An Increase in Global Construction Activities Is Expected to Increase the Demand for Decorative Plastics and Paper Laminates Market.
The Decorative Plastics and Paper Laminates Market size is forecast to reach US$70.3 billion by 2027, after growing at a CAGR of 5.2% during the forecast period 2022-2027. The decorative plastics and paper laminates are manufactured by impregnating plastics and paper with carbon fiber and phenolic resin, after which these treated papers are pressed under calculated pressure and controlled temperature. They are used for a wide range of applications that include column claddings, furniture and cabinets, flooring, wall paneling, doors, and other similar applications in the construction of residential and commercial buildings. According to recent insights from the World Cement, the global construction industry output increased by 5.7% in 2021. An increase in building & construction activities along with increasing consumer preference towards laminate flooring acts as major drivers for the market. On the other hand, the availability of cheaper alternatives such as inkjet printers may confine the market growth
There is no doubt that the COVID-19 lockdown has significantly reduced construction, and production activities as a result of the country-wise shutdown of construction sites, shortage of labor, and the decline of supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of raw materials in 2020 due to a lack of operations across multiple countries around the world. However, a slow recovery in new development and construction contracts has been witnessed across many countries around the world since 2021. For instance, according to the General Statistics Office (GSO) of Vietnam, the building & construction industry recorded a growth of 5.7% during the third quarter of 2020, and up to 5.5% during the fourth quarter of 2020. Furthermore, in order to encourage the private investors, the government also offered incentives to developers for the construction of affordable houses and has set aside US$1.3 billion for the construction of affordable houses in the country during the period of 2018 to 2022.
In this way, a steady increase in building and construction activities is expected to increase the demand for decorative plastics and paper laminates for use in column claddings, furniture and cabinets, flooring, wall paneling, doors, and other similar applications in residential or commercial buildings. This indicates a slow and steady recovery of the market in the upcoming years.
Decorative Plastics and Paper Laminates Market Segment Analysis – By Type
The low pressure laminate held the largest share in the Decorative Plastics and Paper Laminates Market in 2021 and is expected to grow at a CAGR of 5.4% between 2022 and 2027, owing to its increasing demand due to the properties and benefits they offer. Low pressure laminates provide resistance to crack, scratch, abrasion, and can also tolerate humid weather conditions. They can duplicate any design, offer excellent color translation, and are extremely easy to clean along with being much cheaper and cost-effective in comparison to high pressure and edge band laminates. Moreover, low pressure laminates come in a wide range of colors, textures, and patterns which makes them ideal for use in a range of applications such as furniture, cabinets, column claddings, and flooring in commercial and residential settings. Hence, all of these benefits of low pressure laminates are driving its demand over other types of plastic and paper laminates, thus, boosting the market growth in the upcoming years.
For More Information About Decorative Plastics and Paper Laminates Market @
Report Price: $ 5900 (Single User License)
Decorative Plastics and Paper Laminates Market Segment Analysis – By End-Use
The residential construction held the largest share in the Decorative Plastics and Paper Laminates Market in 2021 and is expected to grow at a CAGR of 5.6% between 2022 and 2027, owing to the increase in construction of residential buildings across the globe. For instance, in October 2021, the Ministry of Construction of Vietnam had proposed VND 30 trillion (US$ 1.3 billion) credit package to build low-cost residential homes for workers. Likewise, MoC had proposed 266 residential housing projects with more than 142,000 units totaling more than 7.1 million square meters across the country in 2021. Another 278 residential projects including 276,000 units with a total area of 13.8 million square meters are currently under development in Vietnam. All of these projects are scheduled to begin in 2022 and be completed by the end of 2025.
Furthermore, recent insights from Construct Connect states that the US government has funded around US$ 20,000 for the construction of a Real Estate and Development project called One Central Project in Chicago. The project is under the Schematic Design phase and currently undergoing construction in 2022. In this way, an increase in the construction of buildings for residential sectors is expected to increase the demand for decorative plastics and paper laminates for use in column claddings, furniture and cabinets, flooring, wall paneling, doors, and other similar applications. This is most likely to drive the market growth during the forecast period.
Decorative Plastics and Paper Laminates Market Segment Analysis – By Geography
The Asia Pacific held the largest share in the Decorative Plastics and Paper Laminates Market in 2021 up to 30%. The consumption of decorative plastics and paper laminates is particularly high in this region due to its increasing demand from the construction sector. For instance, in December 2021, CapitaLand Group, a leading real estate group in Asia, announced the acquisition of a prime site for its large-scale residential project in Vietnam, with a projected total gross development value of approximately US$ 1.12 billion. The site is located in Binh Duong province, Vietnam. The project is expected to be launched in phases and construction of the first phase consisting of about 1,300 houses and apartments will start in 2022. The first phase of the project is scheduled to be completed in 2024, while the rest of the project is scheduled for completion in 2027. In 2020, the Ho Chi Minh City Committee in Vietnam announced the commencement of building a high-rise commercial-financial service condominium Tower in Tan Phu District which is expected to be completed by the end of 2022. Likewise, the development of a high-rise condominium with commercial services, in Ward 16, District 8 of Ho Chi Minh City, is undergoing development and is expected to be completed in 2024.
