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.
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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 tabletops, 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.
- Formica Corporation
- Greenlam Industries Limited
- Stylam Industries Limited
- Wilsonart LLC
- OMNOVA Solutions Inc
- Abet Laminati S.p.A.
- Panolam Industries International Inc
The Decorative High-Pressure Laminates Market Size in Asia-Pacific is expected to register significant growth at a CAGR of 5.61% during the review period. This is attributed to the increasing investments in the emerging economies of South-East Asia including Thailand, Indonesia, Singapore, and Myanmar for infrastructural development. In addition, the developing countries are growing at a rapid pace in terms of population and economy, which ultimately results in the growth of per capita consumption and is further expected to boost the product demand during the review period.
China is the leading country in the region and was valued at USD 1,783.7 in 2018 and is projected to exhibit a notable CAGR of 5.10% in the coming years. This is attributed to the increasing disposable income which leads to an increase in the spending on home interiors. Moreover, the expanding construction industry is expected to propel regional market growth. Furthermore, the Indian market was valued at USD 672.5 million in 2018 and is projected to register a CAGR of 5.61% during the review period on account of increasing construction activities, government investments, and increasing purchasing power of the consumers. Moreover, the presence of leading manufacturers in the country such as Greenlam Industries Limited, Merinolaminates, and Stylam Industries Limited is projected to boost the regional market growth.
In 2018, North America and Europe were the major contributors to the global market growth, wherein North America being the second-largest. In the coming years, the growth of these regional markets is expected to be at a moderate rate due to the saturated growth of the commercial and residential sectors. However, the high consumption of HPL in the renovation of home interiors and flooring in the commercial sector is expected to drive the growth of the regional markets in the following years.
The Global Decorative High-Pressure Laminates Market has been segmented on the basis of application, end-users, and region.
Based on application, the global decorative high-pressure laminates market has been bifurcated into furniture & cabinets and flooring & wall panels.
On the basis of end-users, the global decorative high-pressure laminates market has been classified into residential, commercial, and transportation.
The Global Decorative High-Pressure Laminates Market has been studied across five key regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
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