Decorative laminates are laminated product generally used as furniture surface materials or wall paneling and it protect them from scratching, wear and tear and fire risk. Decorative laminates usually increase the life span of surfaces and give them an attractive finish. Low maintenance and low installation cost associated with decorative laminates gives an edge over wood flooring and act as a driving factor for decorative laminates market. In addition, decorative laminates are available in wide range of colors, designs and textures are other major factors driving the value of decorative laminates. Decorative laminates are basically of three types: high-pressure laminates, low-pressure laminates and edgebanding. High-pressure laminates are high-priced and more durable, whereas low-pressure laminates are low-cost. Edgebanding is generally used to smooth the exposed edges of surfaces include MDF and plywood. The basic raw materials required for manufacturing of decorative laminates include kraft paper, tissue paper, base paper, melamine, methanol, phenol and formaldehyde. On the basis of product decorative laminates are classified as high-pressure laminates, low-pressure laminates and edgebanding. Based on the end-user the market of decorative laminates is divided in five broad segments: cabinets, furniture, floorings, store fixtures and others.
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Asia-Pacific represents the largest and fastest growing market for decorative laminates, followed by North America and Europe. Increasing disposable income, constant economic growth, rising standards of living and increased demand for housing in urban areas are some of the key growth drivers in the APAC region. Increasing disposable income allow the customer to spend more on furniture, home accessories and furnishings among which decorative laminates play key role. According to the National Bureau of Statistics China, annual per capita disposable income of urban households in China increased from USD 2,271.0 in 2008 to USD 3408.5 in 2012. The overall annual disposable income in India medium household income increased from USD 1,366.2 billion in 2010 to USD 1,587.6 billion in 2013. Additionally, wide range of colors, designs, textures and styles led to increase consumer interest and is expected to provide ample growth opportunities for decorative laminates market.
The market of decorative laminates is expected to witness a significant growth in the coming years. Some of the major drivers contributing the overall market growth of decorative laminates include increased residential construction, growing consumer interest in home remodeling and rising demand for upgrades in non-residential market. Governments and private sectors across the globe are investing in better infrastructure facilities. Construction of residential and non-residential buildings leads to the demand for decorative laminates market. For infrastructure development, the U.K government’s public sector investment is expected to rise by USD 4.9 billion to about USD 77.7 billion in 2013-14 over 2012-13.