Edge Banding Materials Market by End-user and Geography - Forecast and Analysis 2022-2026

The edge banding materials market share is expected to increase by USD 131.08 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.41%.

This market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by end-user (residential, commercial, and industrial) and geography (APAC, Europe, North America, MEA, and South America). The market report also offers information on several market vendors, including Aero Plastics Inc., Blazic robni trakovi, Coskunuzer Mobilya Ltd.Sti, David Clouting Ltd., EONCRED GROUP, Moderne Kunststoff-Technik, Squareone Decor, SURTECO GmbH, Unipegasus Profiles Pvt. Ltd, and Veena Polymers among others.

What will the Edge Banding Materials Market Size be During the Forecast Period?

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Edge Banding Materials Market: Key Drivers, Trends, and Challenges

The global growth in the commercial sector is notably driving the market growth, although factors such as low availability of workforce and rising labour costs during a covid-19 outbreak may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the edge banding materials industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Market Driver

One of the key factors driving growth in the market is the thriving commercial sector globally. It has been observed that developing countries such as China, South Korea, and India, and countries in the Middle East are investing heavily in the construction of commercial spaces, institutional buildings, manufacturing plants, and public infrastructure. Countries such as the US, the UK, Germany, Australia, Brazil, Spain, Italy, Canada, and Japan, are also investing heavily in non-residential spaces. Among the Asian countries, India is expected to be the frontrunner in infrastructure development. The major contributor to this growth is the increase in investments in the country. The recent demonetization in India led to short-term instability in residential building construction. However, in the long run, it is expected that both commercial and residential spaces will benefit from the move. The increasing construction of commercial spaces in Asian countries and in developed countries will boost the demand for edge banding materials.

Key Market Challenge

The low availability of the workforce and rising labour costs during the COVID-19 outbreak will be a major challenge for the market.  The COVID-19 pandemic severely impacted the construction industry globally, resulting in a considerable reduction in revenue in 2020. Labour issues aggravated the situation further in the market. According to the US Bureau of Labor Statistics, the industry is expected to need an additional 747,000 workers by 2026. According to the Associated General Contractors of America, in 2021, the average hourly earnings of workers in the construction sector increased by 3.2% to $30.73 compared to that in the previous year. Their wages were also 10.1% higher than the average annual wages in the private sector, which was $27.90 in 2020. Such factors hamper the profit margins of construction product manufacturers and pose a challenge for the construction of new buildings.

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Edge Banding Materials Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Aero Plastics Inc.
• Blazic robni trakovi
• Coskunuzer Mobilya Ltd.Sti
• David Clouting Ltd.
• EONCRED GROUP
• Moderne Kunststoff-Technik
• Squareone Decor
• SURTECO GmbH
• Unipegasus Profiles Pvt. Ltd
• Veena Polymers

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Edge Banding Materials Market?

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34% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for edge banding materials in APAC. Market growth in this region will be faster than the growth of the market in the European, MEA, and South American regions.

The increase in construction activities across the region will facilitate the market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating End-user Segments in the Edge Banding Materials Market?

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The market share growth by the residential segment will be significant during the forecast period. Residential construction activities are expected to increase in the coming years due to rising incomes triggered by the rapid economic growth across countries globally. This increase in demand for residential buildings is anticipated to continue, which, in turn, will drive the market in focus during the forecast period. In Asia, the housing industry in countries such as India and Singapore is one of the fastest-growing sectors and the governments of these countries have been actively supporting housing projects. This will have a positive impact on the segment and, in turn, the market in focus.

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Edge Banding Materials Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the edge banding materials industry across APAC, Europe, North America, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of market vendors

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