Compact Laminates Market Overview
Compact laminate is perfect for virtually unlimited interior uses. It can be used vertically or horizontally for laminate surfaces to protect them from wear and tear, scratches, water, and fire. Compact laminates enhance the lifespan of surfaces and give them an attractive finish. Compact laminates are perfect for ‘high traffic’ locations and because it’s impervious to water, is ideal in wet areas. And compact laminate panels have the additional benefit of containing innovative silver ion Biocote technology that continuously destroys bacteria for the lifetime of the panel.
Compact Laminates Market Dynamics
Key factors driving the compact laminates market include upcoming cultural and fashion trends in interior designing, the increase in demand from the flooring industry, cabinets, and a rise in demand from the rebounding housing markets. Demand for compact laminates is gaining momentum, led by the advancements in technology and growth of artistic innovations Along with technological advances, production techniques have been improved to support new upcoming patterns and designs such as metal surfaces, and gloss and three-dimensional surfaces.
Technical improvements have resulted in the development of next-generation compact laminates with thin microscopic particles of aluminum oxide, which acts as a barrier or a protective layer that provides color/gloss retention and scratch resistance. The demand for compact laminates with a wide range of styles, colors, designs, and textures, which include wood, natural tile, ceramic, and metal has been increasing. This, in turn, is estimated expected to fuel the demand for compact laminates. Constant innovations are expected to improve product diversification from conventional uses into new applications in the field of automobiles, electronics, and constructions, among others. This, in turn, is estimated expected to fuel the demand for compact laminates in the forecast period.
The high cost of compact laminates acts as a restraint to market growth. Readily availability of counterfeit product is expected to affect the market growth in few regions adversely.
Compact Laminates Market Segmentation
The global market for compact laminates is segmented on the basis of laminate type, laminate grade, laminate color, application & by their sales channel. On the basis of laminate type, compact laminates are segmented as horizontal & vertical laminates. On the basis of laminate grade, compact laminates are segmented as classic grade, fire rated grade, laboratory grade & solid phenolic backer grade. In terms of laminate color, compact laminate is segmented as solid color, wood & others. In terms of their application, compact laminates are segmented as residential, commercial & industrial. On the basis of sales channel, compact laminates are segmented as modern trade channel, third-party online channel, specialty stores, modern trade channel & other sales channel.
Compact Laminates Market Regional Overview
In terms of geography, the compact laminates market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America is anticipated to account for significant share in compact laminate market during the forecast period. The Asia Pacific is estimated to be a rapidly growing region of the compact laminates market, owing to the rise in demand for compact laminates from residential and non-residential sectors. Increase in disposable income, economic growth, rise in standard of living, and growth in residential construction are some of the factors driving the market for compact laminates in the Asia Pacific. Middle East & Africa is likely to be an attractive region of the compact laminates market during the forecast period owing to the increase in the number of tourist hotels and growth in the construction industry in the region.
Compact Laminates Market Prominent Players
The global market for compact laminates is run by several local & global players along with some new entrants. Some of the major players in the global compact laminates market are Fletcher Building, ATI Laminates, Kronospan, Wilsonart, Trespa International, Lamitech, Swiss Krono, Dura Tuff, Greenlam, Egger Roseburg, Crown, Aogao & other prominent players.
Compact Laminates Market Competitive Assessment
The global compact laminates market is defined by the presence of some of the leading competitors operating in the market, including the well-established players and new entrants, and the suppliers, vendors, and distributors. The key players are continuously focusing on expanding their geographic reach and broadening their customer base, to expand their product portfolio and come up with new advancements.