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Description
Decorative Plastics and Paper Laminates Market size was valued at USD 69.4 billion in 2021 It is growing at a CAGR of 5.7% during the forecast period 2022 to 2028. The global market provides a detailed overview of the global decorative plastics and paper laminates market, and that can be segmented by product, and by application. By product, the global decorative plastics and paper laminates market has been segmented into Low Pressure Decorative Plastic and Paper Laminates and High-Pressure Decorative Plastic and Paper Laminates. The Low-Pressure Decorative Plastic and Paper Laminates segment is likely to be the largest and fastest-growing segment in terms of type. The Low-Pressure Decorative Plastic and Paper Laminates segment has various applications in wall, panels, flooring, cabinets, and furniture sector as it is stable under extreme temperature. Based on application, the global decorative plastics and paper laminates market is segmented into Residential, Commercial, and Others. Among these, the Residential segment is expected to have the fastest-growing market during the forecast period 2022-2028 according to precession business insights. It is attributed to the growth in construction and building in the residential sector. Decorative laminates are laminated sheets made of kraft papers and decorative printed papers, which are fused together with the help of variable pressure and heat. They are the surface materials used to protect and improve the aesthetics of engineered wood. Generally, decorative plastic and paper laminates are used in the construction of cabinets, countertops, flooring and furniture, among other products. Hence, it is widely used in construction industry especially in the emerging countries like India. The rapid urbanization and increasing disposable income, changing lifestyle, increasing commercial spaces in developing regions, growth of furniture industry and accepting new manufacturing technologies and providing new and innovative products are driving the global market growth.
Key Development:
In June 2022, Greenlam Industries Ltd acquired the laminate manufacturing facility of Gujarat based Bloom Dekor Limited.
