regional players. The competitive contour lies with the increase in the regional company and growing investment in upstream applications. Stylam Industries, Greenlam Laminates, Merino Laminates, Lumber Liquidators, HPL Laminate, Compact Laminate, Shenzhen, Mohawk Industries, Wilsonart LLC, and FunderMax are the major player in the decorative laminated market. The major players adopt several strategies such as product launches, collaborations, and acquisitions, contributing to growing the decorative laminates market.

Greenlam Industries

Greenlam Industries is the largest laminate player in the country. The manufacturing of green lam industries is set up in Rajasthan and Himachal Pradesh (set up due to tax benefit). Moreover, it is among the top three largest laminate producers ly and Asia's largest producer and has done exceptionally well in expanding its capacity in the past 5 to 6 years. Besides, the company's fundamentals are powerful; 17%-18% is the return on capital employed (ROCE), while the return on equity (ROE) is 18 – 19. In Q2 of FY21, there was a strong bounce-back after disappointment in Q1 of FY21. The market of this company has a massive growth due to rural India. The new TVC brings awareness about its anti-bacterial laminates, effectively decreasing common bacteria's development up to 99.99 percent*. Besides, Greenlam is the first laminate brand to introduce anti-bacterial surfaces over ten years ago. It is committed to helping people keep their spaces germ-free and devoid of unhealthy contaminants.