(MENAFN- America News Hour) Global
Decorative High Pressure Laminates (HPL)
Market Key Insights
During the forecast period of 2022-2031, the global high pressure laminates (HPL) market is expected to grow at a CAGR of ~5%. The market further generated revenue of ~USD 9276.0 billion in the year 2021. Major key factors propelling the growth of high pressure laminates (HPL) market worldwide are rising urbanization across the globe resulting in the up-surged construction of buildings that need to be decorated and high-pressure laminates play a vital role in this process.
World Bank stated that nearly 56% of the entire population is living in the cities in 2020 which is an increase from 47% in 2000.
Market Definition of
Decorative High Pressure Laminates (HPL)
Decorative high pressure laminates (HPL) are laminates that are produced by infusing phenolic resin into many layers of Kraft paper. A printed decorative paper is put on the kraft paper before pressing under heating and pressure and nearly 1000 PSI. Decorative high-pressure laminates (HPL) is decorative surface material which is presented in the market with specialized performance properties that are resistant to wear, chemical, and fire. Decorative high-pressure laminates are the most popular item of decor.
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Global
Decorative High Pressure Laminates (HPL) Market: Growth Drivers
The growth of the global high pressure laminates (HPL) market can majorly be attributed to the major key players merging with each other to upgrade the quality of
high-pressure laminates
by using various types of unique methods. For instance, Wilsonart LLC collaborated with HomeSphere to expand its field in the homebuilder market. the partnership will boost the expansion of the company in the new residential community. On the other hand, the market growth can also be attributed to higher development procedures of new designs and types of
high-pressure laminates to fulfill the requirement of the consumers. For instance, a new collection, YesteryearsTM, that includes 20 new innovative designs, is launched by the Panolam Industries Internation, Inc. The designs are inspired by Nevamar's pattern.
The global
high pressure laminates (HPL)
market is also estimated to grow majorly on account of the following:
Increment in the population living in smart cities
Growing number of residential & commercial projects Convenience & affordability of the
high-pressure laminates Higher inclination towards the home decoration
Global
Decorative High Pressure Laminates (HPL)
Market: Restraining Factor
A huge amount of money is required in the initial state of the
high-pressure laminates business and it is also expensive to purchase. Hence this factor is expected to be the major hindrance to the growth of the global
high-pressure laminates (HPL)
market during the forecast period.
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Global
Decorative High Pressure Laminates (HPL)
Market Segmentation
By End-Users (Residential, and Non-Residential) By Application (Flooring, Furniture, Cabinets, and Others)
The furniture segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2031. The growth of the segment can be accounted to the increasing adoption of high-pressure laminates to manufacture decorative furniture to increase the magnificence of the house and working places backed by the increase in commercial and residential projects. High-pressure laminates are highly used in furniture making since they are decorative and long-lasting
The Asia Pacific high pressure laminates (HPL) market is anticipated to hold the largest market share by the end of 2031 among the market in all the other regions. The population in the region is increasing exponentially which is boosting the demand for houses to live in and since
high-pressure laminates
are the most convenient element of the decor, people are more inclined to adopt furniture and other decorative items made of
high-pressure laminates.
World Bank's data showed that the population in China reached approximately 1.41 billion in 2020 while in the same year, the population of India dropped to 1.38 billion.
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The market research report on global high pressure laminates (HPL) also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada),
Latin America (Brazil, Mexico, Argentina, Rest of Latin America),
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific),
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global
Decorative High Pressure Laminates (HPL)
Market
Some of the key players of the
global
high pressure laminates (HPL)
market
are Wilsonart LLC, Panolam Industries International, Inc., Formica Group, Gentas, Abet, Inc., FunderMax, Stylam Industries Limited, OMNOVA Solutions Inc., Merino Laminates Ltd., Kronospan Limited and others.
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