Report Overview

India Decorative Laminates Market - Industry Trends & Forecast Report, 2029

India decorative laminates market size was estimated at USD 1.74 billion in 2022. During the forecast period between 2023 and 2029, the size of India decorative laminates market is projected to grow at a CAGR of 7.46% reaching a value of USD 2.68 billion by 2029. Major growth drivers for the India decorative laminates market include an increasing living standards and high consumer spending on home decor items. There is a growing preference for contemporary home furnishing designs, which has led to the surge in popularity of ready-to-assemble (RTA) floorings, furniture, and cabinets. Notably, the rapid expansion of commercial infrastructure in India has resulted in a higher demand for decorative interior products like laminates in various facilities such as gymnasiums, convention centers, indoor sports clubs, and auditoriums. Also, the easy installation process of decorative laminates, which eliminates the need for nails or staples to connect them with the subfloor or walls, has greatly contributed to their widespread adoption throughout the country.

India Decorative Laminates Market – Overview

India decorative laminates market refers to the industry involved in the production, distribution, and sale of decorative laminates within the country. Decorative laminates are thin layers of material, typically made from a combination of resin, paper, and melamine, that are applied to surfaces such as furniture, flooring, and walls to enhance their aesthetic appeal. These laminates come in a wide range of colors, patterns, and textures, allowing individuals to customize and enhance the visual appearance of their living or working spaces. The market encompasses various players, including manufacturers, suppliers, distributors, and retailers, who cater to the growing demand for decorative laminates driven by increasing consumer spending on home decor, rising living standards, and the preference for modern furnishing designs.

India Decorative Laminates Market

Growth Drivers

Growing Per Capita Expenditure of Consumers on Home Decor Products

The per capita expenditure of consumers on home decor products in India is experiencing a notable increase, driving the growth of the market. As living standards improve and disposable incomes rise, individuals are allocating more resources towards enhancing the aesthetic appeal of their living spaces. This heightened expenditure reflects a growing desire for visually appealing and high-quality interior solutions, including furniture, furnishings, lighting, and decorative items. Consumers are willing to invest in products that reflect their personal style and create a comfortable and inviting environment within their homes. The upward trend in per capita expenditure signifies a lucrative market opportunity for manufacturers and retailers operating in the home decor sector.

Restraints

Fluctuations in Raw Material Prices

The prices of key inputs such as resins, paper, and melamine, which are essential for manufacturing laminates, can vary significantly over time. These fluctuations in raw material costs directly impact the production and pricing of decorative laminates, making it challenging for manufacturers to maintain stable profit margins. Additionally, sudden price spikes in raw materials can lead to increased production costs, making the final products more expensive for consumers. The unstable cost of raw materials presents a restraint on the growth of the India decorative laminates market, affecting the overall competitiveness and profitability of industry players.

Impact of COVID-19 on India Decorative Laminates Market

COVID-19 pandemic adversely affected the India decorative laminates market. The implementation of nationwide lockdowns and restrictions on movement disrupted the entire supply chain, causing disruptions in manufacturing and distribution of laminates. The closure of construction sites and reduced consumer spending on non-essential items further contributed to the downturn in the market. The uncertain economic conditions and financial constraints faced by individuals resulted in a decline in demand for decorative laminates. However, as the situation gradually improved and restrictions were eased, the market began to show signs of recovery. With the resumption of construction activities and increased focus on home improvement projects, the demand for decorative laminates started to pick up in the post-pandemic era.

India Decorative Laminates Market

Segmental Coverage

India Decorative Laminates Market – By Product Type

By product type, the India decorative laminates market is bifurcated into High Pressure Laminates and Low-Pressure Laminates segments. The high pressure laminates segment held a higher market share by product type. High pressure laminates are known for their durability, resistance to wear and tear, and versatility in terms of design options. These laminates are widely used in residential and commercial applications due to their superior performance characteristics. The high-pressure laminates segment has gained popularity among consumers and professionals in the interior design and architecture sectors, leading to its dominance in terms of market share within the India decorative laminates market.

India Decorative Laminates Market – By Texture

Based on texture, the India decorative laminates market is split into Matte/Suede and Glossy segments. The glossy segment holds a higher market share in the India decorative laminates market based on texture. Glossy laminates are known for their reflective and shiny finish, which adds a sense of elegance and sophistication to interior spaces. These laminates are widely preferred in various applications, including furniture, cabinets, and wall paneling, due to their ability to create a visually appealing and luxurious look. The glossy texture segment has gained significant popularity among consumers and professionals in the interior design industry, contributing to its dominant market share within the India decorative laminates market.

India Decorative Laminates Market – By Pricing

Based on pricing, the India decorative laminates market is bifurcated into Mass and Premium segments.

India Decorative Laminates Market – By Sector

Based on sector, the India decorative laminates market is bifurcated into Organized and Unorganized segments. 

India Decorative Laminates Market – By Application

Based on application, the India decorative laminates market is segmented into Furniture & Cabinets, Flooring, and Wall Panels segments. The furniture & cabinets segment held the highest market share by application, due to their essential role in residential and commercial spaces. The consistent demand for functional and visually appealing storage solutions drives the popularity of laminates in these segments. Versatility is a key factor, as laminates can be applied to various surfaces, offering a wide range of design options to match consumer preferences. Also, the cost-effectiveness of laminates compared to other materials makes them an attractive choice for manufacturers. The durability, easy maintenance, and protection against moisture and scratches further enhance the appeal of laminates for furniture and cabinets, solidifying their leading market position.

