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Worldwide Compact Laminate Industry to 2028 - Innovations in Compact Laminate Market Presents Opportunities - ResearchAndMarkets.com

September 9, 2021 GMT

DUBLIN--(BUSINESS WIRE)--Sep 9, 2021--

The “Compact Laminate Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (External Wall Cladding, Internal Wall Cladding, Standard Compact, and Others) and End-Use (Residential, Commercial, and Industrial)” report has been added to ResearchAndMarkets.com’s offering.

The global compact laminate market was valued at US$ 3,696.98 million in 2021 and is projected to reach US$ 4,286.13 million by 2028; it is expected to grow at a CAGR of 3.9% from 2021 to 2028.

Compact Laminate is a material which is used for interior design, wall cladding, restroom partitions, and various other applications. Compact laminate is made up of kraft paper which is impregnated with phenolic resin as well as with decorative surface paper which is impregnated with melamine resin. After drying the layers, they are stacked and sandwiched between laminate before being compressed at high temperature. The high temperature activates the resins and permanently fuses the layer into a panel. The appearance of the compact laminate depends upon the decorative surface paper whereas the core of kraft paper provides a distinctive edge to the compact laminate.

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Based on type, the compact laminate market is segmented into external wall cladding, internal wall cladding, standard compact, and others. The internal wall cladding segment held the largest share in the global compact laminate market in 2020. Cladding is basically a process of layering one material over another material. Compact laminates are used for interior wall cladding as it is durable and long-lasting as well as requires low maintenance cost as its abrasion, scratch, and stain resistant. Along with this, compact laminates are available in variety of designs, textures, and colors that provides a unique and aesthetic look to the interior of the homes as well as commercial spaces.

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The compact laminate market is segmented into five main regions- North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America (SAM). Asia Pacific is the dominating as well as the fastest growing region for compact laminate market over the forecast period. This region is the centre for major manufacturers of compact laminate such as Aica Kogyo Co. Ltd, Greenlam Industries Ltd, Merino Laminates Ltd. among others which is going to provide various growth opportunities for the compact laminate market in Asia Pacific. The increase in demand of compact laminates for countertops that can be used in the kitchen as well as in the bathrooms are driving the growth of compact laminate market in Asia-Pacific. Along with this, an increase in FDI and the penetration of international brands has led to an increase construction of commercial spaces in countries such as India, which has provided growth opportunities for the compact laminate to be used in various commercial space construction activities. The increase in disposable income along with rapid urbanization in the region is driving the compact laminate market in Asia Pacific. The consumer preference towards interior design and home decor has led to the increase demand for compact laminates which is providing various lucrative opportunities for the compact laminate market in Asia-Pacific.

Reasons to Buy

  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global compact laminate market, thereby allowing players to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

Market Dynamics

Drivers

  • Increase Usage of Compact Laminate for Interior Design
  • Various Applications of Compact Laminate

Restraints

  • Fluctuating Prices of Raw Material

Opportunities

  • Innovations in Compact Laminate Market

Future Trends

  • Increasing Focus on Research & Development

Companies Mentioned

  • AICA Kogyo Co., Ltd.
  • EGGER Group
  • Greenlam Industries Ltd.
  • Swiss Krono Group
  • Trespa International B.V.
  • Lamitech
  • Kronoplus Limited
  • Merino Laminates Ltd.
  • Royal Crown
  • Wilsonart LLC

For more information about this report visit https://www.researchandmarkets.com/r/ben5yv

View source version on businesswire.com:https://www.businesswire.com/news/home/20210909006154/en/

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KEYWORD: NORTH AMERICA

INDUSTRY KEYWORD: OTHER CONSTRUCTION & PROPERTY CONSTRUCTION & PROPERTY BUILDING SYSTEMS

SOURCE: Research and Markets

Copyright Business Wire 2021.

PUB: 09/09/2021 05:51 PM/DISC: 09/09/2021 05:52 PM

http://www.businesswire.com/news/home/20210909006154/en