The global compact laminate market
The global compact laminate market is valued at US$3,696. It will reach US$98 million in 2021 and is expected to reach US$4286. It will reach 13 million by 2028; it is expected to grow at a compound annual growth rate of 3.9% from 2021 to 2028.
New York, August 12, 2021 (GLOBE NEWSWIRE) - Reportlinker.com announced the release of the report "Compact Laminate Market Forecast to 2028-COVID-19 Impact and Global Type and End Use Analysis"-https:// www.reportlinker .com/p06128400/?utm_source=GNW Compact laminate is a material used in interior design, wall cladding, sanitary partitions and various other applications. The compact laminate is made of kraft paper impregnated with phenolic resin and decorative paper impregnated with melamine resin. After drying the layers, they are stacked and sandwiched between laminates, and then compressed at high temperature. The high temperature activates the resin and permanently fuses the layer into the panel. The compact laminate depends on the decorative face paper, and the core of the kraft paper provides unique advantages for the compact laminate. Based on the end use, the compact laminate market is segmented into residential, commercial, and industrial. In 2020, the commercial sector dominates the compact laminate market. Compact laminates have many applications in the commercial sector, one of the main applications is the use of compact laminates in toilets and bathrooms. Compact laminates are ideal partitions for bathrooms because they are durable and waterproof. Most compact laminates are non-porous and anti-microbial, which makes them ideal materials for use in wet and high humidity locations. The compact laminate can be customized according to needs, with a variety of color options and the height of the panel according to the type of toilet to be manufactured. In addition, compact laminates enhance the aesthetics of commercial bathrooms. Compact laminates are also used in exterior wall cladding applications and ventilated rain curtain wall applications in shopping malls, outdoor tables, furniture and service stations. Geographically, the compact laminate market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM) and Middle East and Africa (MEA). In 2020, the Asia-Pacific region will account for the largest share of the global compact laminate market. Compact laminates are mainly used as countertops in kitchens, tables, bathrooms, residential and office spaces in the Asia-Pacific region. Compact laminates are also used in the reconstruction and reconstruction of houses and buildings in countries in the Asia-Pacific region. The increase in commercial space construction in countries such as India has led to an increase in the demand for compact laminates used in shopping malls, hotels, offices, etc. in the Asia-Pacific region. Microbiology and materials sector and have a negative impact on the growth of the compact laminate market. The implementation of measures to combat the spread of the virus aggravated the situation and affected the growth of several industrial sectors. The market was negatively affected by sudden distortions. Operational efficiency and value chain disruptions caused by the sudden closure of national and international borders. The interruption in sourcing raw materials from suppliers and the temporary closure of manufacturing bases due to indefinite blockade and temporary isolation have affected the growth of buildings and the construction industry. According to an article published by Land Berger GmbH, in June 2020, the International Monetary Fund (IMF) predicts that the global real gross domestic product (GDP) will drop by about 3%, and the current growth rate will drop by 5.9%. 2019 will grow by 2.9 %. The relative economic contraction in the United States and Europe has had a negative impact on the GDP contributed by the construction industry. During the pandemic, the commercial construction industry may face more disruptions than the residential construction industry. Similarly, due to reduced demand, financial pressures and supply chain disruptions, the pandemic has had a negative impact on the growth of the furniture market. The significant decline in growth in several industrial sectors has negatively affected the demand for compact laminates in the global market. In addition, as the economy plans to resume operations, global demand for compact laminates is expected to increase. In addition, the development and release of new products is expected to stimulate demand for compact laminates in the post-pandemic period. For example, in November 2020, Greenlam Industries Ltd., one of the world’s top three and Asia’s largest laminate manufacturers, launched a revolutionary laminate, which has been proven effective against SARS-CoV-2 with an efficacy of 99% Expose to the laminate surface within 30 minutes, and completely eradicate the virus within 45 minutes. The efficacy test is conducted by the Ministry of Science and Technology (Indian Government). The growing demand for compact laminates in residential, commercial and industrial sectors, coupled with large investments by well-known manufacturers, is expected to drive the growth of the compact laminate market. AICA Kogyo Co., Ltd.; Aige Group; Greenram Industries Co., Ltd.; VIA Co., Ltd.; Merino Laminate Co., Ltd.; Swiss Krone Group; Trespa International Co., Ltd.; Lametech; Kronoplus Co., Ltd. ; And Royal Crown are one of the major players operating in the global compact laminate market. The overall size of the global compact laminate market is based on primary and secondary sources. In order to start the research process, a detailed secondary research was conducted internally and external sources were used to obtain qualitative and quantitative information related to the market. In addition, several major interviews were conducted with industry participants to verify the data and gain more analytical insights on the topic. Participants in this process include industry experts, such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants, such as valuation experts, research analysts, and key opinion leaders, who specialize in global compact laminates market. Read the full report: https://www.reportlinker.com/p06128400/?utm_source=GNWA About Reportlinker ReportLinker is an award-winning market research solution. 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