HPL Boards Market Size, Share, Growth, and Industry Analysis, By Type (6 – 8mm, 8 – 10mm, 10 – 12mm, 12 – 14mm, 14 – 16mm), By Application (Facades, Table Tops, Interior Decoration, Furniture, Kitchen Cabinets, Others), Regional Forecast By 2031

Updated On: 01 April 2024

HPL Boards Market Report Overview

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The global HPL boards market size was USD 5258.78 million in 2021, as per our research, the market is expected to reach USD 10490.24 million in 2031, exhibiting a CAGR of 7.51% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with HPL boards market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

High Pressure Laminates, or HPL for short, are among the toughest surface materials on the market right now. They have a number of noteworthy qualities, including resistance to chemicals, fire, scratches, and abrasion. The typical composition of HPL sheets is 60–70% paper and 30–40% thermosetting resins. Their three layers are kraft paper, overlay paper, and ornamental paper. The ornamental paper adds visual appeal through design, the overlay paper enhances abrasion and scratch resistance, and the kraft paper serves as a core material to regulate the product's thickness.

HPL sheets offer a number of distinct benefits over alternatives. The list includes scratch, abrasion and impact resistance, and dry heat resistant that can go up to 180 degrees. Moreover, besides being exceptionally easy to clean and maintain, HPL also come with anti-bacterial property which makes them perfect to be used in schools, healthcare establishments, public facilities, and other places prone to microbial growth.

COVID-19 Impact: Pandemic Decreased the Market Demand

Limitations on various developments on the market for HPL Boards are growing as the number of COVID-19 disorders increases globally. The rapid debilitation of global speculation streams indicates the pandemic situation's impact on the global exchange and store network as the global economy struggles to cope with it. A significant constraint in transportation has resulted from stringent regulations imposed by governments of various countries and preventative steps to lessen the impact of the incident, having a significant influence on impact globally. This is promoting a demand and supply gap, which is resulting in decreased production of stress-relieving supplements. This trend must be maintained in order to solve the inventory/request imbalance and the vulnerability in the global market for HPL Boards.

Latest Trends

"Increase in population and rapid urbanization to Fuel Market Growth"

Growth in the commercial or service sector in modern economies is anticipated to propel the market demand during the forecast period. The global HPL boards market has registered an enormous rise in the growth rate in the last few years. The market's growth is mainly credited to the increase in population and rapid urbanization across the globe. Furthermore, the factors such as the rapidly growing construction industry, growing per capita income levels, rapid urbanization, and a growing number of commercial buildings and SEZs across the globe are also anticipated to influence the growth of the HPL exterior boards market assessment timeframe.

HPL Boards Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into, 6 – 8mm, 8 – 10mm, 10 – 12mm, 12 – 14mm, 14 – 16mm

• By Application Analysis

Based on application, the market can be divided into, Facades, Table Tops, Interior Decoration, Furniture, Kitchen Cabinets, Others

Driving Factors

"Growth of the real estate and construction sector to stimulate market demand"

Rapid urbanisation and population growth both contribute significantly to the real estate sector's expansion. Since they provide greater options for investors due to their rising per capita income levels, emerging countries are seeing quicker growth in the real estate sector. The second-largest sector in India in terms of job prospects, after agriculture, is real estate, according to the India Brand Equity Foundation (IBEF). Numerous of India's largest real estate developers, including DLF Private Ltd, Prestige Estates Projects Ltd, IndiabullsReal Estate Ltd, Brigade Enterprises Ltd, and Oberoi Realty Ltd, are building new developments around the country. The demand for HPL boards is increasing as a result of their widespread application in construction projects. This is anticipated to boost the HPL boards market growth.

Restraining Factors

"Fluctuating raw material prices to restrict market growth"

The production of laminates has a number of expenses and requires a substantial financial investment from the maker. One of the key components of HPL boards, which make up the majority of the entire production cost, is the raw material. The costs of the raw materials used to make HPL, such as wood, ornamental papers, resin, and metal, fluctuate, which might push up the price of the finished goods. The main basic materials utilised to create HPL boards are wood and resin. Because manufacturing costs are affected by fluctuating raw material prices, the demand increase for HPL exterior boards is anticipated to be constrained throughout the projection period.

HPL Boards Market Regional Insights

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"Growing Demand in Asia Pacific Anticipated to Boost Market Expansion"

The region's accelerated industrial growth, expanding building activities, and rising need for fuel-efficient technologies are all contributing reasons to the increased demand for HPL boards. Additionally, the industry is being driven by the quickly rising population rate and the simple accessibility of systems that are cost-effective. Rapid urbanisation in developing nations such as India, China, and Japan pushes people to live more comfortably, which raises the need for HPL boards market share in the Asia-Pacific region.

Government investment in the commercial and energy sectors is fueling Indonesia's expanding government investments in the energy and construction industries. The demand for HPL boards is anticipated to increase as a result of the Japanese government's focus on improving the country's infrastructure through the launch of several real estate projects. Due to a shortage of available space, vertical development is becoming more common in China, one of the nations with the highest population density, which is driving up demand for HPL boards.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Handicar
• Wilsonart International
• Trespa International
• Fletcher Building
• Anhui Xima
• Kronospan
• Guangzhou G&P
• EGGER
• Sonae Indústria
• Pfleiderer
• BerryAlloc
• ASD Laminat
• SWISS KRONO
• ATI Laminates
• Abet Laminati
• Arpa Industriale
• Panolam Industries
• OMNOVA Solutions
• Zhenghang Decorative Materials

Report Coverage

This report examines an understanding of the HPL boards market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.