Is dental composite laminate better than crowning in case of lateral microdontia and slight gap (1.5mm) in the upper front incisors?

Options: Either one might be a suitable resolution to improve the aesthetics. There are other options such as extraction ; implants among even other possibilities. No dentist will\should tell you what to do or which is "better" without actually seeing you in person as each case is different. Different dentists may differ on recommendations as well. Find a dentist you trust, discuss options and then decide.

Bonding laterals: Composite bonding of can be a very good solution for undersized lateral incisors. Porcelain veneers are also a good choice. Crowns would be my last choice. Find a competent dentist to do the work.

Consult with doctor.: There are so many variables to take into account in determining the right restoration. One consideration is, if you have a gap and fill all that space by veneering one tooth, you will probably end up with a disproportionately wide tooth that is not symmetrical to the other side of the mouth. For the most permanent way to close the gap, my preference would be porcelain veneers, probably two or more

Possibly: it is possible to reshape a peg lateral (microdontia) using a porcelain laminate veneer which preserves more of the tooths enamel and is more conservative then preparation for a crown. best to have a dentist evaluate it and see which in your case would be the best treatment option

Porcelain veneers: I believe that you would be better off with a porcelain veneers as opposed to composite laminate due to the amount of tooth structure that you are missing. Porcelain veneers are much stronger, predictable and will have a longer lifespan. Veneers can dramatically improve your smile.