Dover, DE -- (SBWIRE) -- 05/11/2016 -- Decorative laminates market size is estimated to surpass 12 billion square meters by 2023, growing at more than 5.5% CAGR from 2016 to 2023.

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Asia Pacific decorative laminates market size was the largest, and accounted for over 46% of the global revenue in 2015. China was the major producer of ready to assemble and laminated flooring, with more than 30% of the total demand in the same year. Increase in purchasing power coupled with growth in residential and non residential construction spending in Indonesia and India are likely to boost regional demand.

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As per the National Bureau of Statistics, China's urban household's annual per capita disposable income was more than USD 4,400 in 2015. India's annual disposable income was over 1,600 billion in 2015. Rise in disposable income is likely to positively influence customers to spend on home decor, furniture, and furnishings.

Europe is expected to witness significant growth owing to large presence of laminate flooring and furniture manufacturers. The UK government is estimated to invest around USD 80 billion for infrastructure development in the near future which is likely to propel regional decorative laminates market size.

Rapid industrialization and increasing trend for customized and attractive interior in homes and offices is anticipated to fuel the North America decorative laminates demand. Middle East & Africa (MEA) is likely to be an attractive region owing to expansion in hotels and real estate industry in South Africa and UAE.

Decorative laminates is an attractive and safe way to keep the interior beautiful and to protect furniture from wear and tear, scratching, and fire risk. These products also help to increase the surfaces' life span and provide them an eye-catching finish. In order to establish presence in various industries, it comes in wide range of designs, textures, and colors to serve different purposes. Tissue paper, kraft paper, base paper, methanol, melamine, formaldehyde, and phenol are some of the raw materials required to manufacture these products.

Products can be segmented into low-pressure (LPL) and high-pressure laminates (HPL). HPL is considered to be a more durable and tough product as it is derived from phenolic resin and kraft paper. It is preferred on countertops, flooring, and desktop applications owing to fire and chemical resistance properties. Increasing demand for sustainable and long-life flooring in the residential and institutional sector is likely to propel product demand.
LPL, also known as thermo-fused melamine is recommended for vertical surfaces and low traffic areas application owing to medium density fiberboard substrate. Product demand is not high owing to limited finishes & designs and short lifespan. However, less cost is likely to attract customers with low income and short-term interior purpose.

Applications can be bifurcated into cabinets, furniture, flooring, and wall panels. Furniture and cabinets was the largest segment, accounted for more than 65% of the global decorative laminates market share. Expansion in the real estate industry accompanied by increasing trend for ready to assemble furniture in homes and offices are among the key factors to drive decorative laminates demand.

Industries including hotels, hospitals, offices, shopping malls, airports and colleges are likely to fuel demand for flooring and wall panels owing to presence of variety of designs, textures and colors. Flooring and ready to assemble furniture production was dominated by China, due to expansion in manufacturing capacity and raw material availability.

Increase in decorative interior demand from convention centers, gyms, and indoor sports clubs are likely to create room for new opportunities. Rising trend for better lifestyle and increasing interest in home interior and remodeling are anticipated to be among the key driving factors to drive demand.

Presence of numerous companies accompanied by increase in low priced substitute products is anticipated to adversely affect the decorative laminate market price trend.

Decorative laminates market share is fragmented, key players include FunderMax, Formica, Kingboard Holdings, Kronospan Holdings, Ronotex, Armstrong World Industries, Advanced Technology, Roseburg Forest Products, SierraPine, Sekisui Chemical, Tarkett SA, Timber Products, Woodcraft Industries, Wilsonart International, and Omnova Solutions.