According to a report,“India Wood And Laminate Flooring Market Analysis By Product (Wood Flooring, Laminate Flooring), By Application (Residential, Commercial) And Segment Forecasts To 2020”, published by Grand View Research, Inc., India wood and laminate flooring market size was estimated to be USD 113.5 million in 2013. Increasing renovation and floor replacement activities in residential and commercial application is expected to drive the industry over the forecast period. Wood flooring is considered as a status symbol as a result of which it has been witnessing significant adoption rate in India over the last five years.
International companies were reluctant to enter the Indian market in the past due to high duty and exchange issues. However, over the last five years, India has leapfrogged to position itself as the second most lucrative industry in Asia after China.
Several multinational companies such as Armstrong and Pergo have started forming strategic alliances with domestic players in order to address logistics and transport issues which deterred them to foray in the India flooring market in the past.
Domestic sourcing accounts for just a handful of the supplies in the wood flooring market; a vast majority of the supplies are imported. Global manufacturers have tailored their wood and laminate flooring offerings in order to withstand the drastic climatic conditions in India. Changing lifestyles, rising urban population and the recovery of the construction industry in India has led to a considerable growth in demand for such floor solutions. Infrastructural spending is a key driver for regional economies and an increased spending on capital projects & infrastructure is expected to grow significantly over the next decade.
Increasing concerns over environmental impact has significantly impacted the India wood and laminate flooring market, resulting in the development of eco-friendly materials. Additionally, the industry is growing at a rapid pace creating extensive waste out of renovation activities making efficient disposal of waste a key issue in recent times. Development of various anti-slip and bacteria-resistant solutions has led to increased application particularly in the healthcare sector.
India wood flooring market revenue by application, 2012 – 2020, (USD Million)
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The commercial wood and laminate flooring market accounted for over 55% of the share in 2013 on account of high demand from corporate offices, five-star hotels, restaurants, showrooms, and retail outlets. .
Growing demand for residential projects consisting of specifically western style houses with wooden frame constructions has favorably impacted growth. Rising investments in commercial real estate and an increased preference to the wooden floor covering has fueled growth in demand.
The India laminate flooring market is characterized by high demand from metropolitan cities which include Mumbai, Delhi, Chennai, Kolkata, Chennai, Bangalore, and Pune. North Indian states are expected to dominate the demand for the premium flooring products. Regions from the East have not matured yet. Apart from the city of Kolkata, companies may not find any other attractive market in the eastern region.
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