Compact Laminates Market Size, Share, Growth, And Industry Analysis By Type (Horizontal, Vertical) By Application (Commercially, Residences, Industry), Regional Insights, and Forecast To 2031

Updated On: 15 April 2024

Compact Laminates Market Report Overview

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global compact laminates market size was USD 4081.6 million in 2022 and market is projected to touch 6426.67 Million by 2031, exhibiting a CAGR of 5.2% during the forecast period.

Compact laminates, also known as solid phenolic core (SPC) or high-pressure laminates (HPL), are a type of composite material made of layers of cellulose fibers impregnated with phenolic resins and bonded together under high pressure and temperature. The resulting material is a dense and durable panel with excellent resistance to moisture, impact, scratches, and chemicals. Compact laminates come in a wide range of colors, patterns, and textures, making them a popular choice for a variety of applications in the construction, interior design, and transportation industries. Some common applications of compact laminates include wall panels, toilet partitions, countertops, tabletops, cabinet doors, and exterior cladding. Compact laminates are also known for their sustainability and eco-friendliness, as they are made from renewable and recyclable materials and can be produced with low emissions and waste.

Compact laminates are commonly used in interior applications, such as wall panels, toilet partitions, lockers, and laboratory tabletops. They are also used in exterior applications, such as building facades, exterior cladding, and balcony railings. The growth of the compact laminates market is driven by the increasing demand for compact laminates in the construction and interior design industries.

COVID-19 Impact: Pandemic Negatively Affected the Construction and Interior Design Industries Impeding the Market Development

The outbreak of the COVID-19 pandemic has had a significant impact on the global compact laminates market. The pandemic has disrupted the supply chain and manufacturing operations of compact laminates. The construction and interior design industries have been negatively affected by the pandemic, leading to a decline in demand for compact laminates. However, the market is expected to recover in the post-pandemic period, as the construction and interior design industries are expected to rebound.

Latest Trends

"Increasing Adoption of Eco-Friendly and Sustainable Materials to Boost the Market Growth"

The compact laminates market is witnessing several trends that are shaping the industry. One of the significant trends is the increasing adoption of eco-friendly and sustainable materials in the production of compact laminates. Manufacturers are using recycled materials and renewable resources to reduce the environmental impact of compact laminates. Another trend is the development of antimicrobial compact laminates, which are designed to prevent the growth of bacteria and viruses on surfaces.

Compact Laminates Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Horizontal, Vertical. Horizontal being the leading segment of the market by type analysis.

• By Application Analysis

Based on application, the market can be divided into Commercially, Residences, Industry. Commercially being the leading segment of the market by application analysis.

Driving Factors

"Growing Demand from the Construction Industry to Drive the Market Development "

The construction industry is one of the major end-users of compact laminates. Compact laminates are preferred in the construction industry because of their excellent strength and durability, resistance to scratches, and easy maintenance. These properties make compact laminates suitable for use in high-traffic areas such as hospitals, schools, and public restrooms. The increasing demand for new buildings and renovation projects in emerging economies such as China and India are driving the growth of the compact laminates market. The growth of the construction industry is attributed to urbanization, population growth, and increasing government spending on infrastructure projects. For instance, the Indian government launched several initiatives such as Housing for All by 2022 and Smart Cities Mission, which are expected to drive the growth of the construction industry and, in turn, the compact laminates market.

"Rising Demand from the Interior Design Industry to Drive the Market Growth"

The interior design industry is another significant end-user of compact laminates. Compact laminates offer a wide range of colors, patterns, and textures, making them ideal for use in various interior design applications such as countertops, tabletops, and cabinet doors. Moreover, compact laminates offer excellent resistance to moisture and heat, making them suitable for use in kitchens and bathrooms. The increasing demand for high-quality, durable, and aesthetically pleasing interior products is driving the growth of the compact laminates market. The growth of the interior design industry is attributed to rising disposable incomes, changing lifestyles, and increasing awareness about the importance of interior design in improving the overall look and feel of a space.

Restraining Factors

"Increasing Competition from Alternative Materials to Hamper the Market Development"

One of the main challenges facing the compact laminates market is the increasing competition from alternative materials such as glass, metal, and natural stone. Glass is preferred for its aesthetic appeal, metal for its strength and durability, and natural stone for its unique texture and color. These materials offer advantages such as higher durability, strength, and aesthetic appeal, which are driving their adoption in various end-use industries. However, compact laminates have several advantages over these materials. Compact laminates are lightweight, easy to install, and require less maintenance than natural stone. Additionally, compact laminates are more affordable than glass and metal, making them a popular choice for budget-conscious customers.

Compact Laminates Market Regional Insights

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"High Demand from The Construction and Interior Design Industries in North America to Bolster the Market Development in The Area"

The North American compact laminates market is driven by the high demand from the construction and interior design industries. The construction industry is a significant end-user of compact laminates, and the demand for these materials is expected to continue to grow due to the increasing number of new construction projects and renovations in the region. Compact laminates are widely used in the construction industry for various applications, such as wall panels, toilet partitions, and building facades, due to their durability, moisture resistance, and low maintenance requirements. Moreover, the increasing adoption of eco-friendly and sustainable materials for the production of compact laminates is also contributing to the growth of the market in the region. Many manufacturers in North America are focusing on the development of compact laminates made from recycled materials and using environmentally friendly production methods to meet the increasing demand for sustainable building materials.

The Asia Pacific compact laminates market is expected to grow at the highest rate, driven by the increasing demand from the construction and interior design industries in countries such as China and India. The rising population, rapid urbanization, and increasing disposable income in the region are driving the demand for compact laminates. In China, the construction industry is a significant end-user of compact laminates, and the demand for these materials is expected to continue to grow due to the increasing number of new construction projects and renovations in the country.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• EGGER (Austria)
• Fletcher Building (New Zealand)
• Wilsonart (U.S.)
• Greenlam (India)
• ATI Laminates (U.S.)
• ASD (China)
• Kronospan (Austria)
• Trespa International (Netherlands)
• PFLEIDERER (Germany)
• Merino (India)
• Panolam Industries (Canada)
• Abet Laminati (Italy)
• Sonae Indústria (Portugal)
• OMNOVA Solutions (U.S.)
• FORMILINE (China)
• LAMITECH (Mexico)
• Arpa Industriale (Italy)
• SWISS KRONO (Switzerland)
• Dura Tuff (China)
• Zhenghang (China)
• Hopewell (China)
• Guangzhou G&P (China)
• Stylam (India)
• Roseburg (U.S.)
• Anhui Xima (China)
• Crown (U.S.)
• AOGAO (China)
• Gentas (Turkey)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.