Furthermore, the government of China approved 695 building and construction projects with a total investment of 3 trillion yuan (US$ 471 billion) in January 2022. Hence, an increase in such new building and construction projects in multiple countries across the region is expected to increase the demand for decorative plastics and paper laminates, thus, leading to the growth of the market in the upcoming years.
Decorative Plastics and Paper Laminates Market Drivers
An increase in construction activities is most likely to increase demand for the product
Construction activities are considered to be the pillar of growth for a country and also play a major role in increasing the overall global economy. For instance, according to Volvo CE, the construction sector saw an increase in construction activities across multiple regions since the fourth quarter of 2020. South America saw an increase of 12%, Asia by 39%, Europe by 20%, and China by 28% in 2020. Furthermore, YIT Corporation commenced the construction of numerous residential apartment building projects in Finland, the CEE countries, and Russia in December 2021, with total investments of around EUR 200 million (US$ 236.5 million). The projects are scheduled to be completed by the end of 2023. Hence, an increase in global construction activities is expected to increase the demand for decorative plastics and paper laminates for use in column claddings, furniture, cabinets, flooring, wall paneling, and doors of a residential or commercial building. This is most likely to drive the growth of the market in the upcoming years.
Increasing consumer preference towards laminate flooring is most likely to increase demand for the product
Laminate flooring provides a strong, scratch-resistant, and highly durable flooring surface. It is much easier to install in comparison to other floor types. It is available in a wide range of colors, thicknesses, patterns, finishing, and plank styles. It is quite versatile and can be installed on any type of subfloor as opposed to hardwood floors. Laminate flooring offers good resistance to stain and moisture, which makes it much easier to clean and maintain. Moreover, laminate flooring is comparatively cheaper than hardwood flooring and is much easier to install than any other floor type. Hence, all of these properties and benefits of laminate flooring are driving its demand over other types of flooring. Owing to these benefits, consumer preference towards laminate flooring has been increasing since recent years, which in turn, is expected to drive the Decorative Plastics and Paper Laminates Market in the upcoming years.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=508147
Decorative Plastics and Paper Laminates Market Challenges
Availability of cheaper alternatives such as inkjet printers may confine the market growthThe use of inkjet printers as an alternative to decorative laminates for producing a decorative surface is increasing rapidly. The major reason behind this is the higher risk of cracking related to decorative laminates. Changes in weather and moisture conditions cause decorative laminates to expand and contract, thus, resulting in cracks in the laminate. Decorative surface printed using inkjet printer produces similar results to decorative laminates and come in a wide range of designs and patterns. For example, large format prints using an inkjet printer can be easily printed on wall stickers, and then installed on walls. It does not require the use of special adhesives like resins as opposed to decorative laminates, which makes it cheaper than decorative laminates. Thus, such increasing availability of cheaper alternatives may confine the growth of the market.
Decorative Plastics and Paper Laminates Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the market. Decorative Plastics and Paper Laminates top 10 companies include:
Panolam Industries International
In December 2021, TCS Marketing launched its decorative laminates range in India. The new laminates range includes its 0.8 mm range with 19 exclusive textures along with 220 designs. In addition to this, the company also launched its 1mm laminate range in the next month that included more than 250 designs.In May 2021, Amulya Mica announced to launch its imperial premium decorative laminate collection in May 2022. Its new laminate collection range is expected to uplift the look of any application as compared to other laminates.
The low-pressure laminates in Decorative Plastics and Paper Laminates Market is expected to see the fastest growth, especially during the forecast period. Its wide range of characteristics, crack, and abrasion resistance properties made it stand out in comparison to other types of laminates in the market.
Residential construction in Decorative Plastics and Paper Laminates Market is expected to see the fastest growth, especially during the forecast period, owing to its increasing demand for applications such as furniture, cabinets, column claddings, flooring, walls, and doors during the construction of residential buildings.
Asia-Pacific dominated the Decorative Plastics and Paper Laminates Market in 2021, owing to the increasing demand for decorative plastics and paper laminates from construction sectors in the region. For instance, in October 2021, the MoC (Ministry of Construction) of Vietnam proposed around 266 residential housing projects across the country which are scheduled to be completed from 2022 to 2025.
Flooring Market – Forecast (2022 – 2027)
For more Chemicals and Materials related reports, please click here
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.
Press Release Distributed by ABNewswire.com
To view the original version on ABNewswire visit: Decorative Plastics and Paper Laminates Market Size Forecast to Reach US$70.3 Billion by 2027