Global Low-Pressure Decorative Laminates

Report Overview

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This study covers the global low-pressure decorative laminates industry, defined here to include:

• saturated papers
• low-basis weight papers
• thermoplastic film (e.g., vinyl, polyester, polypropylene)
• decorative foils

Edgebanding, as well as electrical, electronic, and other industrial laminates, is not included in this study.

Demand is also discussed in terms of market:

• furniture (e.g., bedroom furniture, desks, workstations, and casegoods)
• cabinets, including interior shelving, drawers, exterior doors, and side panels
• flooring
• wall panels
• retail fixtures
• countertops
• other markets (e.g., doors, ceilings, window sills, stairways, dressing room and bathroom partitions, folding walls, signage, marker boards, lockers, planters)

Historical data are provided for 2009, 2014, and 2019, with forecasts for 2024 and 2029. Demand is provided in US dollars and square meters for low-pressure decorative laminates by type and market.

Several assumptions have been made in order to ease understanding or to facilitate comparisons. For example, many low-pressure decorative laminates are produced and sold in roll form to furniture producers or manufacturers, who then bond the laminate to a rigid substrate as part of the manufacturing process. This is frequently done with decorative foils and vinyl films. However, in the case of some decorative laminates, such as saturated papers, the laminates may be bonded to a substrate by the laminates producer and not by the customer due to the expense inherent in purchasing and operating the necessary machinery. So as not to skew the results (since some laminates are sold already bonded to a substrate and are therefore more expensive), all data treat laminates as unmounted, and pricing and other data have been modified accordingly.

Demand by Region

Global demand for low-pressure laminates is forecast to increase 2.2% per year to 9.1 billion square meters in 2024, valued at $42.0 billion.

The Asia/Pacific region will continue to account for the majority of demand, as China, India, South Korea, and Japan have relatively large furniture, cabinet, and flooring markets. Going forward, demand will be supported by building construction growth in China and India.

Demand in Western Europe will stagnate through 2024, as the region’s building construction and manufacturing activity remain relatively weak.

Pricing Trends

The average price of low-pressure decorative laminates (calculated by dividing the total value of decorative laminates sold by total square meters) was $4.27 per square meter in 2019:

• Average prices vary by country or region due to product mix, with pricing for low-pressure laminates made from film slightly higher on average than those made from papers.
• Product characteristics such as thickness, print quality and design, texture, and color also play a role in average laminate prices. For example, countries that tend to use thin laminates with basic print quality, standard colors, and a flat finish have lower average prices than countries using thicker laminates that exhibit 3D texturized print with custom colors.
• Average pricing for decorative laminates is also affected by raw material costs, with considerable pricing volatility sometimes seen in metals and petroleum-based raw materials like polyvinyl chloride and other plastics.

Going forward, average selling prices for low-pressure decorative laminates are forecast to increase 1.5% per year to $4.60 per square meter in 2024.

A continued shift toward higher value product types, such as saturated paper and vinyl film low-pressure laminates, will provide some support for pricing gains. In addition, an overall shift in the product mix toward laminates with higher value characteristics, such as textures, complex print designs, and above average thickness, will boost aggregate pricing.

Demand by Product

Global demand for low-pressure laminates (low-basis weight papers, saturated papers, vinyl films, and decorative foils) is forecast to increase 2.2% per year to 9.1 billion square meters in 2024:

• Durable goods producers looking to lower material costs will continue to replace higher cost high-pressure laminates, coatings, or wood veneer with low-pressure laminates, particularly in applications with low durability requirements.
• In applications where durability is key or highly pleasing aesthetics is a requirement, low-pressure laminates will continue to face intense competition from alternative surfacing materials, including high-pressure laminates, vinyl sheets, natural stone, engineered stone, cast polymers, and wood. In many instances, alternative surfacing materials are viewed as aesthetically superior to low-pressure laminates.

Demand by Market

Global demand for low-pressure laminates is forecast to increase 2.2% per year to 9.1 billion square meters in 2024. Gains will be driven by:

• strong growth in ready-to-assemble furniture demand and production capacities in Poland, India, and China, as well as continued preferences for these products in Sweden and the US
• advances in personal consumption expenditures, supporting demand for retail fixtures
• increases in demand for wall panels in the Asia/Pacific and Africa/Mideast regions as housing stocks continue to develop in many countries in these regions

Global demand for low-pressure decorative laminates is forecast to increase 2.2% per year to 9.1 billion square meters valued at $42.0 billion in 2024. Growth will be supported by:

• increasing demand for ready-to-assemble (RTA) furniture and similar products that frequently use decorative laminates in their manufacture
• healthy growth in wall panel and laminate flooring production in the Asia/Pacific region
• increased market penetration at the expense of other surfacing materials (wood veneer and paint) due to cost and performance benefits
• continued improvement in textures and printing techniques that create advanced graphics rivaling the aesthetics of alternative products
• rising personal incomes, increasing the number of consumers able to afford such laminate-intensive products as cabinets, countertops, furniture, flooring, and wall panels
• increases in personal consumption expenditures improving demand for retail fixtures, particularly in the developing world
• government efforts to improve housing stocks in the Asia/Pacific and Africa/Mideast regions, which will boost use of dedicated building materials

Product Development Boosts Competition with Alternatives in Key Applications

Low-pressure laminates are increasingly becoming competitive with high-pressure types as well as with alternative surfacing materials:

• Technological improvements that enhance impact-resistance and durability are allowing low-pressure laminates continue to gain ground on high-impact horizontal surfaces (e.g., flooring), where performance is of high importance.
• Advances in textures and printing techniques continue to greatly improve the aesthetics of low-pressure laminates, which makes them increasingly competitive with both high-pressure laminates as well as with other surface materials, including natural wood and stone.

Demand for Ready-To-Assemble Furniture to Drive Global Decorative Laminates Market

Through 2024, furniture applications will remain the largest outlet for low-pressure decorative laminates. Strong demand growth for RTA furniture worldwide, particularly in the Asia/Pacific region, will drive the market going forward. The low cost, convenience, and easy assembly of these products will support further market share gains in the furniture industry, boosting associated laminates demand.

Asia/Pacific to See Fastest Post-Pandemic Recovery & Growth of Any Region Through 2024

While all regional markets are expected to rebound from the pandemic in 2021, growth in the Asia/Pacific region will outstrip the rest of the world due to a variety of factors:

• Unlike most nations in the world, China’s economy expanded slightly in 2020, further strengthening the region’s recovery.
• Regional demand is anticipated to fully recover in 2021.
• Through 2024, the region is projected to post the fastest gains in low-pressure decorative laminates demand.