India Decorative Laminates Market
India Decorative Laminates Market Size Set to Touch USD 2.7 Billion by 2029
Published | 01 August 2023
India decorative laminates market is flourishing because of an increasing living standard and growing per capita expenditure of consumers on home decor products.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India decorative laminates market size at USD 1.74 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India decorative laminates market size to grow at a significant CAGR of 7.46% reaching a value of USD 2.68 billion by 2029. Major growth drivers for the India decorative laminates market include an increasing living standards and high consumer spending on home décor items. There is a growing preference for contemporary home furnishing designs, which has led to the surge in popularity of ready-to-assemble (RTA) floorings, furniture, and cabinets. Notably, the rapid expansion of commercial infrastructure in India has resulted in a higher demand for decorative interior products like laminates in various facilities such as gymnasiums, convention centers, indoor sports clubs, and auditoriums. Also, the easy installation process of decorative laminates, which eliminates the need for nails or staples to connect them with the subfloor or walls, has greatly contributed to their widespread adoption throughout the country. However, fluctuations in the cost of raw materials and higher expenses associated with pressure decorative laminates are anticipated to restrain the overall market growth during the forecast period.
India Decorative Laminates Market – Overview
India decorative laminates market refers to the industry involved in the production, distribution, and sale of decorative laminates within the country. Decorative laminates are thin layers of material, typically made from a combination of resin, paper, and melamine, that are applied to surfaces, such as furniture, flooring, and walls, to enhance their aesthetic appeal. These laminates come in a wide range of colors, patterns, and textures, allowing individuals to customize and enhance the visual appearance of their living or working spaces. The market encompasses various players, including manufacturers, suppliers, distributors, and retailers, who cater to the growing demand for decorative laminates driven by factors, such as increasing consumer spending on home decor, rising living standards, and the preference for modern furnishing designs.
Impact of COVID-19 on India Decorative Laminates Market
COVID-19 pandemic adversely affected the India decorative laminates market. The implementation of nationwide lockdowns and restrictions on movement disrupted the entire supply chain, causing disruptions in manufacturing and distribution of laminates. The closure of construction sites and reduced consumer spending on non-essential items further contributed to the downturn in the market. The uncertain economic conditions and financial constraints faced by individuals resulted in a decline in demand for decorative laminates. However, as the situation gradually improved and restrictions were eased, the market began to show signs of recovery. With the resumption of construction activities and increased focus on home improvement projects, the demand for decorative laminates started to pick up in the post-pandemic era.
India Decorative Laminates Market – By Application
Based on application, the India decorative laminates market is divided into Furniture & Cabinets, Flooring, and Wall Panels segments. The furniture & cabinets segment held the highest market share in the market by application, due to their essential role in residential and commercial spaces. The consistent demand for functional and visually appealing storage solutions drives the popularity of laminates in these segments. Versatility is a key factor, as laminates can be applied to various surfaces, offering a wide range of design options to match consumer preferences. Also, the cost-effectiveness of laminates compared to other materials makes them an attractive choice for manufacturers. The durability, easy maintenance, and protection against moisture and scratches further enhance the appeal of laminates for furniture and cabinets, solidifying their leading market position.
Major players operating in the India decorative laminates market include Greenlam Industries Limited, Century Plyboards (India) Limited, Merino Laminates, Sunmica (A WILSONART Company), Stylam Industries Limited, Sonear Industries Limited, Rushil Decor Limited, Formica India, Royal Crown Laminates, and Durian Laminates. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Decorative Laminates Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Decorative Laminates Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- India Decorative Laminates Market - By Product Type (High Pressure Laminates, Low Pressure Laminates); By Texture (Matte/Suede, Glossy); By Pricing (Mass, Premium); By Sector (Organized, Unorganized); By Application (Furniture & Cabinets, Flooring, Wall Panels); By End Use (Non-Residential, Residential, Transportation); By Region (North India, West & Central India, South India, East India), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: August 2023
An increasing living standard and growing per capita expenditure of consumers on home decor products are projected to propel the expansion of the India decorative laminates market during the forecast period between 2023 and 2029
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