Laminate Flooring Market

Global Laminate Flooring Market:

The global laminate flooring market size reached 1,080.2 Million Sq. Metres in 2023. Looking forward, IMARC Group expects the market to reach 1,369.3 Million Sq. Metres by 2032, exhibiting a growth rate (CAGR) of 2.6% during 2024-2032. The significant growth in the construction industry, increasing demand for eco-friendly flooring options, rising expenditure capacities of consumers and emerging do-it-yourself (DIY) trends are some of the major factors propelling the market.

Laminate Flooring Market Analysis:

• Major Market Drivers: The expanding construction sector is primarily driving the growth of the market. Furthermore, the rising global population is also augmenting the demand for residential establishments, which is creating a positive outlook for the global laminate flooring market.
• Key Market Trends: The growing demand for sustainable flooring options, like laminate flooring, on account of the elevating levels of global warming is one of the significant key trends propelling the laminate flooring market share. In addition to this, laminate flooring manufacturers are continuously innovating to offer new designs, textures, and features that mimic natural materials like wood and stone, which is further contributing to the market growth. 
• Geographical Landscape: According to the laminate flooring market research report by IMARC, Asia Pacific represents a leading market for laminate flooring due to the increasing construction activities. In line with this, laminate flooring is widely selected as a cost-effective, durable, and user-friendly flooring material in residential, commercial, and industrial projects.
• Competitive Landscape: According to the laminate flooring market report by IMARC, Mohawk Industries, Inc., Tarkett SA, Armstrong World Industries, Inc., Shaw Industries, Inc., Mannington Mills, Inc., Beaulieu International Group, etc., are some of the leading players of the global laminate flooring market. 
• Challenges and Opportunities: The laminate flooring market faces challenges, such as increasing competition from other flooring options like hardwood and luxury vinyl, which offer similar aesthetics and durability. Economic fluctuations and raw material price volatility also pose challenges for manufacturers. However, there are opportunities for growth driven by the growing demand for affordable and easy-to-install flooring solutions, especially in emerging markets. Innovation in design, technology, and sustainability can also create new opportunities for market expansion.
   

Laminate Flooring Market Trends:

Significant growth in the construction industry

Laminate flooring finds extensive applications in the construction of residential and commercial spaces. It is increasingly being utilized in living rooms, bathrooms, hallways, retail stores, offices, restaurants, and hotels due to its cost-effectiveness, low maintenance, high durability, and excellent resistance against scratches and stains. Furthermore, the escalating population across the globe and the elevating levels of urbanization are also bolstering the demand for residential spaces, which is creating a positive impact on the laminate flooring market. According to the United Nations, the global population is projected to reach 9.7 billion by 2050. Urban areas are likely to witness the most significant construction industry growth. In addition to this, various companies in the construction sector are building both residential and commercial establishments to cater to the growing demand.

Rising Demand for Eco-Friendly Flooring Options

The rising demand for eco-friendly flooring options due to increasing environmental concerns is providing an impetus to the market. Laminate flooring can mimic the appearance of natural wood and stones, which aids in minimizing deforestation activities and overutilization of resources. The rising concerns regarding the increasing carbon footprints and elevating levels of global warming are prompting builders to shift to eco-friendly flooring options, like laminate flooring. According to the National Oceanic and Atmospheric Administration (NOAA), 2021 was the sixth-warmest year on record. The surface temperature in the same year was 0.84 °Celsius warmer than the twentieth-century average of 13.9 °C and 1.04 ˚C warmer than the pre-industrial period. Thus, governments of various countries are conducting awareness programs to educate laminate flooring manufacturers and home buyers to opt for eco-friendly renovation and construction materials. In this response, in November 2021, LL Flooring launched its exclusive Duravana hybrid resilient flooring. It is an entirely new category of eco-friendly and stylish flooring that blends the best characteristics of conventional flooring with innovative technologies to develop premium performance floors. Similar product launches by renowned companies are anticipated to bolster the laminate flooring market demand in the coming years. 

Extensive Research and Development (R&D) Activities

The laminate flooring market is witnessing extensive R&D activities aimed at enhancing the performance, aesthetics, and sustainability of the products. In line with this, various manufacturers are also utilizing high-definition (HD) printing to produce laminate flooring with highly detailed, intricate patterns and vibrant colors at affordable prices, which is contributing to the market growth. In line with this, major companies operating in the hard surface flooring market are focused on adopting new technologies and solutions to sustain their position in the market. For instance, in April 2023, Bjelin Sweden AB, a Sweden-based hardwood flooring manufacturer, launched a new hardened wood 3.0-floor range, a new range of hardened wood floors with updated and improved colors, formats, and technologies. Additionally, the introduction of several certifications for laminate flooring to pass certain standards is further catalyzing market growth. For instance, NALFA has developed a certification seal assurance that is a testament to each product’s quality. NALFA-certified flooring has passed ten rigorous performance tests that include everything from how well it resists water, light, and stains to whether it can be damaged when a large object is dropped. NALFA uses independent, third-party testing laboratories to ensure that NALFA-certified laminate floors meet demanding performance standards. Such innovations are projected to positively impact the laminate flooring market outlook.

