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Laminate Flooring Market Insight, Size, Revenue, Growth Opportunities, Competitive Analysis, Trends and Demand by 2024
The global laminate flooring market has experienced a steady growth over the past few years. This can be accredited to the rising urbanisation along with the technological developments and introduction of innovative product designs by the manufacturers.
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Laminate flooring refers to a durable and versatile flooring solution made of melamine resin and fibreboard materials. It is composed of four layers, namely wear layer, design layer, core layer and back layer, which are fused together using intense heat and pressure. Laminate flooring is relatively inexpensive as compared to engineered wood, solid hardwood, and stone floor coverings. As it can replicate stone, tiles as well as wood patterns, the demand for laminate flooring has been escalating in the recent years. A new research report by IMARC Group, titled “Laminate Flooring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global laminate flooring market reached a volume of nearly 962 Million Sq. Metres in 2018, registering a CAGR of 2% during 2011-2018. The report further anticipates the market to reach a volume of 1,040.5 Million Sq. Metres by 2024.
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With rising population and improving standards of living, there has been an increase in the demand for modern housing, particularly in the emerging nations, which have significantly contributed to the growth of the market.
The advancements in the designing and printing technology and the introduction of innovative product designs by the manufacturers are some of the other growth-inducing factors propelling the global laminate flooring market.
Laminate flooring ensures ease of installation and reduces the requirement of skilled labour as opposed to the other flooring materials. This has favourably impacted the growth of the laminate flooring market globally.
The price volatility of the raw materials of laminate flooring and their availability can pose a major challenge to the laminate flooring manufacturers.
Insights on Market Segmentation:
Market Performance of Key Types:
1. HDF Laminates
2. MDF Laminates
On the basis of product type, the market has been segmented into HDF and MDF laminates. Currently, MDF laminates represent the most popular product type in the laminate flooring market, accounting for the largest share.
Market Performance by Sector:
Based on sector, the report finds that the commercial sector dominates the market, holding the majority of the market share. Laminate flooring is extensively used in this sector as it is cost-effective, requires low-maintenance and has the ability to withstand high traffic. It is followed by the residential sector.
Market Performance of Key Regions:
1. Asia Pacific
2. North America
4. Latin America
5. Middle East and Africa
On a geographical front, Asia-Pacific enjoys the leading position in the global laminate flooring market. The growing spending capacity, rapid urbanisation, and increasing number of housing projects are driving the market across the region. Other major regions include North America, Europe, Latin America, and Middle East and Africa.
The laminate flooring industry is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of price and quality. Some of the leading players operating in the market are:
Mohawk Industries Inc.
Armstrong World Industries, Inc.
Shaw Industries, Inc.
Mannington Mills, Inc.
Beaulieu International Group
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