Market Overview
The decorative high-pressure laminates Market is expected to grow at a CAGR of 5.3 per cent until 2023. By then, the overall market capitalization is estimated to be USD 14,857 million. When multiple layers of kraft paper are drenched in resin, decorative high-pressure laminates are created. They’re then squeezed together until a glossy, plastic-like material forms.
Homebuilding, furniture refurbishment and remodelling, and furniture manufacturing all use decorative high-pressure laminates. Their appeal is partly due to their strength, toughness, and durability.
This market is rapidly expanding. Because of covid, it has been given a boost. Many folks who had been residing at home opted to remodel and refurbish their living spaces. As a result, demand for decorative high-pressure laminates increased. It has also aided in raising the cost of these components.
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Market Segmentation
The decorative high-pressure laminates market is segmented into two regions: Asia-Pacific and North America. Because of the high CAGR, which is expected to reach 5.61 per cent in December 2024, the Asia-Pacific area offers the most prospects.
With 47.5 per cent of the decorative high-pressure laminates market, this area also has the greatest share. However, the last time this metric was examined was in 2018. In the three years since then, the market share and size have increased significantly. Large populations, rapid population growth, rising disposable incomes, a robust and growing middle class, and a boost in expenditure on home and building decor and furniture are some of the key causes driving incredible growth.
The North American market for ornamental high-pressure laminates currently accounts for 23.56 per cent of the total market. Until 2024, its CAGR is predicted to be around 4.71 per cent. The widespread use of high-pressure laminates in cabinets in homes and businesses is one explanation for this.
Regional Classification
North America, Europe, Asia Pacific, Latin America, the Middle East and Africa are the five regions that make up the market (MEA). The United States and Canada are two countries that make up the North American continent. The Europe region includes the United Kingdom, France, Germany, Italy, Spain, Russia, and the rest of Europe. China, Japan, South Korea, India, Australia, Southeast Asia, and the Rest of Asia Pacific make up the Asia Pacific region. The Latin America region is separated into Brazil, Mexico, and the Rest of Latin America, whereas the MEA region is divided into the Gulf Cooperation Council, Turkey, South Africa, and the Rest of MEA.
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Industry News
The decorative high-pressure laminates market is expected to grow at a CAGR of 5.3 per cent until 2023. By then, the market will be worth 14,857 million dollars. Because of the rich market and low obstacles to entry, the business faces fierce rivalry. Many corporations have merged and bought new businesses, or they have leveraged cutting-edge technology to develop new products or penetrate new markets.
The growth and development of the decorative high-pressure laminates market is the topic of this analysis. According to the report’s projection, the total income, new clients, and enormous potential of this industry will be unleashed in the approaching years.
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