India Decorative Laminates Market – By End Use

On the basis of end use, the India decorative laminates market is segmented into Non-Residential, Residential, and Transportation segments. The residential segment dominated the market based on end use. The residential sector encompasses individual homes, apartments, and other residential properties. The demand for decorative laminates in the residential segment is driven by homeowners and individuals seeking to enhance the aesthetics of their living spaces. Decorative laminates are widely used in residential applications such as furniture, cabinets, countertops, wall panels, and flooring, contributing to the segment's dominant market share.

India Decorative Laminates Market – By Region

Based on region, the India decorative laminates market is divided into North India, West & Central India, South India, and East India.

Competitive Landscape

Major players operating in the India decorative laminates market include Greenlam Industries Limited, Century Plyboards (India) Limited, Merino Laminates, Sunmica (A WILSONART Company), Stylam Industries Limited, Sonear Industries Limited, Rushil Decor Limited, Formica India, Royal Crown Laminates, and Durian Laminates. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Product Type

• High Pressure Laminates

• Low Pressure Laminates

By Texture

• Matte/Suede

• Glossy

By Pricing

• Mass

• Premium

By Sector

• Organized

• Unorganized

By Application

• Furniture & Cabinets

• Flooring

• Wall Panels

By End Use

• Non-Residential

• Residential

• Transportation

By Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Decorative Laminates Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Elevated Living Standards
         2. A Growing Per Capita Expenditure of Consumers on Home Decor Products
      2. Restraints
         1. Fluctuations in the Cost of Raw Materials
         2. Higher Expenses Associated with Pressure Decorative Laminates
      3. Opportunities
         1. Rapid Development of Commercial Infrastructure
         2. Need for Lower Maintenance and Installation Costs
      4. Challenges
         1. Regulatory Restrictions on the Use of Melamine and Phenolic Resins
         2. Competition from other Surfacing Materials
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Decorative Laminates Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
         1. High Pressure Laminates
         2. Low Pressure Laminates
      2. By Texture
         1. Matte/Suede
         2. Glossy
      3. By Pricing
         1. Mass
         2. Premium
      4. By Sector
         1. Organized
         2. Unorganized
      5. By Application
         1. Furniture and Cabinets
         2. Flooring
         3. Wall Panels
         4. Others
      6. By End Use
         1. Non-Residential
         2. Residential
         3. Transportation
      7. By Region
         1. North India
         2. West & Central India
         3. South India
         4. East India
5. Competitive Landscape
   1. List of Key Players and Their Range
   2. India Decorative Laminates Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership)
6. Impact of Covid-19 on India Decorative Laminates Market Industry
7. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, SWOT Analysis)
   1. Greenlam Industries Limited
   2. Century Plyboards (India) Limited
   3. Merino Laminates
   4. Sunmica (A WILSONART Company)
   5. Stylam Industries Limited
   6. Sonear Industries Limited
   7. Rushil Decor Limited
   8. Formica India
   9. Royal Crown Laminates
   10. Durian Laminates
   11. Other prominent players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents
   5. Assumption & Limitation

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       India Decorative Laminates Market Segmentation

Figure 2       India Decorative Laminates Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Decorative Laminates Market Size, By Value (USD Billion), 2019–2029

Figure 5       India Decorative Laminates Market Share, By Product Type, By Value, 2019–2029

Figure 6       India Decorative Laminates Market Share, By Texture, By Value, 2019–2029

Figure 7       India Decorative Laminates Market Share, By Pricing, By Value, 2019–2029

Figure 8       India Decorative Laminates Market Share, By Sector, By Value, 2019–2029

Figure 9       India Decorative Laminates Market Share, By Application, By Value, 2019–2029         

Figure 10     India Decorative Laminates Market Share, By End Use, By Value, 2019–2029

Figure 11     India Decorative Laminates Market Share, By Region, By Value, 2019–2029  

List of Tables      

Table 1        India Decorative Laminates Market Size, By Product Type, By Value, 2019−2029

Table 2        India Decorative Laminates Market Size, By Texture, By Value, 2019−2029

Table 3        India Decorative Laminates Market Size, By Pricing, By Value, 2019−2029

Table 4        India Decorative Laminates Market Size, By Sector, By Value, 2019−2029

Table 5        India Decorative Laminates Market Size, By Application, By Value, 2019−2029

Table 6        India Decorative Laminates Market Size, By End Use, By Value, 2019−2029

Table 7        India Decorative Laminates Market Size, By Region, By Value, 2019−2029

Table 8        Greenlam Industries Limited Company Overview

Table 9        Greenlam Industries Limited Financial Overview

Table 10      Century Plyboards (India) Limited Company Overview

Table 11      Century Plyboards (India) Limited Financial Overview

Table 12      Merino Laminates Company Overview

Table 13      Merino Laminates Financial Overview

Table 14      Sunmica (A WILSONART Company) Company Overview

Table 15      Sunmica (A WILSONART Company) Financial Overview

Table 16      Stylam Industries Limited Company Overview

Table 17      Stylam Industries Limited Financial Overview

Table 18      Sonear Industries Limited Company Overview

Table 19      Sonear Industries Limited Financial Overview

Table 20      Rushil Decor Limited Company Overview

Table 21      Rushil Decor Limited Financial Overview

Table 22      Formica India Company Overview

Table 23      Formica India Financial Overview

Table 24      Royal Crown Laminates Company Overview

Table 25      Royal Crown Laminates Financial Overview

Table 26      Durian Laminates Company Overview

Table 27      Durian Laminates Financial Overview