India Decorative Laminates Market Size (2024 - 2029)

The Indian decorative laminates market is experiencing growth, driven by the expanding construction industry and rising furniture consumption. Despite challenges posed by the COVID-19 pandemic, which disrupted production and supply chains, the market has been on a recovery path since 2021. The availability of substitutes like Veneer presents a challenge to market expansion. However, increasing disposable income among the middle class is expected to offer significant opportunities for market growth.

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Market Size of India Decorative Laminates Industry

India Decorative Laminates Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 5.00 %
Market Concentration Low

Major Players

India Decorative Laminates Market Major Players

*Disclaimer: Major Players sorted in no particular order

India Decorative Laminates Market Analysis

The Indian decorative laminates market is estimated to reach USD 566.95 million by the end of this year. It is projected to reach USD 737.83 million in the next five years, registering a CAGR of 5% during the forecast period.

COVID-19 affected several industries negatively. The lockdown in India caused disruptions in furniture production, as well as construction activities and restrictions in freight transportation, disturbing the supply chain. However, the conditions started recovering in 2021, restoring the market's growth trajectory.

  • The growing construction industry and increasing consumption of furniture are the major factors driving the growth of the market studied.
  • However, the availability of substitutes like Veneer is likely to restrain the growth of the market studied.
  • Nevertheless, the growing disposable income of the middle class may create lucrative growth opportunities for the global market.

India Decorative Laminates Industry Segmentation

Decorative laminates are predominantly used as furniture surface materials or wall paneling. They are primarily known for their aesthetic appeal and availability in various textures, patterns, colors, and finishes. Due to their decorative and protective properties, they are often used for furniture designs such as shelves, cabinets, doors, and office cubicles.

The Indian decorative laminates market is segmented by raw material, application, end-user industry, and geography. By raw material, the market is segmented into plastic resin, overlays, adhesives, and wood substrate. By application type, the market is segmented into furniture, cabinets, flooring, wall panels, and other applications (table tops and countertops). By end-user industry, the market is segmented into residential, non-residential, and transportation.

For each segment, the market sizing and forecasts have been done on the basis of value (USD).

Raw Material
Plastic Resin
Overlays
Adhesives
Wood Substrate
Application
Furniture
Cabinets
Flooring
Wall Panels
Other Applications (Table Tops and Counter Tops)
End-user Industry
Residential
Non-residential
Transportation
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India Decorative Laminates Market Size Summary

The Indian decorative laminates market is poised for significant growth, driven by the robust construction industry and increasing furniture consumption. The market, which faced challenges due to the COVID-19 pandemic, has shown resilience and is on a recovery path. The demand for decorative laminates is primarily fueled by the expanding residential and commercial sectors, with furniture applications being a major contributor. The government's initiatives, such as the Make in India program, are attracting multinational investments, further boosting the demand for office spaces and, consequently, office furniture. This trend is expected to bolster the decorative laminates market, despite the presence of substitutes like veneer.

The market landscape is characterized by a high degree of fragmentation, with key players such as Formica Group, FunderMax GmbH, and Greenlam Industries Limited leading the charge. These companies are actively expanding their presence and product offerings to capture a larger market share. The government's substantial investments in infrastructure and urban development, coupled with rising disposable incomes, are anticipated to create lucrative opportunities for the decorative laminates industry. As urbanization continues to rise, the demand for mid-range and affordable housing units is expected to drive the need for decorative laminates in residential applications, further supporting market growth.

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India Decorative Laminates Market Size - Table of Contents

  1. 1. Market Dynamics

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand from the Construction Sector

      2. 1.1.2 Increased Consumption of Furniture

      3. 1.1.3 Low Cost of Installation and Maintenance

    2. 1.2 Restraints

      1. 1.2.1 Availability of Substitutes

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. Market Segmentation (Market Size in Value)

    1. 2.1 Raw Material

      1. 2.1.1 Plastic Resin

      2. 2.1.2 Overlays

      3. 2.1.3 Adhesives

      4. 2.1.4 Wood Substrate

    2. 2.2 Application

      1. 2.2.1 Furniture

      2. 2.2.2 Cabinets

      3. 2.2.3 Flooring

      4. 2.2.4 Wall Panels

      5. 2.2.5 Other Applications (Table Tops and Counter Tops)

    3. 2.3 End-user Industry

      1. 2.3.1 Residential

      2. 2.3.2 Non-residential

      3. 2.3.3 Transportation

India Decorative Laminates Market Size FAQs

The India Decorative Laminates Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Formica Group, FunderMax GmbH, Greenlam Industries Limited, Bloom Dekor Limited and Kronotex are the major companies operating in the India Decorative Laminates Market.

India Decorative Laminates Market Report Snapshots

India Decorative Laminates Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)