Decorative High-Pressure Laminates Market Size, Share Report, Growth Trends, Industry Opportunities,
Author : ankita Belsare | Published On : 27 Apr 2021
Decorative High-Pressure Laminates Market Size, Share Report, Growth Trends, Industry Opportunities, and Global Analysis, Forecast – 2027
Global Decorative High-Pressure Laminates
Market” that contains the information from 2016 to 2023. The global decorative high-pressure laminates market is expected to exhibit a CAGR of 5.3% during the forecast period 2016–2023.
Market Research Future (MRFR) recognizes the following companies as the key players in the global decorative high-pressure laminates market: Formica Corporation (US), Greenlam Industries Limited (India), Merinolaminates (India), Stylam Industries Limited (India), Pfleiderer (Germany), Wilsonart LLC (US), OMNOVA Solutions Inc (US), Abet Laminati S.p.A. (Italy), Panolam Industries International, Inc (US), and Fundermax (Austria), among others.
The decorative high-pressure laminates market is projected to be valued at USD 14,857 million by the end of 2023 and register a CAGR of 5.3% during the forecast period. Decorative high-pressure laminates (HPLs) are manufactured by saturating numerous layers of Kraft papers with phenolic resin and are fused with pressure and heat. A layer of printed decor paper is placed on the top of the Kraft paper before applying pressure.
HPL is the direct descendent of the original plastic laminate. It is one of the most durable decorative surface materials and is available with superior performance properties including fire and wear resistance. Medium-density fibreboard (MDF) or particleboard is the preferred substrate as they provide a durable, stable, consistent, and economic foundation. HPL is the preferred choice for horizontal surfaces including countertops, flooring, and desktops, owing to their superior durability.
The adoption of HPL in furniture and cabinets is increasing on account of an upsurge in the use of ready-to-assemble furniture and cabinets. Moreover, HPL is highly robust and versatile; and offers an aesthetic look for both horizontal and vertical applications in residential and office furniture. HPL is highly resistant to external stress such as crack, heat, abrasion, and moisture, which further help in the effective manufacturing of furniture and cabinets.
HPL finds widespread applications in the residential sector. It is one of the safest and hygienic materials used in the architecture, construction, and designing of home interiors. Moreover, it offers anti-fungal and anti-bacterial properties, which help to ensure that the furniture manufactured using HPL in the kitchen such as table tops, vanities, countertops, and flooring are microbe-free.
However, the only bottleneck in the growth trajectory of the global decorative high-pressure laminates market is the fluctuating raw material prices. Nevertheless, enhancement in the printing techniques with advanced graphics and manufacturing of eco-friendly laminates are expected to offer lucrative opportunities to the market players operating in the global market.
The global decorative high-pressure laminates market has been segmented based on application, end-users, and region. On the basis of application, the furniture & cabinets segment accounted for the largest market share of 59.93% in 2018 and is expected to register the highest CAGR of 5.36% during the forecast period. This is attributed to the advanced design in decorative laminates for furniture & cabinets. In addition, manufacturers are planning to introduce innovative laminates in the furniture & cabinet applications.
Based on end-users, the global market has been categorized into residential, commercial, and transportation. Among these, the residential segment dominated the global market with a share of 57.94% in 2018 and is projected to reach USD 8,447.5 million by the end of 2025. This is attributed to the diverse applications of HPL such as table tops, kitchen countertops, vanities, and flooring, as well as vertical surfaces, e.g., doors. This makes HPL highly versatile in nature. Furthermore, the commercial segment is projected to exhibit the highest CAGR of 5.81% in the following years on account of increasing adoption of HPL in the manufacturing of flooring and table tops.
The global decorative high-pressure laminates market is studied with respect to five key regions, namely Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. As per MRFR analysis, the Asia-Pacific market accounted for the largest market share of 47.26% in 2018 and is projected to register a substantial CAGR of 5.61% by 2023. The market in North America was the second-largest after Asia-Pacific and is projected to be valued at USD 3,403.8 million by the end of 2023. The European market held a substantial market share of 17.87% in 2018.
Key Findings of the Study:
- Global decorative high-pressure laminates market is projected to reach over 2,351.5 million sq. meter by 2023 with a healthy CAGR of 4.99% during the assessment period, 2018–2023
- The Asia-Pacific market accounted for the largest market share due to the robust growth of the construction industry in the economies such as India, Thailand, South Korea, and China
- The furniture & cabinets application segment held the largest market share of 59.93% in 2018 and is expected to be valued at USD 8,930.7 million by the end of 2023
- The residential end-use segment dominated the global market with a share of 57.94% in 2018 and is estimated to exhibit a notable CAGR of 81% during the review period
- Some of the leading players operating in the global decorative high-pressure laminates market are Formica Corporation (US), Greenlam Industries Limited (India), Merinolaminates (India), Wilsonart LLC (US), and Panolam Industries International, Inc (US), among others.