Market Trends: Decorative Laminates
May 2017Decorative laminates have steadily increased in use since 2010 as a cheap and durable alternative to traditional wood products. With rising housing starts and increases in commercial construction following the housing bubble burst in 2008, the demand for cost effective building materials increased and caused a shift towards decorative laminates.
According to the report “Decorative Laminates Market” by Markets and Markets ™, the decorative laminate market is estimated to grow from $6.71 billion in 2016 to $8 billion by 2021, at a CAGR of 3.5% from 2016-2021.
Based on end-use sector, the non-residential sector led the decorative laminates market in 2016 followed by the residential sector. The non-residential sector is forecasted to continue the lead, decorative laminates are being utilized in restaurants, laboratories, educational institutes, office furniture, hospital, hotels, and retail shops.
Decorative laminates are estimated to surpass 12 billion square meters by 2023 with thermoplastic films and saturated papers growing the fastest, according to the Fredonia Group.
Thermoplastic films which include polyvinyl chloride (PVC, also referred to as 3D laminates) and polyester (PET) films are growing in popularity due to long term durability and cost effectiveness. Over the years, changes in film composition allows for adding highly durable top coats and wear layers which increase scratch resistance and longevity of the finished product. There is also a vast array of design options ranging from wood grains, solids, stones, and abstract patters accompanied by various finishes such as high gloss, supper matte and deep emboss textures.
For residential consumers the design flexibility allows users to achieve exotic high end looks without consuming virgin wood or mineral resources that does not sacrifice look and feel of the space. For non-residential users 3D laminates are utilized for their distinct properties such as durability, high impact strength, cost effectiveness, variety, microbe-resistant, easy to maintain, customizable, easy installation, and lavish elegant looks. Non-residential uses can be seen in store fixtures, sculpted wall panels, office furniture products and specified healthcare applications.