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Compact Laminate Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and End-Use

Compact Laminate Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and End-Use

  • July 2021
  • 137 pages
  • ID: 6128400
  • Format: PDF
  • The Insight Partners

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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.

Based on end-use, the compact laminate market is segmented into residential, commercial, and industrial.In 2020, commercial segment dominated the compact laminate market.

Compact Laminate has various applications in the commercial sector and one of the major applications is using the compact laminate for restrooms and bathrooms.The compact laminates are an ideal choice for bathroom partitions as they are durable and water-resistant.

Most of the compact laminate panels are nonporous and microbe resistant, which makes them the perfect material to be used in places that are wet and are subjected to high humidity.The compact laminates are customizable as there are various color options along with customizing the height of the panels according to the type of restroom to be manufactured.

Also, the compact laminates enhance the aesthetic appeal of the commercial bathrooms. The compact laminates are also used for external wall cladding applications and ventilated rain-screen facade applications in malls, outdoor tables, furniture, and service stations, among others.

Geographically, the compact laminate market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East & Africa (MEA).In 2020, Asia Pacific accounted for the largest share in the global compact laminate market.

Compact laminates are mainly used as countertops for kitchen, tables, bathroom for residential as well as office space in the Asia Pacific region.The compact laminates are also used for reconstruction and remodeling of residential homes and buildings in countries of Asia Pacific.

Increase growth in the construction of commercial spaces in country such as India has led to an increase demand for compact laminates to be used in shopping malls, hotels, offices among others in Asia Pacific.

The ongoing pandemic has drastically altered the status of the chemical and materials sector and negatively impacted the growth of the compact laminates market.The implementation of measures to combat the spread of the virus has aggravated the situation and affected the growth of several industrial sectors.

The market has been negatively impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries.Disruptions in terms of sourcing of raw materials from suppliers and temporarily closures of manufacturing bases due to indefinite lockdowns and temporary quarantines have impacted the growth of the building and construction industry.

As per an article published by land Berger GmbH, in June 2020, the International Monetary Fund (IMF) forecasted a decline in real gross domestic product (GDP) of ~3% worldwide, with current growth rate at 5.9% points lesser to 2.9% growth witnessed in 2019. The article further stated the building and construction activities in the US and Europe have relatively shrunk, negatively impacting the GDP contributed by construction sector. The commercial construction sector is likely to face more disruptions in comparison to residential construction sector during the pandemic period. Similarly, the pandemic has negatively impacted the growth of furniture market due to reduced demand, financial stress, and disruptions to the supply chain. The significant decline in the growth of the several industrial sectors negatively impacted the demand for compact laminates in the global market. Further, as the economies are planning to revive their operations, the demand for compact laminates is expected to rise globally. Additionally, new product development and launches is expected to stimulate the demand for compact laminates in post-pandemic times. For instance, in November 2020, Greenlam Industries Ltd., which is ranked amongst the top 3 laminate manufacturers globally and the largest in Asia, launched revolutionary laminates, which have been proven to be effective against SARS-CoV-2, with 99% efficacy within 30 minutes of exposure to the laminate surface and completely eradicates the virus in 45 minutes. The test for efficacy was conducted by Ministry of Science & technology (Government of India). The expanding demand for compact laminates across residential, commercial, and industrial sectors, along with significant investment by prominent manufacturers, is expected to drive the growth of the compact laminates market.

AICA Kogyo Co., Ltd.; EGGER Group; Greenlam Industries Ltd.; Wilsonart LLC; Merino Laminates Ltd.; Swiss Krono Group; Trespa International B.V.; Lamitech; Kronoplus Limited; and Royal Crown are among the major players operating in the global compact laminate market.

The overall global compact laminate market size has been derived in accordance with to both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the global compact laminate market.

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