Decorative High-Pressure Laminates Market Research Report - Forecast till 2030

Decorative High-Pressure Laminates (HPL) Market: Information by Application (Furniture & Cabinets), by End-Users (Residential, Commercial), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa)— Forecast till 2030

ID: MRFR/CnM/6274-CR | February 2021 | Region: Global | 129 pages         

Decorative High-Pressure Laminates (HPL) Market

Decorative High-Pressure Laminates (HPL) Market is projected to be worth USD 115 Billion by 2030, registering a CAGR of 5.80% during the forecast period (2021 - 2030)

Segmentation

By Application Furniture & Cabinets
By End-Users Residential Commercial

Key Players

  • Formica - USA
  • Greenlam Industries Ltd - India
  • Merinolaminates - India
  • Stylam Industries limited - India.
  • Pfleiderer - Germany
  • Wilsonart LLC - USA
  • OMNOVA Solutions Inc - USA
  • Abet Laminati SpA - Italy
  • Panolam Industries - USA
  • Fundermax - Austria

Drivers

  • They are the material of choice when manufacturing cabinets countertops case goods wood panels and various types of flooring.
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Market Overview


The CAGR for the decorative high pressure laminates industry is projected to be 5.3% until 2023. The total market capitalization is expected to be $14,857 million in US Dollars by then. Decorative high-pressure laminates result when many layers of kraft paper are soaked in resin. They are then pressed together until they form a plastic-like, shiny material.


Decorative high-pressure laminates are used extensively in home building, renovating and remodeling furniture, and manufacturing furniture. Their strength, resilience, and durability largely explain their popularity.


This market is growing rapidly. It has been given a push because of covid. Many people who had been staying at home finally decided to remodel and redo their homes. This led to an increase in demand for decorative high-pressure laminates. It has also helped to drive up the price points of these materials.


COVID-19 analysis


The temporary lockdowns and quarantines that governments have imposed are expected to have a substantial negative effect on the decorative high pressure laminates industry. Manufacturers may find that obtaining the raw materials is a challenge. However, this is expected to be short-lived.


Many governments responded to this dangerous and potentially deadly virus by imposing temporary quarantines and indefinite lockdowns. The decorative high pressure laminates industry is impacted by COVID-19 in the short-term. This is largely because of the many new rules and guidelines governments are imposing on the industry in the attempt to contain the pandemic.  


The market suffered somewhat at the height of the covid pandemic. Many people put off remodeling projects because they wanted to minimize exposure to the covid virus. Many others lost their jobs because of quarantine. They could not afford to remodel their homes or buy new homes.


Market Dynamics



  • Drivers


Decorative high-pressure laminates have many useful applications. For example, they are the material of choice when manufacturing cabinets, countertops, case goods, wood panels, and various types of flooring. They come in many different colors, shapes, sizes, and types. This versatility makes them invaluable in both homes and offices.


They are useful in many remodeling projects and many home renovations projects. This is one of the key factors that is driving growth. Another key factor is that these materials increase the value of homes. Given this reality, more people are looking to remodel and renovate their business and homes with these materials.



  • Opportunities


Opportunities abound in the decorative high pressure laminates market. One of the main reasons why is breakneck economic growth in India and China. Another reason why India and China have been commanding an increasing slice of the decorative high pressure laminates market share is high population growth. This is spurring a huge demand in offices and homes.


The Indian and Chinese middle classes are growing. They want to have homes that imitate the latest in western designs and standards. They need decorative laminate materials to do this. Demand is expected to grow in these countries as more and more people join the middle classes. Additionally, more businesses in these nations want to imitate western trends and ideas. They rely on laminate materials to do so.



  • Restraints


The decorative high pressure laminates industry has high barriers to entry. Some of the most notable ones are high capital investment when entering the industry, technologically advanced (expensive) equipment, support from suppliers and vendors. Companies need to be good at innovation before entering the industry.


One of the key restraints lies in the high costs of the projects that use these materials. Many people who want to remodel their homes and businesses may be priced out because of COVID-19.



  • Challenges


A key challenge that the industry faces is wild fluctuations in the prices of raw materials. These are commodities. Therefore, their market prices are largely determined by national stock exchanges. If the price of raw materials increases substantially, manufacturers will be forced to pass this extra expense onto the end consumers in the form of higher prices.



  • Cumulative growth analysis


The furniture and cabinets sector of the decorative high pressure laminates industry holds the greatestdecorative high-pressure laminates market share at 59.9% as of 2018. Its CAGR is estimated to be 5.36% in the years between 2018 and 2013. What is driving growth in this segment is an increase in demand for furniture which the end consumer assembles. The increase in demand in this type of furniture is largely driven by huge population growth in India and China.


