Decorative high-pressure laminates Market thave gained relatively high traction in emerging countries such as China and India in recent years, with the rapidly expanding population cited to be a key reason for the said growth. The fast economic growth and the resultant surge in the per capita income of the consumers has led to higher spending on home interiors, which has bolstered the demand for decorative high-pressure laminates in these regions to a large extent.
The developed regions like North America also generate a strong demand for decorative high-pressure laminates, in light of the rising use of ready-to-assemble furniture, cabinets and floorings. The fact that these laminates offer various functional properties like chemical resistance, scratch resistance, anti-fingerprint and anti-microbial also helps boost the market size worldwide.
Key firms are bolstering their efforts with respect to RD, in a bid to facilitate innovations, which is giving way to newer and more efficient products that meet with the evolving consumer demand. The increasing demand for eco-friendly decorative high-pressure laminates seems to be a significant trend capturing the attention of the leading firms that are trying to enhance their customer base and leverage every opportunity that comes their way. In general, an increasing number of vendors are coming up with innovative and more appealing decorative high pressure laminates to attract a higher number of consumers.
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Market Segmentation:
Application and end-users are the key segments, as per which the market has been studied in the MRFR study.
Applications of decorative high pressure laminates are flooring and wall panels, furniture and cabinets, and more. Out of these, the furniture cabinets segment seized the maximum share of 59.9% in 2018 and can accrue the fastest growth rate of 5.36% owing to the rapid growth in the demand for ready-to-assemble cabinets and furniture.
Some of the key end-users in the market include commercial and residential. The residential segment leads the market with a share of 57.94%, as of 2018 and had touched USD 6,649.4 million the same year. The key boosters can be the rising application of HPL in RTA furniture, in home décor and flooring.
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Regional Analysis:
Second in the lead is North America, with the market share accounting to 23.56% in the year 2018 and is most likely to seize a CAGR of 4.71% in the following years. The high uptake of HPL in cabinets as well as various commercial applications remains one of the key boosters in the regional market. The strong presence of well-known manufacturers in the region including Wilsonart LLC, OMNOVA Solutions Inc. and Formica Corporation that offer extensive product ranges for different applications in flooring and furniture also bolsters the market size.
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