The Commercial Segment to Dominate South America Compact Laminate Market during 2021-2028

According to a new market research study on “South America Compact Laminate Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Product, Application and Country,” is expected to reach US$ 294.45 million by 2028 from US$ 252.57 million in 2021. The market is estimated to grow at a CAGR of 2.2% from 2021 to 2028. The report provides trends prevailing in the South America compact laminate market along with the drivers and restraints pertaining to the market growth. Rise in the usage of compact laminate for interior design and wide range of applications of compact laminate is a major factor driving the growth of the South America compact laminate market. However, rapid changes in raw material prices may hinder the growth of South America compact laminate market.

South America reported a huge number of COVID-19 cases, especially Brazil, which led to the discontinuation of compact laminate manufacturing activities. The downfall of 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 South American countries, i.e., Argentina, Colombia, Peru, and Chile. However, the countries are likely to overcome this drop with the economic activities regaining their pace in 2021.

The market for South America 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. The internal wall cladding segment is expected to be the fastest growing segment over the forecast period. Based on application, the South America compact laminate market is divided into residential, commercial, and industrial. In 2020, the commercial segment held the largest share in South America compact laminate market.  Based on country, the South America compact laminate market is divided into Brazil, Argentina and rest of South America. In 2020, rest of South America held the largest share in South America compact laminate market. Furthermore, in this present scenario of COVID 19 pandemic, the South America compact laminate market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the South America countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for compact laminate.

EGGER Group; Greenlam Industries Ltd.; Wilsonart LLC; Merino Laminates Ltd.; Swiss Krono Group; Trespa International B.V. and Royal Crown are some of the leading companies in the South America 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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