Market Research Future will be publishing a cooked research report on “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.
Market Highlights
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.
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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.
Segment analysis
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.
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Regional Analysis
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.
Related Reports
- Global
Decorative Laminates Market Research Report - Forecast to 2022 (https://www.marketresearchfuture.com/reports/decorative-laminates-market-2363)
- https://www.marketresearchfuture.com/reports/polyphenol-market-5844
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