Report : Asia Pacific Compact Laminate Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (External Wall Cladding, Internal Wall Cladding, Standard Compact, and Others) and Application (Residential, Commercial, and Industrial)
Internal Wall Cladding Segment to Dominate Asia Pacific Compact Laminate Market during 2021-2028
According to a new market research study on “Asia Pacific Compact Laminate Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Product, Application and Country,” is expected to reach US$ 2,529.97 million by 2028 from US$ 1,840.77 million in 2021. The market is estimated to grow at a CAGR of 4.6% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific compact laminate market along with the drivers and restraints pertaining to the market growth. Incrementing usage of compact laminate for interior design and several applications of compact laminate is a major factor driving the growth of the Asia Pacific compact laminate market. However, the fluctuations in raw material prices may hinder the growth of Asia Pacific compact laminate market.
Asia Pacific has reported a huge number of COVID-19 cases, especially in India. This has led to the discontinuation of compact laminate manufacturing activities. The downfall of other chemical and materials manufacturing industries negatively impacted the demand for compact laminate during the early months of 2020. Moreover, the decline in the overall interior and outdoor designing activities has led to the discontinuation of compact laminate manufacturing projects. A similar trend was witnessed in other Asia Pacific countries, i.e., Japan, China, and Australia. However, the countries are likely to overcome this drop with the economic activities regaining their pace, especially at the beginning of 2021.
The market for Asia Pacific compact laminate is segmented into product, application and country. Based on product, the market is segmented into external wall cladding, internal wall cladding, standard compact, and others. In 2020, the internal wall cladding segment held the largest share in Asia Pacific compact laminate market. Based on application, the Asia Pacific compact laminate market is divided into residential, commercial, and industrial. The residential segment is expected to be the fastest growing segment over the forecast period. Based on country, the Asia Pacific compact laminate market is divided into Australia, China, India, Japan, South Korea and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific compact laminate market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific compact laminate market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for compact laminate.
Aica Kogyo Co., Ltd.; EGGER Group; Greenlam Industries Ltd.; Wilsonart LLC; Merino Laminates Ltd.; Swiss Krono Group; Trespa International B.V.; Lamitech Inc.; Kronoplus Limited; and Royal Crown are some of the leading companies in the Asia Pacific compact laminate market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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