Market Introduction
The Asia Pacific compact laminate market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. The manufacturers in the compact laminate market are focusing on R&D to provide compact laminates. There has been a rising trend in compact laminate manufacturers to provide compact laminate having antibacterial properties. Due to the COVID-19 pandemic, companies are focusing on providing COVID-19 resistant laminates. For instance, in November 2020, Greenlam Industries introduced the first COVID-19 resistant laminates along with antifungal and antibacterial properties. The laminate has proven effective against SARS-COV-2 with 99% efficacy within 20 minutes. The manufacturers are focusing on producing best-in-class as well as health safe products to the consumers. The demand for antiviral products has encouraged laminate manufacturers to produce surfaces that will be safe to touch. Thus, focus on R&D to produce technologically superior quality surface is going to be one of the major trends in the 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.
Market Overview and Dynamics
The compact laminate market in Asia Pacific is expected to grow from US$ 1,840.77 million in 2021 to US$ 2,529.97 million by 2028; it is estimated to grow at a CAGR of 4.6% from 2021 to 2028. The increase in residential and commercial construction will lead to an increased demand for interior decoration or design. The consumer’s choice and innovative ideas have an impact on house renovation along with choosing various types of furniture and furnishings to alter a living room or bedroom or even a bathroom. The increased demand for interior design or home decoration in Asia Pacific is due to the rise in the construction of new buildings as well as commercial spaces. The offices, clubs, and homes owners are inclining toward creative interior designing, which requires home decor products to justify the creativity and ideas of the designer. The rising trend of using compact laminates to provide fashionable as well as an aesthetic look and feel will increase its demand in the interior design market. The home designing trends continue to change, thus the textures, designs, and colors of the compact laminates should also change and evolve according to the latest trends. Therefore, it is essential for market players to manufacture trending compact laminates to sustain business growth. Along with this, an increased presence of domestic and international compact laminate players in Asia Pacific is providing various growth opportunities for the market. For instance, Greenland Industries Ltd. announced a capacity expansion for laminates in Nalagarh, Himachal Pradesh, India. The expanded capacity will be manufacturing an additional 1.6 million laminates sheets per annum. Thus, such expansion will boost production and will drive the compact laminate market in the Asia Pacific.
Key Market Segments
Based on product, the interior wall cladding segment accounted for the largest share of the Asia Pacific compact laminate market in 2020. Based on application, the commercial segment accounted for the largest share of the Asia Pacific compact laminate market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Asia Pacific compact laminate market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include 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.
Reasons to buy report
Asia Pacific Compact Laminate Market Segmentation
Asia Pacific Compact Laminate Market -By Product
Asia Pacific Compact Laminate Market -By Application
Asia Pacific Compact Laminate Market – By Country
Asia Pacific Compact Laminate Market – Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,840.77 Million |
| Market Size by 2028 | US$ 2,529.97 Million |
| CAGR (2021 - 2028) | 4.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Compact Laminate Market is valued at US$ 1,840.77 Million in 2021, it is projected to reach US$ 2,529.97 Million by 2028.
As per our report Asia Pacific Compact Laminate Market, the market size is valued at US$ 1,840.77 Million in 2021, projecting it to reach US$ 2,529.97 Million by 2028. This translates to a CAGR of approximately 4.6% during the forecast period.
The Asia Pacific Compact Laminate Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Compact Laminate Market report:
The Asia Pacific Compact Laminate Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Compact Laminate Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Compact Laminate Market value chain can benefit from the information contained in a comprehensive market report.
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