MDF Decorative Overlays Market - By Product, (PVC, PET), By MDF (Softwood, Hardwood), By Application (Furniture, Kitchen Cabinets, Doors) & Forecast, 2021-2027

MDF Decorative Overlays Market Size

MDF decorative overlays market size was USD 339.0 million in 2020 and will grow at a CAGR of 5.7% from 2021 to 2027. Total market consumption will grow by 4.4% CAGR in terms of volume to reach 208 million square meters by 2027. Rising construction activities in the emerging economies along with increasing disposable income of people will drive the industry development by 2027.
 

3D Laminate and 2D laminate decorative overlays are applied on the surface of MDF owing to their key characteristics of excellent gloss and availability in a wide range of colors & sizes. These products enhance the aesthetic properties of MDF-based furniture, cabinetry, doors, etc.
 

Another key growth enabling factor is growing furniture demand around the globe. The furniture industry is expediting at a decent rate in the global MDF decorative overlays market, which can be attributed to the rising consumer expenditure on aesthetically appealing housing. The commercial & residential furniture industry is rapidly growing in developed countries owing to increasing construction output in the U.S., the UK, China, Germany, etc.
 

North America office furniture market value reached USD 15.80 billion in 2019, which was 4% higher than the previous year. Similarly, the UK furniture sector reported total consumer expenditure at around USD 22.61 billion (GBP 17 billion) in 2018, which was 10.5% higher than 2017. Such trends are promoting the usage of decorative surfacing materials in the U.S. and European countries, which will further enhance product penetration in the long run.
 

COVID-19 Impact

The coronavirus pandemic is estimated to slow down global MDF decorative overlays market growth significantly from 2021 to 2027. The global wood based panel production was estimated to drop by nearly 4% in 2020. The shutdown of construction activities around the globe along with shortages of labor in major countries will partially delay the timely delivery of the construction projects. This will directly hamper the demand for furniture & kitchen cabinetry in the same period.
 

MDF Decorative Overlays Market Analysis

PET-based MDF decorative overlays will generate over USD 175 million by 2027 as the product comes with a variety of gloss ranges. The products feature resistance against breaking, cracking, and chipping, making them ideal for retail store fixture applications. Further, they prevent the substrate from bacteria & fungi, moisture, etc., driving their usage in healthcare facilities & medical centers.
 

The softwood segment generated around USD 300 million in 2020. Wood is commonly utilized in the furniture sector as it can be easily converted into different shapes & sizes. The product is also used for its versatility & extensive strength and is readily available across the world. It is mainly sourced from evergreen trees, such as pine, spruce, fir, etc., and is less costly than hardwood.
 

The furniture segment will hold over 40% revenue share by 2027. Increasing disposable income and rising urbanization in emerging countries will drive product penetration in MDF decorative overlays market by 2027. Additionally, growing government investment in residential housing construction is rapidly driving the demand for furniture, which is projected to enhance product penetration in the segment. The global furniture market reached approximately USD 600 million in 2019, which is expected to grow at over 5% from 2020 to 2026. Such trends are expected to increase the usage of MDF decorative overlays in the sector by the end of 2027.
 

The Asia Pacific region will witness around 5% CAGR through 2027 and can be attributed to the growing construction output in major countries including China, India, Japan, South Korea, etc. The region is experiencing an increase in sales of decorative films in furniture and bath & kitchen sectors owing to increasing consumer focus on aesthetically appealing housing. Furthermore, rising affinity toward luxurious homes along with increasing expenditure of homeowners on decorative products is expected to boost the MDF decorative overlays market demand by 2027.
 

Additionally, growing construction output in emerging countries of the region will further enhance the MDF decorative overlays market growth by 2027. South Korea reported 7.2% year-on-year in construction expenditure in 2019, which was valued at KRW 383.6 trillion (USD 340 billion). This figure included both general construction and specialized construction activities. Growing construction activities along with increasing consumer spending toward the construction & building sector are projected to drive product demand by 2027.
 

MDF Decorative Overlays Market Share

The competitive landscape of the MDF decorative overlays industry is highly fragmented with the presence of a large number of small to medium scale thermoformable construction film manufacturers and a wide range of MDF board suppliers. The product manufacturers typically prepare 3D laminates, such as PET or PVC, and 2D laminates, such as vinyl, PP, OPP, etc., for MDF boards. There is minimal scope for product differentiation from other manufacturers, hence the market is estimated to remain highly competitive throughout 2021 to 2027. However, the top manufacturers may gain a considerable share in the market through a variety of strategic initiatives including production capacity expansion, joint ventures and mergers & acquisitions with other players.

Some of the key MDF decorative overlays market manufacturers are

• Omnova Solutions
• Taghleef Industries
• Renolit SE
• Hueck Folien GmbH
• Dackor
• Hyundai L&C Europe
• Eurovinyl Plus
• ISA International

The MDF decorative overlays market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million Square Meter and revenue in USD million from 2017 to 2027 for the following segments:

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By Product

• PVC
• PET
• Others

By MDF

• Softwood
• Hardwood

By Application

• Furniture
• Kitchen Cabinet
• Doors
• Others

The above information is provided on a regional and country basis for the following:

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Thailand
  • Indonesia
  • Malaysia
  • Australia
•  LATAM
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE