FELTON, California, January 8, 2019
FELTON, California, January 8, 2019 /PRNewswire/ --
The global Decorative Laminates Market is expected to display higher growth rate over the next seven years. The market is subject to witness a substantial growth due to the growing construction activities, rapid urbanization, increasing population and growing infrastructural spending by both developing and developed economies across the globe. Growing constructional activities like in shopping malls and business parks the developing economies across the Asia Pacific region such as India, China, Malaysia, Thailand and Singapore are expected drive the growth of decorative laminates market in the upcoming years.
Growing demand of decorative laminates from housing market is credited to booming buildings & construction industry, thus driving market growth over the forecast period. Additionally, increasing benefits of decorative laminates over traditional materials such as metal, wood, and plastic are expected to fuel the growth of the market in upcoming years. Globally, the market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the decorative laminates market.
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Increasing demand for decorative laminates from building & construction industry owing to benefits associated with its use such as higher durability and attractive appearances of the surfaces are expected to influence market growth over the forecast period. Additionally, decorative laminates also provides protection against harsh weather and external environmental factors such as ultra-violet radiation, high temperatures, acid rain, and pollution particles. These factors are predicted to boost market demand for decorative laminates during the forecast period.
Growing popularity of decorative laminates in marine applications to build decks, rooftops and doors are anticipated to boost market growth. Increasing adoption of decorative laminates in manufacturing of structural panels is likely to drive market expansion. Increasing infrastructural activities in developing economies across the globe are major drivers for sustained growth of the market, in the last few years. Furthermore, rise in the per capita income and surging economic condition in BRICS economies such as India, Brazil and China are predicted to fuel market growth in near future.
Easy availability of raw materials required to manufacture decorative laminates, particularly in regions where forest resources and wood plantations are in abundant amount, are offering lucrative growth opportunities for market players in the decorative laminates industry. Moreover, substantial investment by market players in development of innovative products to gain a competitive edge coupled with mergers, acquisitions and partnerships for vertical integration are driving growth of the market, in the recent years.
The market is broadly categorized into two major segments based on the application type such as residential sector and non-residential sector. The non-residential sector is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years. Growing popularity of decorative laminates in the non-residential segment is attributed to the increasing demand from restaurants, laboratories, educational institutes, office furniture, hospital, hotels, and retail shops. The residential segment has also witnessed substantial growth owing to the improved living standards and rising per capita income.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies home décor industry, increase in the number of research & development activities in the region and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the decorative laminates market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with robust growth home décor industry, increasing building & construction activities, rising per capita income, improved living standards, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the decorative laminates market are Fletcher Building Ltd., Omnova Solutions Inc., Greenlam Industries Ltd., Merino Group (India), Wilsonart International Inc., Abet Laminati S.p.A., Archidply Industries Ltd., FunderMax GmbH, Panolam Industries International, Inc., and Stylam Industries Ltd.
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