High-Pressure Laminates Market Share | Industry Key Players, Trend, Analysis and Forecast to 2027
Market Research Future will be publishing a cooked research
report on “Global Decorative High-Pressure
Laminates Market Share” 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 Share 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.
Segment analysis
The global decorative high-pressure laminates market share 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.
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.
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