Decorative Laminates Market Size Is Growing at More Than 5.5% Cagr from 2016 to 2023

Decorative laminates market size is estimated to surpass 12 billion square meters by 2023, growing at more than 5.5% CAGR from 2016 to 2023.

Asia Pacific decorative laminates market size was the largest, and accounted for over 46% of the global revenue in 2015. China was the major producer of ready to assemble and laminated flooring, with more than 30% of the total demand in the same year. Increase in purchasing power coupled with growth in residential and non residential construction spending in Indonesia and India are likely to boost regional demand.

As per the National Bureau of Statistics, China’s urban household’s annual per capita disposable income was more than USD 4,400 in 2015. India’s annual disposable income was over 1,600 billion in 2015. Rise in disposable income is likely to positively influence customers to spend on home decor, furniture, and furnishings.

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Europe is expected to witness significant growth owing to large presence of laminate flooring and furniture manufacturers. The UK government is estimated to invest around USD 80 billion for infrastructure development in the near future which is likely to propel regional decorative laminates market size.

Rapid industrialization and increasing trend for customized and attractive interior in homes and offices is anticipated to fuel the North America decorative laminates demand. Middle East & Africa (MEA) is likely to be an attractive region owing to expansion in hotels and real estate industry in South Africa and UAE.

Decorative laminates is an attractive and safe way to keep the interior beautiful and to protect furniture from wear and tear, scratching, and fire risk. These products also help to increase the surfaces’ life span and provide them an eye-catching finish. In order to establish presence in various industries, it comes in wide range of designs, textures, and...