Escalating Urbanization and Increasing Purchasing Parity Continues to bring Handsome Prospects for the Decorative Laminates Market, Colossal Valuation exceeding US$ 72.1 bn by 2030: TMR

- The rising levels of urbanization across various regions will serve as a vital growth opportunity for the decorative laminates market during the forecast period

- Decorative laminates market is anticipated to expand at a CAGR of ~6 percent across the assessment period of 2020-2030

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Transparency Market Research

Apr 22, 2021, 08:30 ET

ALBANY, N.Y., April 22, 2021 /PRNewswire/ -- The decorative laminates market will observe promising growth during the assessment period of 2020-2030 on the back of the rising disposable income and an increase in the spending ability of individuals around the globe. The booming population numbers and the increasing demand for the residential sector across the world will further add extra stars of growth to the decorative laminates market.

Decorative laminates are prominently used to protect the furniture and also for decoration purposes. These laminates offer a premium touch, feel, and finish. They are used on walls, flooring, furniture, cabinets, doors, and others. The expanding utilization of decorative laminates in the commercial segment, residential segment, and automotive segment will bring good growth opportunities during the forecast period.

The expert team of Transparency Market Research (TMR) has projected the decorative laminates market to record a CAGR of ~6 percent during the forecast period of 2020-2030. The global decorative laminates market was valued at more than US$ 47.4 bn in 2019.

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The escalating growth in the residential sector in rural, as well as urban areas is proving to be a significant growth contributing factor. The research and development activities carried out by the players in the decorative laminates market are yielding great results in terms of innovations and contributions. Thus, all these aspects bring good growth opportunities for the decorative laminates market. The use of the latest technologies to make the laminates more beneficial for the end-users will also invite substantial growth for the decorative laminates market.

Key Findings of the Report

Growing Demand for Furniture to Boost the Growth of the Decorative Laminates Market

The growing disposable income of individuals around the globe will serve as a vital growth factor for the decorative laminates market. Large-scale urbanization across densely populated countries like India and China are leading to an increase in the revenues of the residential sector, eventually expanding the demand for decorative laminates. Therefore, these factors bode well for the growth of the decorative laminates market.

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Properties of Decorative Laminates to Attract Considerable Demand

Decorative laminates have advanced properties that make them a great fit across many applications. Properties such as chemical resistance, scratch resistance, anti-fingerprint, and anti-microbial will bring tremendous growth opportunities for the decorative laminates market. Research activities have enabled the players in the decorative laminates market to develop laminates with beneficial properties.

Eco-Friendly Laminates to Invite Tremendous Growth Opportunities

Lamination was traditionally made from plastic but nowadays, technological advancements have led to the discovery of novel materials that help in creating laminates from materials that cause less harm to the environment. For instance, a company known as Cellogreen develops laminates made from cellulose, a biodegradable organic plant material. Such developments will invite profitable growth for the decorative laminates market.

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Decorative Laminates Market: Major Growth Drivers

An increase in the demand for furniture due to the rising disposable income and the growing purchasing power parity will serve as a good growth contributor for the decorative laminates market.
Modernization and introduction of new technologies in printing techniques will act as a robust growth pillar for the decorative laminates market.
Decorative laminates made from sustainable materials will sow the seeds of growth across the decorative laminates market as many people are inclining toward using eco-friendly materials for conserving the environment.

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