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According to the latest report by IMARC Group, titled "Decorative Laminates Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global decorative laminates market reached a value of US$ 41.7 Billion in 2021. Decorative laminates are generally manufactured using thin layers of plastic resins or flat papers. They usually consist of three layers, wherein the first layer is coated with phenolic resin, the second layer of paper is decorated with desired patterns and the third layer comprises a transparent sheet. As a result, they are extensively used for wall paneling, furniture surface and flooring purposes. Along with this, they are also utilized as a preferred alternative for paint and veneer since they are durable and convenient to use with a longer shelf-life while enhancing the overall aesthetics of a given space in a cost-efficient manner.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Decorative Laminates Market Trends:
The global market is primarily driven by significant growth in the construction industry. This is supported by rising investments by private and public firms in infrastructural development and remodeling projects across the globe. Along with this, shifting lifestyle preferences, coupled with the inflating disposable income levels of the masses, are creating a positive outlook for the market. In line with this, the increasing inclination for aesthetic home décors among individuals is also driving the market growth. Moreover, leading players are heavily investing in the manufacturing of antibacterial laminate variants using melamine resin formulation, which is gaining widespread prominence among end users. Additionally, continuous improvements in the e-commerce sector are providing an impetus to the market growth. Other factors, including rapid urbanization and the escalating demand for ready-to-assemble (RTA) and designer laminated sheets, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 54.3 Billion by 2027, expanding at a CAGR of 4.39% during 2022-2027.
Market Summary:
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