According to the latest report by IMARC Group, titled “Laminate Flooring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global laminate flooring market size reached 1,049 Million Sq. Metres in 2022. Laminate flooring is a type of synthetic flooring material that is designed to look like the appearance of natural hardwood, stone, or tile. It is composed of multiple layers, generally consisting of a backing layer, a core layer made of high-density fiberboard, a decorative layer with a high-resolution image of wood, stone, or tile, and a protective wear layer. It is manufactured by fusing these layers together using heat and pressure and is a cost-effective and versatile solution. Besides this, it assists in providing a durable and visually appealing flooring option for both residential and commercial spaces.
Global Laminate Flooring Market Trends:
At present, the rising adoption of laminate flooring, as it is easy to install and offers a superior quality look, represents one of the key factors supporting the growth of the market. Besides this, the growing demand for affordable products that have low maintenance costs is offering a favorable market outlook. Additionally, the rising number of construction and infrastructure development activities around the world is propelling the growth of the market. Apart from this, the easy accessibility and wide availability of laminate flooring in several designs, colors, and patterns, are positively influencing the market. In addition, the increasing preference for eco-friendly flooring options among the masses worldwide is contributing to the growth of the market. Moreover, the rising demand for visually appealing flooring solutions among individuals is offering lucrative growth opportunities to industry investors. Furthermore, the increasing introduction of innovative click-lock systems that enable hassle-free installation and makes it a preferred choice for do-it-yourself (DIY) projects in commercial spaces is bolstering the growth of the market. Looking forward, the market volume is projected to reach 1,252 Million Sq. Metres by 2028, expanding at a CAGR of 2.9% during 2023-2028.
- Based on the type, the MDF laminates exhibit a clear dominance in the market, followed by HDF laminates.
- On the basis of the sector, the market has been bifurcated into residential and commercial. At present, residential dominates the market, accounting for the largest share.
- Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being Mohawk Industries Inc., Tarkett SA, Armstrong World Industries, Inc., Shaw Industries, Inc., Mannington Mills, Inc., and Beaulieu International Group.
|Base Year of the Analysis
||Million Sq. Metres, US$ Billion
||Type, Sector, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Mohawk Industries, Inc., Tarkett SA, Armstrong World Industries, Inc., Shaw Industries, Inc., Mannington Mills, Inc. and Beaulieu International Group
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