The Decorative Laminates market in the US is expected to grow at a CAGR of 4.24 percent and 5.37 percent in terms of volume and revenue, respectively from 2013-2018.
London, 28 July 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Decorative Laminates Market in the US 2014-2018. The report concentrates on factors that are likely to enhance market growth such as modifications in lifestyle and preferences, and implementation of high-quality laminates for home furnishings.
Decorative laminates are used to enclose surfaces to safeguard them from wear and tear and increase their resilience and strength. They augment the life span of the surfaces and give them a better appearance.
The market is observing growth in demand for low-pressure laminates, particularly low-basis-weight paper and saturated paper. The low cost of these laminates gives them a competitive advantage over the high-pressure laminates, which though sturdy can be costly.
Moreover, the demand for decorative laminates in the cabinets and furniture industries is projected to increase by 2018. The cabinets segment is estimated to record extensive growth, mainly due to the revitalization of the residential construction market and increased consumer spending in the US. Also, the new home construction market in the US is estimated to grow in double digits, which will give laminate vendors an chance to raise their market share in the country.
“The market is witnessing an increase in demand for low-pressure laminates, especially low-basis-weight paper and saturated paper. The low cost of these laminates gives them a competitive edge over the high-pressure laminates, which are durable but expensive,” says Faisal Ghaus, Vice President of TechNavio Research.
“The Decorative Laminates market in the US is witnessing increased expenditure by vendors on their research and development (R&D) activities. Vendors are developing new antifungal, antibacterial, fire-resistant, and flame-retardant green laminates.”
Increasing R&D Activities
A boom in R&D dollars being put towards developing new laminates will be good news for the future of the market in the US. The market is witnessing various ground-breaking resolutions to contest with laminate substitutes like wood and natural stone.
Moreover, vendors are working to condense the expense of production and distribution to escalate their profitability by capitalizing in lean processes. Furthermore, swiftly new technology and changing consumer priorities are compelling vendors to provide innovative laminates to subsist the continuing commoditization in the market, which will help sustain market growth over the projected period.
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research Decorative Laminates Market in the US 2014-2018, please send an e-mail to media@TechNavio.com
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