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

Regional Analysis

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Dominating Region: Asia Pacific

The Asia Pacific region exhibits the fastest growth and is expected to account for 49.1% market share in 2024. The industry is driven by a booming real estate sector and significant infrastructure development in countries such as China, India and Vietnam. Governments in the region are promoting wood-based construction to boost local industries. Leading manufacturers like Greenply and Centuryply have expanded their footprint beyond tier-1 cities to cater to the growing demand.

Fastest-Growing Region: North America

In North America, the dominance in the decorative panels market can be attributed to the strong presence of wood-based panel manufacturers and a robust construction industry. The regional market growth is expected to witness 30.9% market share in 2024. Major players from the region such as Louisiana Pacific and Georgia Pacific have established extensive distribution networks across the key markets and continue to invest in scaling up production capabilities.

Decorative Panels Market Outlook for Key Countries

United States becomes the Hub to Innovative Decorative Panels

The US decorative panels market is characterized by product innovation led by companies focusing on value-added products with new designs and functionalities. National brands including Jeld-Wen and Masonite offer a wide range for both residential and non-residential segments.

Government Initiatives Driving Industry Growth in China

The market growth in China is propelled by the one-city-one-policy initiative to develop smaller cities, increasing rural urbanization. Players like Roseburg Forest and Hyundai deploy advanced technologies to scale capacities. Besides, the emphasis is on cost-efficient manufacturing exports of decorative panels.

India Opens Up New Opportunities for the Market

India continues to lead in MDF panels adoption driven by government housing programs. Companies like Greenlam and Merino leverage their distribution strengths across Tier 1, 2 & 3 areas. The rise in consumer preference for modern interiors in homes and offices is expected to push the industry growth forward.

Brazil witnesses Expansion of Infrastructure Projects

Brazil's market remains bullish on account of expanding infrastructure projects and promotion of responsible forestry. Duratex and Tafisa are investing to enhance decor paper and overlay capacities. There is a growing demand for modern and sustainable building practices.