NEW YORK, Aug. 11, 2021 /PRNewswire/ -- According to new research study on "Compact Laminate Market to 2028 - Global Analysis and Forecast - by Type, End Use, and Geography," the market is projected to grow from US$ 3,619.18 million in 2020 to US$ 4,286.13 by 2028; it is expected to grow at a CAGR of 3.9% during 2021-2028.
The compact laminate is a durable surface that is used in residential, commercial, and industrial properties. It is formed by dipping layers of kraft paper into resin and drying the layers that are further compressed by laminate sheets on the top. Compared to other surfaces, compact laminates are frequently used in areas having high moisture as they are resistant to moisture, wear, and tear. Compact laminate is used for laboratories where the laminates are developed as chemical resistant, which will help in shielding the surfaces from a chemical attack. Compact laminates made up of electro-beam cured (EBC) acrylic resins are used in laboratories as they are resistant to chemicals, bases, and solvents.
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Innovations in Compact Laminate Market
The manufacturers are developing innovative products, which will fulfill the consumer requirements and will improve the overall consumer experience. The manufacturers in the Compact Laminate Market are focusing on producing compact laminates having melamine resin impregnated core. The compact laminate made from melamine resin surface is inherently hygienic and can be disinfected, which is because of the density of its surface and ease of cleaning. The antibacterial protection on compact laminates delays the growth of up to 99.9% of the most frequent bacteria. Also, EGGER Group has produced compact laminates, which are made of melamine-resin-impregnated core papers and are used in tabletops and worktops, shop fittings, as well as individual furniture with special design requirements. Additionally, it has an antibacterial surface property, which is in accordance with ISO 22196. Thus, these innovative products are providing various growth opportunities in the compact laminate market.
Compact Laminate Market: Segmental Overview
Standard compact laminates are the most basic types of laminates, which have an inner core of celluloid fibers and are available in solid grade. These laminates are known for their load-bearing properties. The celluloid fibers are impregnated with thermosetting resins that make them resistant to atmospheric and chemical agents. The standard compact laminates are applied in both horizontal and vertical surfaces and can be easily assembled without the need for adhesive. The standard compact laminates are available in various thicknesses and are used where free and flat sanding panels are required for decorative purposes. As the standard compact laminates are resistant to fire, water, scratch, and chemicals, these compacts are used for paneling, cubicles, furniture, partition, transportation vehicles, and area having high cleaning and hygiene requirements. It can also be used for kitchen-tops, tabletops, doors, laboratory work-tops, railway compartments, washroom lockers, and strips for decorative purposes among various other applications.
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Compact Laminate Market: Competitive Landscape and Key Developments
AICA Kogyo Co., Ltd.; EGGER Group; Greenlam Industries Ltd., Wilsonart LLC; Merino Laminates Ltd.; are some of the key companies operating in the global compact laminates market. These companies offer a wide range of compact laminates to various end users including corporate offices, households, healthcare sectors, commercial buildings, and others across the globe. These companies are highly involved in merger and acquisition, product launch, and business expansion activities to expand their geographic footprints, acquire wide customer base, and leverage their expertise.
Impact of COVID-19 on Compact Laminate Market
The COVID-19 pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns, which is disrupting the global supply chains, as well as the manufacturing processes, delivery schedules, and chemicals and materials sales. Chemicals & materials is one of the major industries bearing serious consequences of the pandemic in the form of supply chain breaks, technology events cancellations, and office shutdowns. In addition, travel bans are affecting business collaborations and partnerships opportunities. All these factors are limiting the growth of the compact laminate market.
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