CLEVELAND, June 29, 2021 /PRNewswire/ — A new Freedonia Group analysis forecasts global demand for furniture laminates to rise 3.0% per year to 5.4 billion square meters valued at $25.6 billion in 2024, spurred primarily by increases in ready-to-assemble (RTA) furniture production.
Though Western Europe, home to IKEA, will remain the second-leading regional market due to its large ready-to-assemble (RTA) furniture industry, the region’s share of the global furniture laminates market will continue to slide through 2024, as markets in the region begin to mature and RTA furniture producers shift production to countries with lower manufacturing costs in Eastern Europe (particularly Poland) and the Asia/Pacific region.
Asia/Pacific to Account for 66% of New Global Furniture Laminates Demand Through 2024
The world’s largest market for furniture laminates, the Asia/Pacific region is expected to achieve above average gains through 2024, driven by increasing ready-to-assemble (RTA) furniture production in China, the largest global producer of this product. RTA furniture production will be promoted by continued growth in building construction activity within the region and strong export opportunities. Southeast Asian countries like Malaysia and Vietnam – sizable RTA furniture producers, as well – will also contribute to gains.
Eastern Europe Remains Attractive Destination for West European RTA Furniture Producers
Eastern Europe will be one of the fastest growing regional markets for furniture laminates through 2024, spurred by growth in regional economic output, manufacturing activity, per capita incomes, and building construction activity, leading to increases in demand for decorative laminates used to surface furniture.
Production capabilities in the region are substantial – and growing as more West European RTA furniture manufacturers open plants in the region to take advantage of the lower production costs. Poland, for instance, is one of the largest suppliers of RTA furniture to IKEA. Other producers of RTA furniture in the region include Romania, Russia, and Slovakia.
Want to Learn More?
Global Furniture Laminates is now available from the Freedonia Group. This study covers the global furniture laminates industry:
low-pressure laminates (saturated papers; low-basis weight papers; thermoplastic film – e.g., vinyl, polyester, polypropylene; decorative foils)
Historical data are provided for 2009, 2014, and 2019, with forecasts for 2024 and 2029. Demand is provided in US dollars and square meters for furniture laminates by type, region, and major national market.
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SOURCE The Freedonia Group