Laminate Flooring Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global laminate flooring market report, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on type and sector.

Breakup by Type:

• HDF Laminates
• MDF Laminates
   

MDF laminates dominate the laminate flooring market

The report has provided a detailed breakup and analysis of the laminate flooring market based on the type. This includes HDF and MDF laminates. According to the report, MDF laminates represented the largest market segment.

Medium-density fiberboard (MDF) laminates hold a majority share in the market owing to their cost-effectiveness and smooth and uniform surface, which allows for consistent adhesion of laminate sheets, thus enabling a seamless finish and enhancing the visual appearance of the product. Various key market players are introducing MDF boards with enhanced features to cater to the escalating demand from the construction sector. For instance, in April 2024, Century Plyboards initiated commercial dispatch of MDFs from its newly inaugurated 100% subsidiary, Century Panels, situated in Badvel, YSR Kadapa district, Andhra Pradesh. Consequently, the brand has effectively doubled its MDF capacity from 900 to 1900 cubic meters. Moreover, the ease of installation, machinability, and printability of MDF laminates allow greater design flexibility and customization options, which, in turn, is facilitating their demand across the globe.

Breakup by Sector:

• Residential
• Commercial
   

Residential sector accounts for the majority of the laminate flooring market share

The report has provided a detailed breakup and analysis of the laminate flooring market based on the sector. This includes residential and commercial. According to the report, residential represented the largest market segment.

The residential sector is dominating the laminate flooring market owing to the increasing construction of houses, apartments, and residential complexes. Additionally, the escalating population across the globe is further bolstering the demand for residential spaces. Moreover, the government authorities are taking numerous initiatives to accommodate the rising urban population. For instance, under the Pradhan Mantri Awas Yojana, the Indian government sanctioned the construction of 3.61 lakh homes in November 2021. In addition, with the clearance of the new housing units, 1.14 crore homes have been approved for the program. It is anticipated that the Indian Government's affordable housing program will continue to support the growth of the residential construction sector from a short- to medium-term perspective, which will subsequently aid the growth of the laminate flooring market.

Breakup by Region:

• Asia Pacific
• North America
• Europe
• Latin America
• Middle East and Africa
   

Asia Pacific exhibits a clear dominance in the market, accounting for the largest market share

The report has also provided a comprehensive analysis of all the major regional markets, which includes Asia Pacific, North America, Europe, Latina America, and the Middle East and Africa. According to the report, Asia Pacific represented the largest market segment.

Asia Pacific represents a leading market for laminate flooring due to the increasing construction activities. In line with this, laminate flooring is widely selected as a cost-effective, durable, and user-friendly flooring material in residential, commercial, and industrial projects. Additionally, the presence of key manufacturers in the region along with their ongoing efforts to expand is also contributing to the region’s growth. For instance, CFL Flooring announced the expansion of its manufacturing capacity in Vietnam. This expansion in Vietnam is done to facilitate the development of hybrid resilient flooring products. Similarly, in November 2022, PJ Chonburi Parawood Co Ltd. (PJ Wood) expanded its production with its aim to manufacture wooden building components for the global export of laminated boards and covering. The firm planned to provide flooring products initially in the domestic market through a direct-to-consumer model.

Competitive Landscape:

The report has provided a comprehensive analysis of the competitive landscape in the global laminate flooring market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Mohawk Industries, Inc.
• Tarkett SA
• Armstrong World Industries, Inc.
• Shaw Industries, Inc.
• Mannington Mills, Inc.
• Beaulieu International Group
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Global Laminate Flooring Market News:

• April 2024: Century Plyboards initiated commercial dispatch of MDFs from its newly inaugurated 100% subsidiary, Century Panels, situated in Badvel, YSR Kadapa district, Andhra Pradesh. This significant event marks a pivotal moment in the company’s journey. Consequently, the brand has effectively doubled its MDF capacity from 900 to 1900 cubic meters.
• March 2024: Robina Flooring, a long-standing laminate flooring brand introduced, a water-resistant and termite-proof laminate flooring line, Robina Aqua laminate flooring. Featuring two of the best advantages, 10-day water resistance and 15 years of termite warranty, the latest product line challenged every limit of wood-made flooring products ever.
• November 2023: The North American Laminate Flooring Association (NALFA), a non-profit organization dedicated to advancing the laminate flooring category, announced that Mohawk Industries became the first company among its members to achieve LF-02 Sustainability Certification since the standard's creation.

Global Laminate Flooring Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the laminate flooring market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global laminate flooring market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the laminate flooring industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.