Decorative High-Pressure Laminates Market Outlook (2019-2023) By Top Competitors, Business Growth, Trend, Size, Segmentation, Revenue, Industry Expansion Strategies: MRFR
Jul 3, 2019
Decorative High-Pressure Laminates is projected to register a healthy CAGR of 5.3% to reach USD 14,857 million by 2023. Decorative High-Pressure Laminates Market has been segmented based on application, end-users, and region.
Pune, India - July 3, 2019 /MarketersMedia/ —
“Global Decorative High-Pressure Laminates Market” that contains the information from 2016 to 2023. Decorative High-Pressure Laminates Market is projected to register a healthy CAGR of 5.3% to reach USD 14,857 million by 2023.
Decorative High-Pressure Laminates Market has been segmented based on application, end-users, and region.
Decorative High-Pressure Laminates Market has been segmented based on application, end-users, and region. 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.
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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.
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:
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.
Market Dynamics:
5.1 Introduction 28
5.2 Drivers 29
5.2.1 Increasing Applications Of Decorative High-Pressure Laminates (HPL) In The Construction Industry 29
5.2.2 Low Maintenance And Installation Costs Of Decorative High-Pressure Laminates (HPL) 30
5.2.3 Drivers Impact Analysis 30
5.3 Restraints 31
5.3.1 Fluctuating Raw Material Prices 31
5.3.2 Restraint Impact Analysis 32
5.4 Opportunities 32
5.4.1 Enhancement In The Printing Techniques And Manufacturing Of Eco-Friendly Laminates 32
Market Factor Analysis:
6.1 Supply Chain Analysis 33
6.1.1 Raw Material Suppliers 33
6.1.2 Decorative High-Pressure Laminates (HPL) Manufacturers 34
6.1.3 Distribution Channel 34
6.1.4 End-Users 34
6.2 Porter’s Five Forces Model 35
6.2.1 Threat Of New Entrants 35
6.2.2 Intensity Of Competitive Rivalry 36
6.2.3 Threat Of Substitutes 36
6.2.4 Bargaining Power Of Suppliers 36
6.2.5 Bargaining Power Of Buyers 36
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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Source: MarketersMedia
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