Global HPL Exterior Boards Market Size Grows Steadily at a CAGR of 3.78%

Introduction

The abbreviation HPL stands for high-pressure laminate. High-pressure laminate is a versatile and resilient material commonly employed for cladding and exterior and interior surfaces. It consists of layers of kraft paper impregnated with resin and a decorative paper layer that has been adhered to using elevated temperatures and pressures. A transparent overlay is commonly employed as the protective layer on top, shielding it from UV radiation and wear.

"HPL Exterior Boards" refers to a unique product category, a variant of high-pressure laminate manufactured specifically for exterior applications. Exterior-grade HPL is designed with the requisite resilience to withstand various atmospheric conditions, including sunlight, precipitation, and temperature fluctuations. These boards are frequently employed for exterior surfaces where weather resistance and durability are critical, such as facades and exterior wall cladding.

Market Dynamics

Growing Demand from the Construction Sector Drives the Global Market

Construction activity is experiencing a surge due to escalating urbanization and accelerated population growth. The construction industry witnessed substantial growth on a global scale. For instance, in December 2021, the US Census Bureau anticipated construction expenditures to amount to USD 1,639.9 billion, adjusted annually for seasonal factors. The figure indicates a 0.2 percent growth compared to the revised estimate of USD 1,636.5 billion in November.

Furthermore, in 2021, construction expenditures ascended to USD 1,589.0 billion, an 8.2% growth over the previous year's figure of USD 1,469.2 billion. A robust correlation exists between the construction industry, the domain of real estate development, and the demand for HPL exterior boards. The demand for long-lasting and aesthetically attractive exterior building materials, including high-pressure laminate (HPL) boards, increases with the expansion of construction activity. Therefore, it is expected that the expansion of the construction industry will accelerate the development of the global market.

Rising Demand from Emerging Economies Creates Tremendous Opportunities

The Middle East and Africa, Asia-Pacific, and Latin America have thriving construction sectors, which is why there is a growing need for HPL exterior boards in emerging economies. For instance, in Latin America, the increasing demand for houses and hotels is driving the rapid expansion of the building industry. In 2021, around 228 properties were still under construction. The completion of over 106 hotels was projected for 2022, and 55 more hotel projects were underway, with an anticipated completion date of 2023.

Furthermore, Asia-Pacific remained the largest market in 2022 and is projected to maintain its position as the foremost market for the global construction industry. With over half of the world's urban population residing in Asian cities and two-thirds of the projected global urban population development occurring in these cities, Asia-Pacific is classified as a developing market. These factors will provide opportunities for market expansion.

Regional Analysis

Asia-Pacific is experiencing a construction industry expansion due to rising domestic demand and the accessibility of inexpensive labor. China, Japan, India, and South Korea are significant developing nations in the Asia-Pacific region. The population and disposable income expansions in China, India, and Indonesia have augmented residential housing in the Asia-Pacific region. As a result, the construction industry has witnessed a surge in the procurement of HPL exterior boards. The Chinese construction industry was expected to experience growth of 4.21% in 2021, primarily driven by the establishment of 2,991 hotel construction projects and the execution of numerous mega-infrastructure initiatives.

Similarly, Indonesia demonstrates the potential to attain a growth rate of around 9% over the next five years. This is primarily due to the substantial number of 378 hotel construction projects that are presently underway and ongoing residential initiatives. Consequently, the construction industry's growing significance would correspond to an upward demand for HPL exterior boards over the forecast period.

Key Highlights

• The global HPL exterior boards market size is estimated to grow at a CAGR of 3.78% during the forecast period (2023–2031).
• Based on type, the global HPL exterior boards market is divided into 6–8 mm, 8–10 mm, 10–12 mm, 12–14 mm, and 14–16 mm. The 6–8 mm segment dominates the global market.
• Based on application, the global HPL exterior boards market is segmented into facades, exterior walls, exterior flooring and roofs, outdoor furniture, and balconies. The exterior wall segment owns the highest market share.

Competitive Players

1. OMNOVA Solutions
2. Panolam Industries
3. Trespa International
4. ASD Laminate
5. Wilsonart International
6. Sonae Arauco
7. Abet Laminati
8. Fletcher Building

Recent Developments

• May 2024- Wetwall, a Wilsonart Company, launched its new Pro Plus Collection, designed explicitly for larger-scale commercial projects. The Pro Plus Collection boasts unparalleled efficiency, durability, and aesthetic appeal and is poised to transform commercial spaces' design and construction.
• May 2024- Sonae Arauco invested more than 5 million Euros in two new wood recycling centres in Portugal.
• April 2024- Fletcher Building pioneered low-carbon living with the launch of innovative LowCO homes.

Segmentation

1. By Type
   1. 6-8 mm
   2. 8-10 mm
   3. 10-12 mm
   4. 12-14 mm
   5. 14-16 mm
2. By Application
   1. Facades
   2. Exterior Walls
   3. Exterior Flooring and Roofs
   4. Outdoors Furniture
   5. Balcony