MDF Decorative Overlays Market to reach USD 489.5 million by 2027
Published Date: June 29, 2021 Authors: Kiran Pulidindi, Akshay Prakash
According to a new research report by Global Market Insights Inc., the MDF Decorative Overlays Market size to reach USD 489.5 million by 2027. Growing construction output in major parts of the world will propel product demand over the forecast timeframe.
Increasing population and urbanization in major countries will drive MDF decorative overlays demand over the projected timeframe. China’s 13th National Urbanization Plan aimed at increasing urban citizens to over 100 million habitants by 2020, which will further drive the country’s urbanization rate to 60%. China has also surpassed the global urbanization rate, that can be mainly contributed to rise in population, economic growth, and growing number of migrants in the country. This will further create the need for construction expenditure in the country, which will enhance the global MDF decorative overlays market share over the projected timeframe.
The key restraining factor for the global decorative overlays industry development is fluctuation in raw material prices. The raw materials, including PVC, PET, PP, OPP, etc., are manufactured using petroleum-based products, that can be sourced from different parts of the world. Since the OPEC (Organization of Petroleum Exporting Countries) holds major chunk in oil production, slight difference between the supply-demand of oil tends to change the raw material prices significantly. Due to limited scope for substitution, the suppliers have to rely on oil production to produce thermoformable films.
Browse key industry insights spread across 230 pages with 235 market data tables & 36 figures & charts from the report, “MDF Decorative Overlays Market Size By Product, (PVC, PET), By MDF (Softwood, Hardwood), By Application (Furniture, Kitchen Cabinets, Doors), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
PVC will hold a substantial share of the global decorative overlays market over the forecast timeframe. These films can easily bend upto 90º angle, making them more suitable around the edges for complex designs with ridges. These characteristics make them suitable for modular kitchen units as they are more durable as compared to other types of finishes along with being cost-effective. This product finds main applications as a decorative layer on top of medium density fiberboards and plywood.
The hardwood MDF will witness 4.7% CAGR in the global MDF decorative overlays market over the projected timeframe. These products are relatively denser and possess higher strength & durability than the softwood. These products also require less maintenance and have natural weather resistance.
The kitchen cabinet segment will be growing at a CAGR of 5.5% in the global MDF decorative overlays industry over the projected timeframe. Growing construction activities in the residential sector along with rising government expenditure in the remodeling sector will drive segment growth. The product offers aesthetically pleasing finishes to the cabinetries, enhancing the overall appearance of the kitchen. Further, many companies are offering anti-bacterial and anti-fungal overlays, which will expand the MDF decorative overlays market demand over the forecast timeframe.
The Europe MDF decorative overlays market will exceed USD 95 million by 2027. Rising construction activities in major Eastern European countries along with growing product usage in mature markets will increase product demand over the projected timeframe. The European construction output reached USD 30 billion in 2019, that is projected to drop considerably in 2020. The growing number of coronavirus cases in France, Spain, Italy, the UK, etc., has hampered the overall construction sector in Europe. However, the industry has been estimated to rebound quickly post 2021, which will further propel MDF decorative overlays demand over the forecast timeframe.