October 01, 2023 02:33 ET | Source: Zion Market Research Zion Market Research
Washington, DC, Oct. 01, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “High-Pressure Laminate HPL Market By Application (Residential, Commercial, And Industrial), By Type (Postforming Type, General Purpose Type, Backer Type, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database. Post Forming
“According to the latest research study, the demand of global High-Pressure Laminate HPL Market size & share in terms of revenue was valued at USD 7.32 billion in 2022 and it is expected to surpass around USD 11.98 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 6.36% during the forecast period 2023 to 2030.”
What is High-Pressure Laminate HPL? How big is the High-Pressure Laminate HPL Industry?
The global high-pressure laminate HPL market size was worth around USD 7.32 billion in 2022 and is predicted to grow to around USD 11.98 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.36% between 2023 and 2030.
High-pressure laminate, often known as high-pressure laminate (HPL), is a type of decorative material that is a member of the same family as historically employed and widely popular plastic laminate. Not only does high-pressure laminate (HPL) have the power to improve the aesthetics of a space, but it also demonstrates remarkable performance features such as resistance to water, fire, and chemicals. As a result, HPL is widely regarded as one of the best and most appealing decorative surface materials. Saturating numerous layers of kraft paper with phenol-formaldehyde resins (PF), commonly known as phenolic resins, is an essential step in the manufacturing process for high-pressure laminate (HPL).
A layer of printed décor paper is adhered to the surface of the kraft paper and left there before the processing can commence. After that, the structure is subjected to intense heat and pressure in order to join it all together. The magnitude of the external pressure can reach up to a thousand pounds per square inch (PSI) or even higher in some circumstances. The curing process enables the resins to turn into plastic, which results in the transformation of paper sheets into hard, single-laminated sheets. Melamine and phenolic resins are recognized to have characteristics of thermoset plastics, therefore the curing process enables these resins to transform into plastic. The application of a thermo-setting process, which results in an irreversible bond being formed between the various components, is what gives HPL its high level of durability.
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Global High-Pressure Laminate HPL Market: Growth Factors
The expansion of the market is driven by the growing building of aesthetically beautiful hotels, restaurants, and cafés
It is anticipated that the global market for high-pressure laminate, also known as HPL, would expand in the coming years as a result of the growing trend of constructing and creating visually appealing hotels, restaurants, cafes, and other types of eating establishments. There has been a shift in consumer behaviors as a direct result of changing times and the growing influence of social media, which has led to an increase in footfall in restaurants that have great ambiance. According to research done on the subject, food service centers that have an amazing décor have a greater number of consumers than other units that have a basic decor. Hotels and restaurants are able to invest in furniture materials that are both long-lasting and aesthetically pleasing by using high-pressure laminates. The owners of the facility are not required to pick just one quality to prioritize above the others. In the years to come, there will likely be an increase in demand for HPL as a result of both rising levels of discretionary money and rising levels of investment in the global food service business.
The increased building of contemporary homes equipped with long-lasting furniture will result in a higher consumption pattern for HPL.
The demand for contemporary housing units has skyrocketed in recent years due to rising rates of urbanization and labor migration, both of which have been fueled by the availability of better work prospects and the chance to lead a better life. In addition, on a domestic level, the growing population rate has caused the construction and building industry to invest in housing facilities that are both affordable and functional. This will directly impact the demand for high-pressure laminates, which are used for building wall panels, cabinets, doors, flooring, and other essential units. It is possible that the worldwide high-pressure laminate HPL market expansion scope would enhance even further as a result of the increasing investments in smart city projects. According to the findings of a recent study, businesses based in the United Arab Emirates (UAE) and Singapore are working together to advance smart city initiatives in the former region.
High-Pressure Laminate (HPL) Industry: Obstacles to Growth
Price swings in raw materials have the potential to hinder market expansion.
Because of fluctuating costs of raw materials, the high-pressure laminate, also known as HPL, industry is projected to see growth restraints in the near future. Kraft papers, additives, resins, and ornamental papers are the primary constituents of high-pressure laminate (HPL). However, because of the shifting geopolitical situation that has been witnessed between Western nations and other nations, the supply chain of these commodities has been susceptible to weaknesses. The price volatility of raw materials has a direct influence on the overall cost of the finished product, which in turn results in higher pricing and a corresponding decrease in ultimate demand. The companies who manufacture and provide HPL need to be cautious of the worldwide trade linkages that exist between the many parties involved in the industry.
