Improving Housing Market Expected to Boost Demand for Decorative Laminates
U.S. demand for decorative laminates is expected to grow 5.5% per year to 12.4 billion sq. ft. in 2015, a rebound from the declines of the 2005-to-2010 period, according to a new study from the Freedonia Group.
Continued improvement in the housing market, lower unemployment and greater credit availability will boost demand for laminates across the board in all major applications: cabinets, furniture, flooring, wall panels and countertops, the Decorative Laminates study concluded.
The cabinet market will continue to account for the single-largest share of decorative laminates demand in 2015, while also posting gains well above the industry average. In addition to improved market potential, gains will be boosted by rising interest in decorative laminates as a less costly alternative to lumber (particularly exotic hardwoods) and wood veneers in cabinet production.
The flooring market for decorative laminates will record the most rapid gains through 2015, fueled by improvement in construction spending and rising consumer interest in laminate flooring. As a result, laminate flooring production in the United States will rebound. Decorative laminate producers will continue to introduce improved laminates for use in flooring, such as those featuring enhanced durability and advanced designs that resemble natural stone or tile flooring as well as costly and exotic wood species (e.g., mahogany).[Source: “Decorative Laminates to 2015.” Freedonia Group. February 2012. Web. 9 Mar. 2012.]