LONDON--(BUSINESS WIRE)--The decorative laminates market in US is expected to grow by USD 0.96 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Advances in technology and the launch of innovative products are fueling the demand for decorative laminates in the US. Vendors are also adopting new production techniques to support new patterns and designs such as metal surfaces, gloss, and three-dimensional surfaces. For instance, in 2018, Wilsonart LLC introduced Blurred Lines, a new laminate collection for residential customers. The company is also offering traceless laminates that feature fingerprint resistance. The launch of such innovative products is attracting consumer interest, which will be crucial in driving the growth of the decorative laminates market.
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As per Technavio, the increase in construction activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Decorative Laminates Market in US: Increase in Construction Activities
The rise in the number of construction activities and the rising demand for home improvement products are factors driving the sale of decorative laminates in the US. In addition, high demand, especially from the millennial population in the country, is significantly driving investments in housing units. In addition, factors such as rising disposable incomes and the shift from normal flooring toward decorative laminates is expected to boost the growth of the decorative laminates market in the US during the forecast period.
“Increasing adoption of RTA floorings and furniture and cabinets and rise in the number of M&A activities will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Decorative Laminates Market in US: Segmentation Analysis
This market research report segments the decorative laminates market in US by Application (Furniture and cabinets, Flooring, Wall panels, and Others) and Product (LPL, HPL, and Edgebanding).
The LPL segment led the decorative laminates market in US in 2019, followed by HPL, and Edgebanding respectively. During the forecast period, the LPL segment is expected to register the highest incremental growth due to the rise in the demand for LPL from residential users.
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Some of the key topics covered in the report include:
- Furniture and cabinets
- Wall panels
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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