Decorative High-Pressure Laminates Market Dynamics:
The growing consumption of HPL in the residential and commercial buildings in the manufacturing of cabinets, countertops, tabletops, case goods, wood panels, and flooring is expected to boost the global market growth. In addition, an unlimited variety of color, finishing surfaces, thickness range, and dimensions depending on the requirement are further projected to drive the global market growth in the coming years. Moreover, the building and construction industry is almost saturated in North America and Europe, and decorative HPL find applications in the renovation of existing commercial and residential buildings. In Asia-Pacific, China and India are the major consumers of decorative HPL owing to a rapid increase in the population accompanied by expansion of the economy, which ultimately results in an increase in per capita income.
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Furthermore, low maintenance and installation costs of decorative HPL is likely to boost the global market growth. HPL is easy to install as compared to hardwood floors and other substitutes. Moreover, they serve as an excellent option for flat top surfaces such as wall paneling, countertops, and desks/benches in schools. They can be installed easily by using laminate glue or resin without any professional help, due to which they require less installation costs. Also, these laminates are easy to maintain and can be cleaned easily.
Segmentation:
Based on application, the furniture & cabinets segment held the largest market share of 59.9% in 2018 and is estimated to register the highest CAGR of 5.36% during the review period due to the upsurge in the use of ready-to-assemble (RTA) furniture and cabinets. Moreover, advanced design in decorative laminates for furniture & cabinets is expected to add up to the growth of the segment.
On the basis of end-users, the residential segment dominated the global market with a market share of 57.94% in 2018 and was valued at USD 6,649.4 million. This is attributed to the growing adoption of HPL in flooring, RTA furniture, and in home décor, to manufacture furniture such as sofa, beds, and tables.
Regional Analysis:
The Asia-Pacific market dominated the global market accounting the largest share of 47.5% in 2018 and is estimated to register a significant CAGR of 5.61% by the end of 2024. This is attributed to the increasing investments in the emerging economies of South-East Asia including Thailand, Indonesia, Singapore, and Myanmar for infrastructural development. Other factors such as a rapid growth of population and economy which ultimately results in the growth of per capita consumption is further expected to propel the regional market growth. Furthermore, increasing disposable income in developing countries leads to an increase in spending on home interiors, which further boosts the regional market growth.
The North American market accounted for the second-largest market share of 23.56% in 2018 and is likely to exhibit a notable CAGR of 4.71% during the assessment period owing to the high consumption of HPL in cabinets and commercial applications. Moreover, the presence of major manufacturers of HPL such as Formica Corporation, Wilsonart LLC, and OMNOVA Solutions Inc further help in serving the products for diverse applications in furniture and flooring.
Key Players:
The prominent players in the global decorative high-pressure laminates market are 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.
Some of the key strategies followed by the players operating in the global decorative high-pressure laminates market are expansion, acquisitions, and product launches.
In December 2018, Formica, a subsidiary of Fletcher Building, was acquired by Broadview Industries. The Fletcher Building signed a sale–purchase agreement which brought together two leading companies in the international decorative surfacing industry. The agreement includes sale of Formica’s businesses in North America, Asia, and Europe, as well as its Homapal metal laminates business. With the combined expertise of Formica’s global presence and operational and commercial capabilities and Broadview’s unique and innovative product technologies, both companies will gain significant market shares.
In July 2018, Wilsonart acquired Laminate Works Dallas, a division of Laminate Works Inc, a Kansan City-based manufacturer of decorative high-pressure laminates (HPL) panels. This acquisition will help the company to expand its production capacity of HPL panels. In addition, it will offer surfacing options across a broad range of materials in the North American market.
In October 2017, Greenlam launched its new design of laminates under its flagship brand—Greenlam Laminates. This new range of laminates includes over 12 collections in alignment with customers’ preferences. The product range includes HD Gloss, Designer Collection, Super Gloss, Synchro, Stucco, Stone Collection, Textile Nuovo, Naturalle, Smoked, Olmo, Wood Horizontal, Woodgrain, and Pearlescent. This development helps in catering customer demand and expands its product portfolio in laminates.
Market Segmentation
Global Decorative High-Pressure Laminates Market, by Application
Furniture & Cabinets
Flooring & Wall Panels
Global Decorative High-Pressure Laminates Market, By End Users
Residential
Commercial
Transportation
Global Decorative High-Pressure Laminates Market, By Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
Rest of the Middle East and Africa
Available Additional Customizations
Company Profiles of Other Key Players
Century Laminates
Royale Touche
Arborite
AICA Laminates India Pvt. Ltd
Decorative High-Pressure Laminates market PESTEL analysis
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Intended Audience
Decorative High-Pressure Laminates Manufacturers
Raw Material Suppliers
Suppliers and Traders
Government, Associations, and Industrial Bodies
Investors and Trade Experts
End Users
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