Opportunities Available in the High-Pressure Laminate (HPL) Market
accelerating rates of both innovation and product portfolio expansion in order to provide possibilities for growth
It is anticipated that the global market for high-pressure laminate (HPL) would register stronger growth potential in the coming years. This is predicted to be driven by the intensifying rivalry in the HPL sector, which has led to an increase in investments that are innovation-oriented. In order to assure their continued existence and to cater to the ever-evolving requirements of their target customers, businesses are rapidly increasing their product ranges. Wilsonart, a prominent manufacturer of innovative and engineered surfaces, made the announcement that it was expanding its existing line of commercial interior design ranges in July of 2022. These ranges included the Wilsonart® TracelessTM Laminate Collection as well as the Wilsonart® HPL Commercial Collection. The expanding trend of material mixology, which focuses on merging ultra-matte surfaces with new sophisticated textures to create a final product that delivers environments that are one of a kind, served as a source of motivation for the company. On the other hand, Abet Laminati, another significant participant, introduced its latest collection of high-pressure laminate (HPL) during the Salone Internazionale del Mobile event in April 2019, therefore consolidating its position as a leader in the HPL market.
Challenges Facing the High-Pressure Laminate (HPL) Market
The high level of competitiveness in the HPL industry will bring about difficulties.
While competition is fantastic for driving innovation, it can also be a significant obstacle to entering new markets because it reduces profit margins for both suppliers and manufacturers. This makes market entry more difficult. As a result of the presence of a number of foreign and local competitors who provide the same goods and services, the market for HPL is an extremely competitive one. Because customers now have more options, competitors are engaged in a pricing war with one another. In addition to this, it has a negative impact on the standard quality of the product and can lead to the demise of a market if businesses are unable to keep up with the level of competition.
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High-Pressure Laminate HPL Market: Segmentation Analysis
The market for high-pressure laminate (HPL) on a global scale may be broken down into three categories: applications, types, and regions.
The global market can be broken down into residential, commercial, and industrial divisions, depending on the application. Due to the extensive applications of high-pressure laminate in the curation of exquisite places and leisure facilities for the general public, the commercial sector experienced the largest growth rate in 2022. Businesses engaged in the food service industry, hospitality sector, and entertainment center are all included in the commercial component of the market. In the years prior, there was a greater increase in the segmental demand due to the growing demand for attractively curated environments that are also functional and long-lasting. In addition, there has been an increase in customer awareness thanks to the growing trend of employing the assistance of professionals in the curation of such locations. HPLs also have a longer lifespan that lasts between 5 and 15 years, making it a perfect choice for furniture and interior decorating in office environments because of this extended longevity.
Postforming type, general purpose type, backer type, and other types are the high-pressure laminate HPL industry's categories according to type. The general purpose type was the kind that generated the most revenue in 2022. This was due to the outstanding versatility of these variants, which fulfill the requirements of all three market verticals (residential, commercial, and industrial). HPL can be utilized for a variety of manufacturing purposes, including the production of furniture, wall decor, cabinets, flooring, and other components of a functional environment. The postforming kind of HPL has more applicability for surfaces that are rounded or curved, which limits the use range because it narrows the types of surfaces that may be covered. The production of HPL necessitates the utilization of six to eight separate sheets of kraft paper.
The global High-Pressure Laminate HPL market is segmented as follows:
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Some of the main competitors dominating the global High-Pressure Laminate HPL market include -
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Asia-Pacific to deliver exceptional results during the forecast period
The global high-pressure laminate market will be dominated by Asia-Pacific during the forecast period. The growth is likely to be the result of the presence of an extensive regional market for HPL and other lamination products. Countries such as China and India have a large number of HPL manufacturers and suppliers contributing to regional growth. Additionally, with the increasing population, housing demand has increased at a rapid rate in the last few years which was further strengthened by a rise in disposable income and middle-income groups. Asian countries are witnessing steady economic growth along with the high influx of foreign investments leading to a growth in the commercial segment for high-pressure laminates with an increasing number of new corporate offices, food service players, and entertainment & recreational centers. North America is projected to grow at a significant rate primarily led by the residential sector. An increase in home renovation projects and higher demand for interior decoration to rebuild old spaces with modern materials will contribute to growth in North America.
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