Wilmington, Delaware, United States, March 23, 2023 (GLOBE NEWSWIRE) -- According to Transparency Market Research, The global acrylic laminates market was valued at US$ 2.1 Bn in 2022 and is anticipated to reach US$ 3.4 Bn by 2031, expanding at a CAGR of 5.5% between 2023 and 2031.
Expansion of a number of industries, including automotive, furniture, and construction, is expected to propel global market value. Rise in popularity of home décor and modular kitchens is likely to accelerate market development.
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Increase in demand for decorative laminates and high gloss sheets in construction and furniture industries is projected to offer lucrative opportunities to producers of acrylic laminates. However, fluctuation in prices of raw materials is anticipated to hamper market expansion. Innovative product offerings, including UV-resistant, anti-bacterial, and fire-retardant acrylic laminates, are enabling leading players to capture significant share of the acrylic laminates market.
Acrylic laminates are sheets of acrylic resin bonded onto substrates such as particleboard, medium-density fiberboard (MDF), or plywood to provide a surface that is both aesthetically pleasing and durable. These laminate sheets are frequently utilized in construction and interior design projects for kitchen cabinets, wall paneling, countertops, and furniture. Demand for acrylic sunmica is increasing in construction applications and interior design due to its aesthetic appeal, adaptability, and excellent durability. High gloss and a variety of brilliant colors are two characteristics of acrylic laminates. These can tolerate high temperatures and are stain and scratch resistant as well as simple to clean. Any application or design can be fitted with acrylic laminate sheets with bespoke fabrication.
Key Findings of Market Report
- The high gloss segment dominated the global acrylic laminates market in 2022, according to a recent market report. Growth of the segment is ascribed to high-quality finish, adaptability, and longevity. These laminates are utilized in various products, including wall paneling, cabinets, furniture, and worktops. High gloss acrylic laminates have a long lifespan, and are moisture and heat resistant. As a result, these are frequently used in commercial or public buildings with heavy footfall. High gloss acrylic laminates are readily cleaned with a wet cloth and require little maintenance. These laminates are available in a huge selection of colors and finishes, giving architects and designers several options to meet their preferred design style.
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Global Acrylic Laminates Market: Growth Drivers
- Increase in demand for ornamental laminates is a major factor bolstering industry growth. In interior design as well as construction industries, decorative laminates are frequently used to give a protective and decorative covering to various surfaces, including walls, furniture, and floors. These laminates are available in a variety of materials, including paper, PVC, and acrylic. Manufacturers have been inspired to create brand new, cutting-edge acrylic laminate products as a result of rise in demand for decorative laminate. Thus, a range of acrylic laminate products are now readily available. This, in turn, is anticipated to present lucrative business opportunities in the global acrylic laminates market.
- Demand for acrylic laminates is increasing due to growth of the construction sector, where these materials are frequently utilized owing to their sturdiness, adaptability, and aesthetic appeal. Demand for new constructions, including commercial and residential buildings, is high due to expanding population, rapid urbanization, and industrialization. Rise in disposable income of people has motivated them to rebuild and renovate their homes. The ability of acrylic laminates to replicate the appearance of natural materials such wood or stone while providing affordability and durability makes them a popular option in such projects.
Global Acrylic Laminates Market: Regional Landscape
- The market in Asia Pacific is anticipated to experience robust growth during the forecast period. This is ascribed to rise in demand for acrylic laminates in developing countries, such as India and China. Rapid urbanization and industrialization in the region, which has increased construction activities, are the other factors driving market expansion in Asia Pacific.
Global Acrylic Laminates Market: Key Players
- Xerox Corporation
- Panolam Industries International
- Arpa Industriale S.p.A.
- Stylam Industries Limited
- FunderMax GmbH
- SIBU Design GmbH
- Greenlam Industries Ltd.
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Global Acrylic Laminates Market: Segmentation
Type
- High Gloss
- Matte
- Textured
- Anti-bacterial
- Others
Application
- Furniture & Cabinets
- Flooring
- Wall Panels
- Others
End-user Industry
- Residential
- Non-residential
- Automotive
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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