New York (US), April 27, 2023 (GLOBE NEWSWIRE) -- Decorative High-Pressure Laminates Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), "Decorative High-Pressure Laminates Market Information by Application, End-Use, and Region - Forecast till 2030", The market for decorative high-pressure laminates will attain a growth rate of 3.53% from 2022 to 2030, touching USD 15,041.18 million by 2030-end.
Market Synopsis
During the projection period, the decorative high-pressure laminates industry will see strong growth given the product’s low maintenance and installation costs. Furthermore, it is anticipated that the laminates' eco-friendliness would open up lucrative commercial potential. Decorative high-pressure laminates are easier to install than hardwood floors and other alternatives, in addition to having superior mechanical and functional qualities.
They also make a great choice for flat top surfaces like counters, wall paneling, and tables and benches in classrooms. These laminates are very strong and resistant to damage. They are able to endure stress and impact and are thus ideal for installation in high-traffic locations since they are scratch and abrasion resistant.
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Market Competitive Landscape:
The affluent firms in the decorative high-pressure laminates industry are
- Formica Corporation
- Sonae Arauco
- Greenlam Industries Limited
- Wilsonart LLC
- Panolam Industries International
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 15,041.18 million |
| CAGR | 3.53% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, End-Use, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East &Africa |
| Key Market Drivers | Increasing applications of decorative high-pressure laminates in the construction industry Low maintenance and installation costs of decorative high-pressure laminates |
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Market USP Covered:
Market Drivers:
The expansion of decorative high-pressure laminates' uses in the building sector is the cause of the rising demand for them. It is predicted that the expansion of the worldwide market will be aided by the rise of the construction sector especially in Asia-Pacific's growing economies.
Due to their simplicity in installation and maintenance, these laminates are utilized in both residential and commercial building construction to create cabinets, countertops, tabletops, case goods, and flooring. The soaring demand for decorative high-pressure laminates is also being seen in the production of ready-to-assemble (RTA) furniture, restroom cubicle systems, lab tables, and kitchen tops due to their high level of durability and aesthetic appeal.
The makers of decorative high-pressure laminates are projected to benefit financially from evolving printing technologies, such as digital printing for laminate flooring.
Market Restraints:
Oil prices fluctuate due to shifts in supply and demand. Prices decline when supply outpaces demand, and vice versa. Moreover, the overall price of crude oil is influenced by political unrest, natural calamities, and production expenses (refining). The majority of producers, including Greenlam Industries Limited, import raw ingredients at significant expense, driving up the price of decorative high-pressure laminates. Additionally, because there is no formal hedging mechanism in place, the enterprises are still at risk from currency fluctuations. All these factors culminate into major challenges for the worldwide market.
Opportunities
Production of decorative high-pressure laminates has improved technically as a result of the rising demand for cutting-edge graphics and superior aesthetics. These laminates are utilized extensively in flooring and serve as a superior substitute for other flooring materials like granite or stone. Next-generation laminates containing tiny aluminum oxide particles have been created via continuous innovation. These particles serve as a barrier, preserving gloss and providing scratch resistance. Continuous texturing and printing method advancements that produce cutting-edge graphics and are more cost-effective enhance high-pressure laminates. With unique features like digital lacquer embossing (DLE), more design possibilities, and online purchasing, digital printing is one of these technologies that is revolutionizing the flooring sector.
COVID 19 Analysis
The COVID-19 outbreak has had a considerable influence on global manufacturing processes, commerce, and supply chains for chemicals and minerals. The COVID-19 pandemic caused a drop in the manufacture of decorative high-pressure laminates because industry participants had to close production facilities or run them at less-than-ideal production levels to stop the coronavirus from spreading. Additionally, the manufacture of decorative high-pressure laminates has been hampered by a paucity of raw materials as a result of supply interruptions brought on by border and trade restrictions. However, several significant market participants have kept running their manufacturing plants. Additionally, the low demand from the end-use sectors and the falling costs of raw materials have led to surplus stockpiles and decreased output.
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Market Segmentation
By Application
• Interior: As a result of rising demand from residential buildings, demand for interior applications such as walls and partitions, ceilings, doors, flooring, stairs, furniture/chairs, trims, windows sills, tables, worktops, countertops, vanity units, cubicles, and display-/shop systems is on the rise.
• Exterior: With the expansion of building activities worldwide and rising consumer preference for laminate flooring, there is a growing need for outside applications, such as balconies, facades, facade parts/soffits, furniture and signage, urban components, and orientation systems. Manufacturers intend to release resilient and digital laminates for use in wall panels and flooring.
By End-Use
• Residential: During the study period, factors including rapid urbanization and rising purchasing power are predicted to drive the segment's expansion. Additionally, it is anticipated that the global housing affordability issue would lead to more residential buildings, which will encourage the usage of high-pressure laminates throughout the projection period.
• Commercial: During the projection period, the commercial category is anticipated to rise as a result of the expanding infrastructure development occurring around the world and the rising need for office space. During the projected period, the transportation segment is anticipated to rise as a result of rising automotive production and consumption, the introduction of electric cars, and rising demand for high-end vehicles.
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Regional Insights
The decorative high-pressure laminate market is dominated by the Asia Pacific region. Additionally, China is thought to be the Asia-Pacific region's largest market for decorative laminates. The region's dense population has boosted the need for cutting-edge infrastructure. Thus, the region's decorative laminate market is being driven by developing economies and quickly growing infrastructure. Due to the region's fast urbanization and increased disposable income, there will likely be an increase in the demand for home decorative laminates.
The expansion of the APAC market will further by fueled by the surging investments in South-East Asia's growing economies, such as Thailand, Indonesia, Singapore, and Myanmar, for the development of their infrastructure. The world's largest manufacturer and user of decorative laminates is China. In comparison to other areas, Asia-Pacific has a comparatively strong demand for decorative laminates.
The market for decorative high-pressure laminates is expanding as a result of Latin America's expanding building sector. Because of how the population is expanding, the building sector is expanding.
The government's large investments in the Middle East and Africa have been a key factor in the rise of primary construction. The nation also wants to increase tourism, as seen by the numerous hotel developments that have been going up in recent years. The demands of the nation's construction sector are therefore anticipated to be greatly impacted by such development initiatives. Therefore, these elements are fueling this region's demand for decorative high-pressure laminates.
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