Decorative High-Pressure Laminates Market Size was valued at USD 11.5 Billion in 2022. The Decorative High-Pressure Laminates market industry is projected to grow from USD 11.9 Billion in 2023 to USD 15.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.53% during the forecast period (2024 - 2032). There are more attractive high-pressure laminates being used in construction, and they are also less expensive to install and maintain, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The expansion of the construction sector in the Asia-Pacific region's growing economies will probably promote the expansion of the world market. Due to their simplicity in End Use and cleaning, these laminates are employed in the production of cabinets, tabletops, case goods, countertops, wood panels, and flooring in both residential and commercial buildings. Due to their excellent durability decorative high-pressure laminates are also becoming more and more necessary in the production of ready-to-assemble (RTA) furniture, laboratory tables, toilet cubicle systems, and kitchen tops. They can replace expensive flooring materials like marble, granite, and slate and act as a cheap alternative to natural materials. However, due to high manufacturing costs, they are more expensive than low-pressure laminates. Additionally, due to the expanding population and quick urbanization, more homes and businesses are being built in both established and developing nations.
In comparison to hardwood floors and other alternatives, decorative high-pressure laminates are simple to install and have superior mechanical and functional qualities. Additionally, they provide a great alternative for flat top surfaces like wall paneling, counters, and tables and benches in classrooms. These laminates are extremely robust and tear-resistant. They can endure shock and impact since they are shock and abrasion resistant, making them ideal for installation in high-traffic locations. They demand less money for installation because they may be installed using laminate adhesive or resin without the assistance of a professional.
The rise in demand for these laminates in the housing industry is another factor driving the decorative laminates market. In significant and developing areas including real estate, furniture, and modular kitchens, decorative laminates have emerged as a key component. The market for decorative laminates is anticipated to grow over the coming years as a result of decorative laminates' low installation and maintenance costs. According to estimates, the residential sector will grow quickly in urban and semi-urban areas, and there will also be an increase in construction and restoration projects in North America and Europe. Strong rise in the GDP has been attributed to the industrial and services sectors' significant expansion. The market for ornamental laminates has benefitted as a result. Thus, driving the Decorative High-Pressure Laminates market revenue.
The Decorative High-Pressure Laminates market segmentation, based on application, includes interior and exterior. The interior segment holds the largest market share in the market. Companies in the decorative laminates industry are expanding their output capacity in synchronized laminates and PVC (Poly Vinyl Chloride) laminates in addition to high pressure and low pressure laminates to increase their revenue streams. Synchronized laminates are widely advertised as enhancing overlays that look like real wood. These overlays are being created by manufacturers with imprinted surfaces that simulate real wood grain.
The Decorative High-Pressure Laminates market segmentation, based on end use, includes residential, commercial, and others. The residential category held the largest share in 2022. Manufacturers are diversifying their sources of income in the retail and office sectors. Modern 1mm laminates are becoming more and more popular in Indian offices since they provide a calm and relaxing environment. Zero finish laminates are more popular with consumers in busy areas like offices. The use of laminate in cabinets and countertops is expanding in the domestic remodeling and design sector. Manufacturers in the decorative laminates industry are making more affordable laminates available so that consumers can spend on other necessary items for home remodeling projects. As a result, producers are becoming more aware of laminates with a matte, high-gloss, or stone texture that provide a contemporary appearance in residential applications.
Figure 1: Decorative High-Pressure Laminates Market, by End Use, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Decorative High-Pressure Laminates market, dominated the market in 2022 (45.80%). Due to rising demand from nations like China, India, and Japan, the Asia-Pacific region is anticipated to dominate the decorative laminates market and to have the quickest growth during the projected period. The need for furniture, wall panels, cabinets, etc. is anticipated to increase along with the demand for decorative laminates in the upcoming years due to rising construction activities in nations like China, India, Japan, and others. Numerous airport construction projects are either in the planned or development stages in China. Among these are Guangzhou Baiyun International Airport, Beijing Capital International Airport, Chengdu Shuangliu International Airport, and Chongqing Jiangbei International Airport. Moreover, China’s Decorative High-Pressure Laminates market held the largest market share, and the Indian Decorative High-Pressure Laminates market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: DECORATIVE HIGH-PRESSURE LAMINATES MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The North America Decorative High-Pressure Laminates Market is expected to register significant growth from 2023 to 2032. The expansion of the regional market is anticipated to be fueled by rising investments in the area for infrastructure development. In comparison to Canada, North America's market for ornamental laminates is rising somewhat. Further, the U.S. Decorative High-Pressure Laminates market held the largest market share, and the Canada Decorative High-Pressure Laminates market was the fastest growing market in the North America region.
