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Global Compact Laminate Market Forecast to 2028 - COVID-19 Impact and Analysis

·9-min read

Dublin, Sept. 09, 2021 (GLOBE NEWSWIRE) -- The "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)" report has been added to ResearchAndMarkets.com's offering.

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 type, the compact laminate market is segmented into external wall cladding, internal wall cladding, standard compact, and others. The internal wall cladding segment held the largest share in the global compact laminate market in 2020. Cladding is basically a process of layering one material over another material. Compact laminates are used for interior wall cladding as it is durable and long-lasting as well as requires low maintenance cost as its abrasion, scratch, and stain resistant. Along with this, compact laminates are available in variety of designs, textures, and colors that provides a unique and aesthetic look to the interior of the homes as well as commercial spaces.

The compact laminate market is segmented into five main regions- North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America (SAM). Asia Pacific is the dominating as well as the fastest growing region for compact laminate market over the forecast period. This region is the centre for major manufacturers of compact laminate such as Aica Kogyo Co. Ltd, Greenlam Industries Ltd, Merino Laminates Ltd. among others which is going to provide various growth opportunities for the compact laminate market in Asia Pacific. The increase in demand of compact laminates for countertops that can be used in the kitchen as well as in the bathrooms are driving the growth of compact laminate market in Asia-Pacific. Along with this, an increase in FDI and the penetration of international brands has led to an increase construction of commercial spaces in countries such as India, which has provided growth opportunities for the compact laminate to be used in various commercial space construction activities. The increase in disposable income along with rapid urbanization in the region is driving the compact laminate market in Asia Pacific. The consumer preference towards interior design and home decor has led to the increase demand for compact laminates which is providing various lucrative opportunities for the compact laminate market in Asia-Pacific.

Impact of the COVID-19 Pandemic on the 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.

Reasons to Buy

  • Highlights key business priorities in order to assist companies to realign their business strategies.

  • The key findings and recommendations highlight crucial progressive industry trends in the global compact laminate market, thereby allowing players to develop effective long-term strategies.

  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

  • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.

  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Global Compact Laminate Market Landscape
4.1 Market Overview
4.3 Ecosystem Analysis
4.4 Expert Opinion

5. Compact Laminates Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increase Usage of Compact Laminate for Interior Design
5.1.2 Various Applications of Compact Laminate
5.2 Restraints
5.2.1 Fluctuating Prices of Raw Material
5.3 Opportunities
5.3.1 Innovations in Compact Laminate Market
5.4 Future Trends
5.4.1 Increasing Focus on Research & Development
5.5 Impact Analysis of Drivers and Restraint

6. Global Market - Global Analysis
6.1 Global Market Overview
6.2 Compact Laminate Market -Revenue and Forecast To 2028 (US$ Million)
6.3 Market Positioning - Global Compact Laminates Market Players

7. Global Compact Laminate Market Analysis - By Product
7.1 Overview
7.2 Global Compact Laminate Market Breakdown, by Product, 2020 & 2028
7.3 External Wall Cladding
7.3.1 Overview
7.3.2 External Wall Cladding: Compact Laminate Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Internal Wall Cladding
7.4.1 Overview
7.4.2 Internal Wall Cladding: Compact Laminate Market - Revenue and Forecast to 2028 (US$ Million)
7.5 Standard Compact
7.5.1 Overview
7.5.2 Standard Compact: Compact Laminate Market - Revenue and Forecast to 2028 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Compact Laminate Market - Revenue and Forecast to 2028 (US$ Million)

8. Global Compact Laminate Market Analysis - By Application
8.1 Overview
8.2 Global Compact Laminate Market Breakdown, by Application, 2020 & 2028
8.3 Residential
8.3.1 Overview
8.3.2 Residential: Compact Laminate Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Commercial
8.4.1 Overview
8.4.2 Commercial: Compact Laminate Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Industrial
8.5.1 Overview
8.5.2 Industrial: Compact Laminate Market - Revenue and Forecast to 2028 (US$ Million)

9. Compact Laminate Market - Geographic Analysis

10. Overview - Impact of COVID-19
10.1 List of Top 10 Economies Affected by COVID-19 Pandemic
10.2 Impact of COVID-19 on Compact Laminates Market
10.3 North America: Impact Assessment of COVID-19 Pandemic
10.4 Europe: Impact Assessment of COVID-19 Pandemic
10.5 Asia Pacific: Impact Assessment of COVID-19 Pandemic
10.6 Middle East & Africa: Impact Assessment of COVID-19 Pandemic
10.7 South and Central America: Impact Assessment of COVID-19 Pandemic

11. Industry Landscape
11.1 Product Launch
11.2 Merger & Acquisition
11.3 Business Expansion

12. Company Profiles
12.1 Aica Kogyo Co. Ltd
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 EGGER Group
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Greenlam Industries Ltd.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Swiss Krono Group
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Trespa International B.V.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Lamitech
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Kronoplus Limited
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Merino Laminates Ltd.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Royal Crown
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Wilsonart LLC
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments

13. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/vjxrax

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