Market Introduction
The North America 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.
North America has reported a huge number of COVID-19 cases, especially in the US, 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 North American countries, i.e., Mexico, Canada, and Cuba. However, the countries are likely to overcome this drop with the economic activities regaining their pace in 2021.
Market Overview and Dynamics
The compact laminate market in North America is expected to grow from US$ 608.76 million in 2021 to US$ 777.52 million by 2028; it is estimated to grow at a CAGR of 3.6% from 2021 to 2028. The increasing trend of interior design in homes and in residential buildings in North America is driving the growth of the compact laminate market. The interior design in North America is following a simple and minimalistic trend. Most of the interior decoration trends in North America will help provide a natural and warm vibe to the building. The improved standard of living among the consumers along with an increasing trend of interior design in the households as well as residential buildings in North America has driven the demand for compact laminates as it is used to create stylish wall panels with the use of deigns, which includes high gloss sheets, patterned laminates, and realistic-looking laminate wood. The design element of compact laminates will provide warmth and a unique feel which makes it a convenient solution for the interior design trend prevailing in North America. The construction industry in North America has been on a rise and there is an increase in the number of housing units, which is due to the low borrowing cost as well as wage growth. The ongoing infrastructural projects along with smart city projects are driving the construction industry. As the construction industry is rising, the demand for compact laminates is also increasing as these are used for external as well as internal cladding of residential and commercial buildings. The compact laminates in the construction industry are mainly used for external protection from extreme weather conditions along with providing an aesthetic look to the building, Thus, a rise in the construction industry will increase the demand for compact laminates in North America.
Key Market Segments
Based on product, the interior wall cladding segment accounted for the largest share of the North America compact laminate market in 2020. Based on application, the commercial segment accounted for the largest share of the North America 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 North America 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
North America Compact Laminate Market Segmentation
North America Compact Laminate Market -By Product
North America Compact Laminate Market -By Application
North America Compact Laminate Market – By Country
North America Compact Laminate Market – Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 608.76 Million |
| Market Size by 2028 | US$ 777.52 Million |
| CAGR (2021 - 2028) | 3.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Compact Laminate Market is valued at US$ 608.76 Million in 2021, it is projected to reach US$ 777.52 Million by 2028.
As per our report North America Compact Laminate Market, the market size is valued at US$ 608.76 Million in 2021, projecting it to reach US$ 777.52 Million by 2028. This translates to a CAGR of approximately 3.6% during the forecast period.
The North America 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 North America Compact Laminate Market report:
The North America Compact Laminate Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Compact Laminate Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Compact Laminate Market value chain can benefit from the information contained in a comprehensive market report.
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