The Decorative Panels Market comprises wood-based panels as well as non-wood based panels that are used widely in various interior and exterior applications across residential, commercial and industrial sectors. Decorative panels provide an aesthetic appeal along with reliability in applications such as wall paneling, flooring, furniture, cabinetry and others. The global decorative panels market provides these advantages at affordable costs making it an attractive choice.
The Decorative Panels Market Demand consists of wood based panels such as particleboard, medium density fibreboard (MDF), and high pressure laminate (HPL) panels along with non-wood based alternatives including plastic laminate, metal, and glass fibre reinforced concrete (GRC) panels. Decorative panels are manufactured through pressing and binding various materials together using adhesives and resin binders. They provide an aesthetic appeal through digital printing of designs and patterns on the surface. The growing construction sector along with increasing spending on interiors of homes and offices is driving the demand for decorative wall and floor panels.
The Global Decorative Panels Market is estimated to be valued at US$ 150 Billion in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Decorative Panels market include Armstrong World Industries, Inc., Georgia-Pacific LLC, Greenlam Industries, Westag & Getalit AG, Egger Holzwerkstoffe GmbH, Timber Products Company, Swiss Krono Group, ASD Laminat, Pfleiderer Holzwerkstoffe GmbH, and FunderMax GmbH.
Strong growth of the construction industry especially in emerging countries of Asia and Middle East is propelling the demand for affordable and durable decorative panels. Rapid urbanization along with increasing disposable incomes is driving home improvement and renovations.
Technological innovations are allowing manufacturers to mass produce decorative panels with customized textures, embossing, and digital printing. Advanced machinery is helping reduce costs and improve performance characteristics of panels. Adoption of bio-based resins and recycled materials is making panels more environment friendly.
Market Trends
1. Increasing Usage of Eco-Friendly Panels: With growing environmental concerns, there is a shift towards use of eco-friendly and sustainably sourced raw materials in decorative panel production. Water-based coatings and adhesives are also gaining popularity.
2. Personalization of Decor: Manufacturers are focusing on providing customized digital prints, textures, embossing and finishing options on decorative panels to match specific consumer preferences. This is driving their usage in niche commercial applications.
Market Opportunities
1. Growth in Renovation Projects: Rising homeownership rates and increasing disposable incomes will boost remodeling, refurbishment and renovation activities globally. This presents an opportunity to use decorative wall panels in residential redevelopment projects.
2. Usage in Specialized Commercial Spaces: Emerging applications exist for specialized and customized decorative panels installation in offices, retail stores, hotels, hospitals and other commercial establishments looking to customize their interiors.
Impact of COVID-19 on Decorative Panels Market Growth
The COVID-19 pandemic has significantly impacted the decorative panels market worldwide. With lockdowns imposed across countries and international travel restrictions, construction projects were temporarily halted. This led to a major decline in demand for decorative panels from the commercial real estate sector in 2020.
However, with people spending more time indoors due to work from home policies and social distancing norms, the residential sector saw increased do-it-yourself (DIY) projects and home renovations. This provided some cushion to decorative panel manufacturers to offset losses from the commercial segment. Many companies also focused on developing antibacterial and hygienic surface decorative panels to facilitate safe use in various indoor spaces.
Going forward, the market is expected to recover steadily as commercial construction resumes fully with pandemic control. Demand from the booming modular construction industry using prefabricated units will drive growth. Manufacturers are investing in digital technologies like AI and IoT to customize decorative panel designs as per evolving consumer preferences and introduce new product lines. While short term challenges remain, the long term outlook for the decorative panels market seems positive with increased spending on interior decor globally in the post COVID world.
In terms of geography, North America currently holds the largest share of the decorative panels market in terms of value. This is attributed to strong growth in the U.S. residential construction sector with rising home improvement and remodeling activities. Asia Pacific is forecast to be the fastest growing region during the analysis period, led by developing economies like China and India where government initiatives are boosting infrastructure development.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)