The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
In terms of volume, the global decorative laminates market is expected to expand at a CAGR of 4.7% during the forecast period 2017-2025. According to a new report published by Persistence Market Research titled “Decorative Laminates Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025),” manufacturers of decorative laminates are focusing on the introduction of new application specific product offerings in order to better address the specific requirements of customers. Moreover, market players are found to be channelizing efforts towards strengthening their distribution channels along with focusing on direct sales. Among the regional markets, the Asia Pacific market is expected to account for a substantial value share in the global decorative laminates market owing to the rising construction activities in the residential sector across the region. Global sales of decorative laminates is estimated to be valued at about US$ 64 Bn in 2017 and this is projected to increase to about US$ 95 Bn by the end of 2025.
Global Decorative Laminates Market: Factors Boosting Revenue Growth
Global Decorative Laminates Market: Forecast by Product Type
On the basis of product type, the global market for decorative laminates is segmented into low pressure laminates, high pressure laminates, and edge banding. Low pressure laminates is further sub-segmented into paper and films & foils. In terms of value, the low pressure laminates segment is expected to lose 100 BPS in 2025 as compared to 2017 and is projected to expand at a CAGR of 4.9% during the forecast period. The paper sub-segment is expected to gain 170 BPS in 2025 as compared to 2017 and is anticipated to expand at a CAGR of 5.2% over the forecast period. The low pressure laminates segment is expected to remain lucrative and dominate global market demand during the forecast period.
Global Decorative Laminates Market: Forecast by Application
Application segments include furniture and cabinets, flooring, wall panel and others. The furniture & cabinets and flooring segments are expected to dominate the global market owing to an anticipated steady growth in demand for decorative laminates across these end use applications.
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Global Decorative Laminates Market: Forecast by Region
Asia Pacific, Europe and North America regions are projected to be the major contributors to the growth of the global decorative laminates market throughout the forecast period. Modernization of infrastructure and growth in construction and infrastructure industry are the two factors anticipated to drive market demand for decorative laminates in the Asia Pacific region, while rapid growth in the construction sector in the U.S. – especially in the housing sector – is anticipated to bolster the demand for decorative laminates in North America. The Asia Pacific decorative laminates market is projected to hold more than half the global market value share by 2025.
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