Laminate Flooring Market to Hit US$ 17,812.90 Million By 2031 | Latest Market Insights

New York, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global Laminate Flooring Market is expected to witness significant growth at a CAGR of 6.3% during the forecast period of 2023-2031. Factors such as a growing application of laminated flooring in commercial construction. Moreover, home renovation and remodeling activities are on the rise all over the world, which drives the growth of the market.

According to a recent report by Consegic Business Intelligence, the laminate flooring market is poised for strong expansion and is expected to reach USD 17,812.90 million by 2031 and USD 10,959.61 million by 2023. The market which was valued at USD 10,401.35 million in 2022, is predicted to grow at a compound annual growth rate of 6.3% during the period 2023-2031. The report highlights the significant growth in the growing demand for laminate flooring in commercial construction. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the laminate flooring market.

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Laminate flooring is a largely preferred choice for both residential and commercial properties due to its affordability, versatility, and durability. It is made up of several layers of synthetic materials that are attached together to create a strong and attractive surface. Moreover, it is easy to install and can be soared over an existing subfloor without the requirement for nails or glue. One of the most common applications of laminate in real estate and construction is for flooring.

With a large range of dimensions, it is increasingly being implemented to replicate various surfaces such as stones, tiles, and wood, among others. The growing application of laminated flooring in commercial construction is a major driver for market growth. Home renovation and remodeling activities are on the rise all over the world, which drives the growth of the market.

Global Laminate Flooring Market: Report Attributes

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Global Laminate Flooring Market Segmentation Details:

Based on Type, the medium-density fiberboard laminated flooring segment contributed the largest shares to the market growth in 2022. This is due to the the ease of installation and printability of MDF laminates permit large design flexibility and customization options, which, in turn, is facilitating their demand all over the world.

Based on End Use, the residential segment accounted for the largest market share in the year 2022. The extensive product implementation in home renovation and improvement activities to enhance the appearance, aesthetics, and functionality of living spaces is acting as a growth-inducing factor.

Based on Distribution Channel, the offline segment accounted for the largest market share in the year 2022. The availability of personal store assistants plays a key role in influencing customers to try out new products. Moreover, new brands choose offline channels to start promoting to increase the customer base, moreover also offer to taste the new product.

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Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. the growing investments by regional governments in infrastructural development projects, including railway stations, airports, supermarkets, airports, supermarkets, shopping malls, educational institutions, and healthcare facilities, are providing an impetus to market growth.

Competitive Landscape

Tarkett SA, Mohawk Industries Inc., and Shaw Industries Group Inc. are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of laminate flooring. Further, the laminate flooring market is expected to grow steadily due to the increasing construction and renovation activity in regions such as North America and Europe is estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing expansion of laminate flooring players in the international market is expected to increase the competition in the industry.

Recent Developments

• In April 2022: The Solihull-based distributor of floor coverings, Likewise Group, completed another purchase. Similarly, Floors subsidiary paid USD 2.40 million for Delta Carpets (Holdings) and its sole subsidiary Delta Carpets.
• In June 2021, Shaw Industries Group, Inc., collaborated with local real estate developers for innovation in housing solutions; this will include laminate flooring as a part of innovation in the products.

Key Market Takeaways

• Asia Pacific accounted for the highest market share at 41.21% valued at USD 4,286.40 million in 2022 and USD 4,486.86 million in 2023 and is expected to reach USD 7,105.57 million in 2031. Moreover, in Asia Pacific, China accounted for the highest market share of 31.30% during the base year of 2022.
• Based on type, the medium-density fiberboard laminated flooring segment accounted for the highest market share contribution to the laminate flooring market statistics in 2022.
• In the end user, the residential segment is expected to contribute significant shares to the growth of the laminate flooring market statistics during the forecast period.
• In the distribution channel, the offline segment is expected to contribute significant shares to the growth of laminate flooring market statistics during the forecast period.
• North America is expected to boost the market demand for laminate flooring due to the rising importance of home decor and the improving lifestyles of people are driving renovation as well as refurbishing activities in the region.

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List of Major Global Laminate Flooring Market:

• Tarkett SA
• Mohawk Industries Inc.
• Shaw Industries Group Inc.
• AHF, LLC.
• Beaulieu International Group
• Sika AG
• Mannington Mills, Inc.
• Squarefoot
• Action TESA
• BVG Industries Pvt. Ltd.

Global Laminate Flooring Market Segmentation: 

• By Type
  • High-density Fiberboard Laminated Flooring
  • Medium-density Fiberboard Laminated Flooring
• By Eun User
  • Residential
  • Commercial
    • Healthcare
    • Office
    • Others
  • Industrial
    • Workshop Area
    • Inventory Area
    • Others
• By Distribution Channel
  • Offline
    • Hypermarkets
    • Convenience Stores
    • Other
  • Online
    • E-commerce Platforms
    • Company Websites

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Frequently Asked Questions in the Laminate Flooring Market Report

• What was the market size of the laminate flooring industry in 2022?
  • In 2022, the market size of laminate flooring was USD 10,401.35 million.
• What will be the potential market valuation for the laminate flooring industry by 2031?
  • In 2031, the market size of laminate flooring will be expected to reach USD 17,812.90 million.
• What are the key factors restraining the growth of the laminate flooring market?
  • Volatility in price is restricting the market growth.
• What is the dominating segment in the laminate flooring market by type?
  • In 2022, the medium-density fiberboard laminated flooring segment accounted for the highest market share in the overall laminate flooring market.
• Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the laminate flooring market?
  • North America is likely to grow at the fastest CAGR over the forecast period in the laminate flooring market

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