Europe Decorative High-Pressure Laminates market accounts for the second-largest market share. The main factor driving the decorative laminates market's expansion is the region's booming economic expansion, which ultimately boosts per capita consumption. Spending on house interiors rises in developing nations throughout Europe as disposable income rises. Further, the German Decorative High-Pressure Laminates market held the largest market share, and the U.K Decorative High-Pressure Laminates market was the fastest growing market in the European region
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Decorative High-Pressure Laminates market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Decorative High-Pressure Laminates industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Decorative High-Pressure Laminates industry to benefit clients and increase the market sector. In recent years, the Decorative High-Pressure Laminates industry has offered some of the most significant advantages to medicine. Major players in the Decorative High-Pressure Laminates market, including Formica, Greenlam Industries Ltd , Merinolaminates , Stylam Industries limited , Pfleiderer, Wilsonart LLC , OMNOVA Solutions Inc , Abet, Laminati SpA, Panolam Industries , and Fundermax, are attempting to increase market demand by investing in research and development operations.
Custom furniture for homes and offices was planned by Formica, a producer and distributor of ornamental surface goods. High-pressure laminate (HPL), solid surface, compact laminate, and engineered stone are just a few of the company's decorative surfacing products that allow consumers to have modern patterns on their furniture based on their needs. Broadview Industries bought Formica, a Fletcher Building company, in December 2018. A sale-purchase agreement for the Fletcher Building was reached, uniting two of the top businesses in the ornamental surfacing market. In accordance with the deal, Formica will sell its operations in North America, Asia, and Europe as well as its Homapal metal laminates division. Both businesses will earn sizable market shares because to the combined knowledge of Formica's presence, operational, and commercial capabilities, and Broadview's distinctive and creative product solutions.
Laminate flooring is made by Greenlam Industries Ltd. The business produces and markets laminates, decorative veneers, and related goods for use in homes, kitchens, offices, and other buildings. Through its wholesale and retail network, it engages in the production of laminates, compact laminates, decorative veneers, engineered wood floors, engineered door sets, and other related goods. Under the brands Greenlam, New Mika, Decowood, Mikasa Floors, and Mikasa Doors and Frames, the company sells its goods. Laminate and related products and Veneer and related items make up the company's operating segments. Geographically, the group operates in India and outside of India, with the majority of its income coming from within India.
September 2021: In order to address the rising need for antimicrobial surface protection, Formica Corporation introduced the Formica Laminate Antimicrobial line, which consists of 20 popular laminate styles. These products are offered in the US and Mexico and use BioCote technology to protect against bacteria that cause odor and staining.
January 2021: A new panel press was installed by Formica Corporation in its Indianapolis distribution facility. This new panel press's commissioning is intended to shorten lead times and provide highly customized services to its clients. A portion of Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, and West Virginia are currently served by the panel press operation.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 11.5 Billion |
| Market Size 2023 | USD 11.9 Billion |
| Market Size 2032 | USD 15.7 Billion |
| Compound Annual Growth Rate (CAGR) | 3.53% (2024-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, End Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Formica, Greenlam Industries Ltd , Merinolaminates , Stylam Industries limited , Pfleiderer, Wilsonart LLC , OMNOVA Solutions Inc , Abet, Laminati SpA, Panolam Industries , and Fundermax |
| Key Market Opportunities | Enhancement in the printing techniques and manufacturing of eco-friendly laminates |
| Key Market Dynamics | Increasing applications of decorative high-pressure laminates in the construction industry and low maintenance and installation costs of decorative high-pressure laminates |
Decorative High-Pressure Laminates Market Highlights:
Frequently Asked Questions (FAQ) :
The Decorative High-Pressure Laminates market size was valued at USD 11.5 Billion in 2022.
The Decorative High-Pressure Laminates Market is projected to grow at a CAGR of 3.53% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the Decorative High-Pressure Laminates Market.
The key players in the market are Formica, Greenlam Industries Ltd , Merinolaminates , Stylam Industries limited , Pfleiderer, Wilsonart LLC , OMNOVA Solutions Inc , Abet, Laminati SpA, Panolam Industries , and Fundermax.
The Interior Application dominated the Decorative High-Pressure Laminates Market in 2022.
The Residential End Use had the largest share in the Decorative High-Pressure Laminates Market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
