Compact Laminate Market Size to Reach US$ 4,286.13 million by 2028 by Analyzing Global Demand and Growth

According to a comprehensive research report by The Insight Partners (TIP), “Compact Laminate Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (External Wall Cladding, Internal Wall Cladding, Standard Compact, and Others) and End-Use (Residential, Commercial, and Industrial)” The compact laminate market at was valued at US$ 3,619.18 million in 2020 and is projected to reach US$ 4,286.13 million by 2028; it is expected to grow at a CAGR of 3.9% from 2021 to 2028. Compact Laminate is a material which is used for interior design, wall cladding, restroom partitions, and various other applications. Compact laminate is made up of kraft paper which is impregnated with phenolic resin as well as with decorative surface paper which is impregnated with melamine resin. After drying the layers, they are stacked and sandwiched between laminate before being compressed at high temperature. The high temperature activates the resins and permanently fuses the layer into a panel. The appearance of the compact laminate depends upon the decorative surface paper whereas the core of kraft paper provides a distinctive edge to the compact laminate.

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AICA Kogyo Co., Ltd.; EGGER Group; Greenlam Industries Ltd.; Wilsonart LLC; Merino Laminates Ltd.; Swiss Krono Group; Trespa International B.V.; Lamitech; Kronoplus Limited; and Royal Crown are among the major players operating in the global compact laminate market.

Compact Laminate is a material which is used for interior design, wall cladding, restroom partitions, and various other applications. Compact laminate is made up of kraft paper which is impregnated with phenolic resin as well as with decorative surface paper which is impregnated with melamine resin. After drying the layers, they are stacked and sandwiched between laminate before being compressed at high temperature. The high temperature activates the resins and permanently fuses the layer into a panel. The appearance of the compact laminate depends upon the decorative surface paper whereas the core of kraft paper provides a distinctive edge to the compact laminate.

The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Compact Laminate market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Compact Laminate market segments and regions.

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Based on type, the compact laminate market is segmented into external wall cladding, internal wall cladding, standard compact, and others. The internal wall cladding segment held the largest share in the global compact laminate market in 2020. Cladding is basically a process of layering one material over another material. Compact laminates are used for interior wall cladding as it is durable and long-lasting as well as requires low maintenance cost as its abrasion, scratch, and stain resistant. Along with this, compact laminates are available in variety of designs, textures, and colors that provides a unique and aesthetic look to the interior of the homes as well as commercial spaces.

The compact laminate market is segmented into five main regions- North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America (SAM). Asia Pacific is the dominating as well as the fastest growing region for compact laminate market over the forecast period. This region is the centre for major manufacturers of compact laminate such as Aica Kogyo Co. Ltd, Greenlam Industries Ltd, Merino Laminates Ltd. among others which is going to provide various growth opportunities for the compact laminate market in Asia Pacific. The increase in demand of compact laminates for countertops that can be used in the kitchen as well as in the bathrooms are driving the growth of compact laminate market in Asia-Pacific. Along with this, an increase in FDI and the penetration of international brands has led to an increase construction of commercial spaces in countries such as India, which has provided growth opportunities for the compact laminate to be used in various commercial space construction activities. The increase in disposable income along with rapid urbanization in the region is driving the compact laminate market in Asia Pacific. The consumer preference towards interior design and home décor has led to the increase demand for compact laminates which is providing various lucrative opportunities for the compact laminate market in Asia-Pacific.

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