Compact Laminate Market is expected to reach US$ 4,286.13 Mn by 2028

Increase Usage of Compact Laminate for Interior Design

According to our latest market study on “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),” the market was valued at US$ 3,619.18 million in 2020 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. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Compact Laminate 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.

Interior design is a combination of art and science to enhance the interior of a building to achieve a healthier and aesthetically pleasing environment. Compact laminates are an ideal choice for interior design as the laminates can bear high stress as well as help maintain hygiene and cleanliness. Cladding is an application that is applied to the interior as well as the exterior walls of a building to showcase a particular design. In interior design of residential and commercial buildings, compact laminates are used for external cladding as these laminates are tougher and durable compared to normal laminates. The compact laminates provide protection against dust and rain. Cladding provides a new as well as an aesthetic look to the building. High-pressure compact laminates have their core made up of resin-impregnated cellulose sheets and are covered on both sides with a decorative melamine resin surface. These are used in creative furniture and interior concepts. Also, manufacturers such as Greenlam are manufacturing compact laminates with the latest style and design sensibilities along with a wide variety of designs. The increasing availability of such compact laminates in the market will increase the demand for these laminates in interior designing and propel the market growth.

The key players operating in the compact laminate market are 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. These companies offer a comprehensive range of compact laminates to various end users including corporate offices, households, healthcare sectors, commercial buildings, and others across the globe.

Impact of COVID-19 Pandemic on Compact Laminate Market

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.

Compact Laminate Market Breakdown – by Region, 2020

The report segments the compact laminate market as follows:

Based on type, the market is segmented into external wall cladding, internal wall cladding, standard compact, and others. Based on end-use, the market is segmented into residential, commercial, and industrial. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM).