DECORATIVE PANELS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Takeaways from Analyst

North America and Europe currently dominate demand however Asia Pacific is expected to witness fastest gains. Increased residential and commercial construction projects across India, China and other Asian countries will drive panel sales upwards. Regulatory push for eco-friendly materials gives natural wood-based panels an edge over synthetic substitutes. Many builders and designers prefer sustainable decor options to combat climate change. This favorability for agriculture residue derived MDF, particleboard and hardwood plywood over plastic or fiberglass should boost plant loading in Asia and Latin America.

Rising incomes and changing lifestyles in developing nations will spur demand for customized interior decor. Consumers have more spending power and pay greater attention to home aesthetics now. Panel producers may gain by offering varied patterns, textures and edge profiles to satisfy eclectic tastes.

High raw material prices remain a challenge due to COVID-19 disruptions and weather calamities damaging wood harvests. Fluctuating supply could increase board costs if not planned efficiently. However favorable import duties on some alternatives from Vietnam, Indonesia may soon alleviate this constraint.

In short, more buildings in emerging Asia, eco awareness and money for premium designs provide tailwinds for decorative panel sales globally in the next five years.