Compact Laminate Market Size to Surpass US$ 4,286.13 Mn by 2028

Compact Laminate Market to Grow at a CAGR of 3.9% by 2028. In 2020, Asia Pacific was dominating as well as the fastest growing region for global market.

NEW YORK, UNITED STATES, November 15, 2021 /EINPresswire.com/ -- According to our latest market study on “Compact Laminate Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End-Use” the market was valued at US$ 3,619.18 million in 2020 and is projected to reach US$ 4,286.13 million by 2028.

Strategic Insights

Market Size Value - in US$ 3,619.18 Million in 2020
Market Size Value - by US$ 4,286.13 Million by 2028
Growth rate - CAGR of 3.9% from 2021-2028
Forecast Period - 2021-2028
Base Year - 2021
No. of Pages - 137
No. Tables - 56
No. of Charts & Figures - 69
Historical data available - Yes
Segments covered - Type and End-Use
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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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.

Various applications of compact laminate is expected to influence compact laminate market globally

The compact laminate is a durable surface that is used in residential, commercial, and industrial properties. It is formed by dipping layers of kraft paper into resin and drying the layers that are further compressed by laminate sheets on the top. Compared to other surfaces, compact laminates are frequently used in areas having high moisture as they are resistant to moisture, wear, and tear. Compact laminate is used for laboratories where the laminates are developed as chemical resistant, which will help in shielding the surfaces from a chemical attack. Compact laminates made up of electro-beam cured (EBC) acrylic resins are used in laboratories as they are resistant to chemicals, bases, and solvents. Also, compact laminates are an ideal solution for cubicles and lockers in the commercial as well as industrial sectors.

Impact of COVID-19 Pandemic on Compact Laminate Market

The ongoing pandemic has drastically altered the status of the chemical and materials sector and negatively impacted the growth of the compact laminates market. The implementation of measures to combat the spread of the virus has aggravated the situation and affected the growth of several industrial sectors. The market has been negatively impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. Disruptions in terms of sourcing of raw materials from suppliers and temporarily closures of manufacturing bases due to indefinite lockdowns and temporary quarantines have impacted the growth of the building and construction industry.

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Compact Laminate Market: End-Use

Based on end-use, the compact laminate market is segmented into residential, commercial, and industrial. In 2020, commercial segment dominated the compact laminate market. Compact Laminate has various applications in the commercial sector and one of the major applications is using the compact laminate for restrooms and bathrooms. The compact laminates are an ideal choice for bathroom partitions as they are durable and water-resistant. Most of the compact laminate panels are nonporous and microbe resistant, which makes them the perfect material to be used in places that are wet and are subjected to high humidity. The compact laminates are customizable as there are various color options along with customizing the height of the panels according to the type of restroom to be manufactured. Also, the compact laminates enhance the aesthetic appeal of the commercial bathrooms. The compact laminates are also used for external wall cladding applications and ventilated rain-screen facade applications in malls, outdoor tables, furniture, and service stations, among others.

Compact Laminate Market: Competitive Landscape and Key Developments

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.

The overall global compact laminate market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic.

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