Worldwide Decorative Laminates Demand to Reach $40 Billion by 2018
Global demand for decorative laminates is expected to rise 5.6% per year to 10.7 billion sq m in 2018, valued at $40.8 billion, according to a recent study from The Freedonia Group Inc. Demand will benefit from expected increases in the manufacture of products such as cabinets, ready-to-assemble (RTA) furniture, and flooring, which are often made from engineered wood and laminated. Gains will also be driven by increased market penetration at the expense of other surfacing materials (e.g., wood veneer and paint) due to cost and performance benefits. Furniture and cabinets were the largest markets for decorative laminates in 2013, accounting for nearly 70% of total demand.
The Asia-Pacific region was the largest market for decorative laminates in 2013, with nearly 50% of the global total. “The region benefits from its leading position in engineered wood production, particularly particleboard and medium-density fiberboard (MDF), which are often given a laminate layer at the point of production,” said analyst Pam Safarek.