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The global Decorative High-Pressure Laminates Market Size was valued at USD 11.7 billion in 2022. The Decorative High-Pressure Laminates market industry is projected to grow from USD 11.8 Billion in 2023 to USD 15.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.63% during the forecast period (2023 - 2032). High-pressure laminates are being used in construction because they are more aesthetically pleasing and less expensive to install and maintain, and are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The increasing economies of the Asia-Pacific region's building industry will likely encourage the growth of the global market. These laminates are used to make cabinets, countertops, tabletops, case goods, wood panels, and flooring in both residential and commercial structures because of how easy they are to use and clean. Decorative high-pressure laminates are also becoming more and more essential in the manufacturing of ready-to-assemble (RTA) furniture, toilet cubicle systems, laboratory tables, and kitchen tops because to their great durability and aesthetic appeal. They can serve as a less expensive alternative to natural materials and can take the place of pricey flooring materials like marble, granite, and slate. However, they are more expensive than low-pressure laminates because of high manufacturing costs. In addition, more houses and businesses are being created in both developed and developing countries as a result of the growing population and rapid urbanization.
Decorative high-pressure laminates are easy to install and have better mechanical and functional properties than hardwood floors and other substitutes. They also offer a fantastic substitute for flat top surfaces like counters, tables, and seats in classrooms. These laminates are incredibly durable and rip-proof. They are stress and abrasion resistant, which makes them suitable for installation in high-traffic areas because they can withstand shock and impact. Since they may be installed using laminate adhesive or resin without a professional's help, they are less expensive to install.
Another factor propelling the market for decorative laminates is the increase in demand for these laminates in the housing sector. Decorative laminates have become a crucial element in a number of important and rising industries, such as real estate, furniture, and modular kitchens. Due to decorative laminates' inexpensive installation and upkeep costs, the global market for them is expected to expand in the upcoming years. Estimates predict that the residential sector will expand significantly in urban and semi-urban areas, and that there will be more building and restoration work being done in North America and Europe. The enormous expansion of the industrial and services sectors has been linked to a significant increase in the global GDP. As a result, the market for decorative laminates has benefited.Thus, driving the Decorative High-Pressure Laminates market revenue.
The global Decorative High-Pressure Laminates market segmentation,based on Application, includes interior and exterior.The interior segment holds the largest market share in the global 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 global Decorative High-Pressure Laminates market segmentation, based on End Use, includes residential, commercial, and others.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.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.The Asia Pacific Decorative High-Pressure Laminates market, dominated the global market in 2022 (45.80%). The Asia-Pacific region is estimated to lead the global decorative laminates market and to have the fastest growth during the forecast period due to increased demand from countries like China, India, and Japan. In the approaching years, expanding construction activities in countries like China, India, Japan, and others are expected to enhance demand for decorative laminates as well as the need for furniture, wall panels, cabinets, and other items. In China, there are a lot of airport construction projects that are either planned or in the planning phases. Some of them are Chengdu Shuangliu International Airport, Beijing Capital International Airport, Chongqing Jiangbei International Airport, Guangzhou Baiyun International Airport, and Beijing Capital International Airport.Moreover, In the Asia-Pacific region, the Indian Decorative High-Pressure Laminates market had the quickest rate of growth while China's Decorative High-Pressure Laminates market had the greatest market share.
Further, the major countries studiedin the market reportare The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The North AmericaDecorative High-Pressure Laminates Marketis expected to register significant growth from 2023 to 2032. Rising investments in the region for infrastructure development are predicted to boost the regional market's progress. North America's market for decorative laminates is expanding somewhat in compared to Canada. Further, In the North American area, the U.S. Decorative High-Pressure Laminates market had the biggest market share, while the Canada Decorative High-Pressure Laminates market had the quickest rate of expansion.
EuropeDecorative High-Pressure Laminates market accounts for the second-largest market share.The increasing economic growth of the area, which ultimately raises per capita consumption, is the primary driver of the decorative laminates market's expansion. In emerging countries across Europe, spending on home interiors is increasing as disposable income increases.Further, In the European region, the German Decorative High-Pressure Laminates market had the biggest market share, and the U.K. Decorative High-Pressure Laminates market had the quickest rate of growth.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Decorative High-Pressure Laminates market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Decorative High-Pressure Laminates sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Decorative High-Pressure Laminatesindustry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Decorative High-Pressure Laminates sector.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, LaminatiSpA, Panolam Industries , and Fundermax, are attempting to increase market demand by investing in research and development operations.
Producing and distributing ornamental surface goods, Formica designed custom furnishings for homes and offices. Customers can have contemporary patterns on their furniture based on their demands thanks to the company's decorative surfacing products, which include high-pressure laminate (HPL), solid surface, compact laminate, and engineered stone. In December 2018, Broadview Industries acquired Formica, a division of Fletcher Building. The Fletcher Building was the subject of a sale-purchase arrangement that brought together two of the biggest companies in the decorative surface industry. As per the agreement, Formica will sell its businesses in North America, Asia, and Europe as well as its division for Homapal metal laminates. Because of the combined knowledge of Formica's global presence, operational and commercial capabilities, and Broadview's distinctive and innovative product solutions, both companies will acquire large market shares.
Greenlam Industries Ltd. manufactures laminate flooring. The company manufactures and sells laminates, decorative veneers, and associated products for use in offices, residences, and other structures. It produces laminates, compact laminates, decorative veneers, engineered wood flooring, engineered door sets, and other related products through its wholesale and retail network. The business sells its products under the names Greenlam, New Mika, Decowood, Mikasa Floors, and Mikasa Doors and Frames. The operating segments of the company include Veneer and associated products and Laminate and related products. The group operates both inside and outside of India geographically, with the majority of its revenue coming from India.
· Formica
· Greenlam Industries Ltd
· Merinolaminates
· Stylam Industries limited
· Pfleiderer
· Wilsonart LLC
· OMNOVA Solutions Inc
· Abet LaminatiSpA
· Panolam Industries
· Fundermax
September 2021: The Formica Laminate Antimicrobial line, which consists of 20 well-liked laminate types, was created by Formica Corporation to answer the growing demand for antimicrobial surface protection. The BioCote technology used in these products, which are sold in the US and Mexico, guards against the germs that produce odor and stains.
January 2021: In its distribution center in Indianapolis, Formica Corporation erected a brand-new panel press. With the activation of this new panel press, the company hopes to reduce lead times and offer its customers services that are highly tailored. The panel press operation currently provides service to parts of Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, and West Virginia.
· Interior
· Exterior
· Residential
· Commercial
· Others
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 11.7 Billion |
|
Market Size 2023 |
USD 11.8 Billion |
|
Market Size 2032 |
USD 15.8 Billion |
|
Compound Annual Growth Rate (CAGR) |
3.63% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
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, AsiaPacific, 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, LaminatiSpA, 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 |
The global Decorative High-Pressure Laminates Market was valued at USD 11.7 billion in 2022, and it is estimated to reach USD 15.8 billion by 2032.
The global market is projected to grow at a CAGR of 3.63% during the forecast period, 2023-2032.
Asia Pacific had the largest share in the global market
The key players in the market are Formica, Greenlam Industries Ltd , Merinolaminates , Stylam Industries limited , Pfleiderer, Wilsonart LLC , OMNOVA Solutions Inc , Abet, LaminatiSpA, Panolam Industries , and Fundermax
The InteriorApplication dominated the market in 2022.
The ResidentialEnd Usehad the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65255
Published on :
Sep 2023
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