Technology analysis


A new generation of innovative technology is giving furniture manufacturers and construction managers more options in terms of using decorative high-pressure laminates. For example, some manufacturing companies are using AEON Enhanced Scratch & Scruff resistant performance technology. The result is laminates that are impermeable to moisture. They last much longer largely they do not grow the mold or mildew that erodes furniture easily.


The new generation of decorative high-pressure laminates are also safer to use around pets and children because they contain a chemical resistant coating. This makes it impossible for them to absorb any chemicals that are placed on them.


Segment overview


The global decorative high pressure laminates market is divided into the Asia-Pacific market and the North American market. The Asia-Pacific region especially shows the greatest opportunities because of high CAGR which is estimated to be 5.61% in December of 2024.


This region also commands the largest slice of the decorative high pressure laminates market share at 47.5%. But this statistic was last analyzed in 2018. The market share and size has grown much more in the three years since then. Some of the main factors which are driving amazing growth are large populations, rapid population growth, rising disposable incomes, a strong and growing middle class, and an increase in spending on home and building decor and furniture.


The North American region currently accounts for 23.56% of the decorative high pressure laminates market share. Its CAGR is expected to be approximately 4.71% until 2024. A key reason for this is the heavy usage of high-pressure laminates in cabinets in houses and commercial buildings.


The major decorative high pressure laminates manufacturers also call the North American region home. Some of the larger companies include:



  • Formica Corporation

  • Wilsonart LLC


Competitive landscape


There are few barriers to entry in the decorative high pressure laminates industry. Therefore, competition is very intense due to the many players in the industry. Many companies, especially larger ones, are finding that they must engage in mergers and acquisitions with smaller companies, expand into new markets, and/or launch new products in new and existing markets.


Wilsonart LLC is a key player in the industry. This American company survives and continues to be an industry leader largely because it introduces new products. But these are not just any products. These products are innovative. They combine usefulness with need to provide the end customer with useful and valuable solutions. A good example of this is in its next generation of writable decorative high-pressure laminates.


Major companies


The major companies in the decorative high pressure laminates industry are:



  • Formica - USA

  • Greenlam Industries Ltd - India

  • Merinolaminates - India

  • Stylam Industries limited - India.

  • Pfleiderer - Germany

  • Wilsonart LLC - USA

  • OMNOVA Solutions Inc - USA

  • Abet Laminati SpA - Italy

  • Panolam Industries - USA

  • Fundermax - Austria


Recent developments



  • Broadview industries acquired Formica. Formica was a Fletcher building subsidiary.

  • Wilsonart acquired Laminate Works Dallas. This is a division of Laminate works. Wilsonart now has the resources and capacity to expand and enter new markets.

  • Greenlam Laminates launched new products four years ago.

  • The introduction and use of advance technology to use green laminates to manufacture attractive furniture pieces and other utility items.


Report overview


The global decorative high pressure laminates industry has registered CAGR of 5.3% until 2023. The market will be valued at 14,857 million US Dollars by then. The industry faces stiff competition largely due to the lucrative market and the relatively low barriers to entry. Many companies have merged and acquired new companies or used the latest in technology to introduce new product launches or to enter new markets.


This report focuses on the growth and development of the decorative high-pressure laminates market. The total revenue, new clients and huge potential which this market has will be unleased in the upcoming years as per the forecast in the report. Read the full report and know the exact statistic to plan your business strategies in future. Know about the upgradation tactics and procedures that are required for the fast pace growth and development of this market and get the key to generate a large number of new clients.



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2023: USD 14,857 Million
  • 2030: Significant Value
  •   CAGR   5.3% (2022-2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Application, End-Users and region
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Formica – USA, Greenlam Industries Ltd – India, Merinolaminates – India, Stylam Industries limited - India., Pfleiderer – Germany, Wilsonart LLC – USA, OMNOVA Solutions Inc – USA, Abet Laminati SpA – Italy, Panolam Industries – USA, Fundermax - Austria
      Key Market Opportunities   Opportunities abound in the decorative high pressure laminates market. One of the main reasons why is breakneck economic growth in India and China.
      Key Market Drivers   They are the material of choice when manufacturing cabinets, countertops, case goods, wood panels, and various types of flooring.


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    Frequently Asked Questions (FAQ) :

    Decorative High-Pressure Laminates Market is predicted to grow at 5.3% through forecast period of 2020-2027.

    The forecast period for Decorative High-Pressure Laminates Market research report is 2020-2027.

    Decorative High-Pressure Laminates Market is dominated by APAC region.

    Manufacturing cabinets, countertops, case goods, wood panels, and various types of flooring.

    Formica Corporation (US), Greenlam Industries Limited (India), Merinolaminates (India), Wilsonart LLC (US), and Panolam Industries International, Inc (US),