NEW YORK, July 12, 2016 /PRNewswire/ -- Study coverage
The report presents historical demand data (2005, 2010 and 2015) plus forecasts (2020 and 2025) by product, application and market. The study also assesses key market environment factors, analyzes the industry structure, evaluates company market share and profiles 39 US industry participants, such as Panolam, Wilsonart, Formica (Fletcher Building) and Arclin.
US demand to reach 11.6 billion square feet in 2020
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 the production of building components (e.g., cabinets and wall panels), as well as in related products (e.g., furniture), and the continued use of engineered wood in the manufacture of many of these items will pose opportunities for decorative laminates. Advances in building construction activity and greater credit availability are driving demand for 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.
Low-pressure laminates to generate most rapid gains
Cabinets and furniture were the two largest markets for laminates in 2015, together accounting for nearly half of demand. Of these, 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. The much smaller flooring market will also achieve above average annual gains. Domestic manufacturing of laminate flooring is experiencing a boost after certain imported products received negative press in early 2015 regarding alleged product safety. Further gains will be limited by the growing popularity of luxury vinyl tile, which is providing strong competition for laminate.
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