CLEVELAND, March 30, 2016 /PRNewswire/ -- Demand for decorative laminates in the US is forecast to increase 2.5 percent per year to 11.6 billion square feet in 2020, valued at $6.8 billion. Growth in domestic manufacturing of cabinets, wall panels, and furniture that use engineered wood will provide opportunities for decorative laminates. Advances in building construction activity and greater credit availability are driving demand for such building components and related products, while low domestic energy costs and increasing wages in traditionally low wage countries are allowing US-manufactured goods to be more cost-competitive with imports. These and other trends are presented in Decorative Laminates, a new study from The Freedonia Group, a Cleveland-based industry research firm.
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Cabinets and furniture were the two largest markets for laminates in 2015, together accounting for nearly half of demand. Through 2020, the cabinet market is projected to post the more rapid gains. "Increases in the number of new homes built through 2020 will provide opportunities, since many of these new homes will include stock cabinets, which are often made using saturated paper and other low-pressure laminates on an engineered wood substrate," notes analyst Pamela Safarek.
Advances for low-pressure laminates will be driven by their significant use in the large cabinets and store fixtures markets, where the cost advantages of these products outweigh the durability benefits of higher priced high-pressure laminates. Low-pressure laminates, which account for more than 80 percent of the market, will benefit from strong growth in the production of cabinets and will post the fastest average annual gains through 2020.
Sales of high-pressure laminates will continue to depend on their advanced performance characteristics, such as long-term durability and greater resistance to scratches. In particular, high-pressure laminates will continue to find use in applications where durability is required, in addition to high gloss. Greater awareness of compact laminates' stability and design flexibility over standard varieties of high-pressure laminates will provide opportunities for compact laminate in store fixtures and other commercial applications such as partitions in bathrooms, locker rooms, and dressing rooms.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group