CLEVELAND - Increased cabinets and furniture demand will continue to drive the growth of decorative laminates in the United States 2.5 percent annually, reaching 11.6 billion square feet —$6.8 billion — in 2020, according to new research by The Freedonia Group.
According to the Decorative Laminates study by the Cleveland-based research firm, the use of these decorative surfaces will grow concurrent with projected increases in domestic manufacturing of cabinets, furniture, retail fixtures, wall paneling and other products made from composite wood. Cabinets and furniture are the two largest markets for laminates in 2015, and through 2020, the cabinet market is projected to post the more rapid gains.
"Increases in the number of new homes built through 2020 will provide opportunities, since many of these new homes will include stock cabinets, which are often made using saturated paper and other low-pressure laminates on an engineered wood substrate," says analyst Pamela Safarek.
Low-pressure laminates, which account for more than 80 percent of the market will post the fastest average annual gains through 2020, Freedonia says, adding that "the cost advantages of these products outweigh the durability benefits of higher priced high-pressure laminates," particularly in the cabinets and store fixtures market.
High pressure laminates are used in many horizontal applications, including flooring, countertops and desktops. "Sales of high-pressure laminates will continue to depend on their advanced performance characteristics, such as long-term durability and greater resistance to scratches," Freedonia says.
A division of MarketResearch.com, The Freedonia Group publishes more than 100 studies annually.