According to a report available on Radiant Insights, Inc.; the laminate flooring market is likely to expand progressively by 2023.
Growth in construction industry, rise in renovation and remodelling activities due to rapid urbanization and industrialization can drive the market over the forecast period (2018 to 2023).
Increasing focus on interior decoration has increased the demand for aesthetic flooring materials. Trend of housing renovation and maintenance have been increased and are likely to rise in the coming years due to improving disposable income of people. Due to these factors, demand for these floorings is on the rise. These types of floorings offer several benefits in terms of price, durability, and maintenance as compared to other premium materials. This advantage has increased the application scope of these floorings in corporate, healthcare, hospitality, and other commercial sectors. Furthermore, availability of wide range of designs and textures at affordable prices as compared to wood floorings is expected to drive their demand in the coming years. Additionally, Introduction of aqua+ technology, advancements in digital printing, and increasing acceptance of wider planks are likely to support the market growth.
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Worldwide laminate flooring market can be segmented on the basis of type, application, and region.
Based on type, the market can be classified into HDF laminates and MDF laminates. As per application, the market can be bifurcated into residential and commercial.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Rise in construction activities in the BRIC (Brazil, Russia, India, China) countries is anticipated to create more opportunities in the coming years.
Asia Pacific is expected to be the fastest-growing market over the projected period due to increasing disposable income and chaining lifestyle of consumers. Growth in construction industry, promising government policies, rapid urbanization, and infrastructure development are some of the key factors expected to propel the growth in this region. China is estimated to show high growth over the forecast period.
North America and Europe are poised to show substantial growth during the forecast period. The U.S. is the major contributor in this region. Technological developments and introduction of several anti-slip and bacteria resistant flooring solutions that can be utilized in the healthcare segment is expected to drive the product demand in the U.S.
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Key companies operating in the market include Milliken & Company, TOLI Corporation, Armstrong Flooring, Shaw Industries, and Mohawk Industries.
Companies are highly focused on the development of innovative products to gain traction in the market. They are also implementing proper display and distribution systems that constitutes online catalogues as well as virtual assistants, which will help customers to choose to select appropriate product for application.
For instance, Pergo has recently launched new laminate products, which are designed for the specialty retail market. The new Pergo Vintage Home Traditional Strip collection are designed to offer authentic look and experience of a true hardwood strip floor. It features micro-beveled seams and narrow width planks in three different lengths (15.8”, 32.1” and 48.4”). All Vintage Home Traditional Strip decors include a 10mm core and a new glue-less click joint developed specially for narrow width planks. The product also available in six decors such as Lancaster Oak, Beacon Hill Cherry, Northampton Oak, Bradstreet Maple, Windham Cherry, and Wynwood Oak. These products are being manufactured using LusterGard Plus technology for scratch resistance.
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