Press release
Laminate Flooring Market Size, Growth Insight, Regional and global Industry Forecast To 2029
Over the years, there has been a surging growth in the number of residential and commercial buildings across the world due to the increasing initiatives undertaken by the governments of various countries for the development of construction industry. This has resulted in a high demand for laminate flooring across several regions, which is projected to propel the growth of this market during the forecast period.
However, the change in price and the availability of raw materials is projected to hinder the growth of this market.
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COVID-19 Impact:
With the closure of most of the industries across the world due to the COVID-19 pandemic, there has been a decline in the demand for laminate flooring across several regions, which is anticipated to have a negative impact on the growth of this market.
Market Segmentation:
On the basis of type, this market is classified into high-density fiberboard laminated flooring and medium-density fiberboard laminated flooring. Based on application, the market is divided into residential, commercial, and industrial. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights/Summary:
The report provides an exhaustive assessment of each market segment and also offers an in-depth analysis of the market drivers, trends, opportunities, and hindrances. Furthermore, the report contains a granular examination of the regional developments impacting the market, along with a thorough evaluation of the top market players and their key strategies.
Drivers/Restraints:
Rising Number of Hotels and Cafes across the World to Fuel the Market
With the growing number of hotels, cafes, and theatres around the world, there has been a rising demand for laminate flooring that is cost-efficient and can provide attractive look to the interiors of the hotel or café. Further, the laminate flooring requires less maintenance and also possesses the ability to withstand heavy traffic. Thus, this is a major factor responsible for the growth of this market across several regions.
Regional Insights:
Increasing Urbanization Rate to Boost the Asia Pacific Market Growth
The Asia Pacific region is projected to witness substantial growth in the laminate flooring market share on account of the rising urbanization rate and growing construction sector in the countries such as India, China, Japan, and others.
Europe is anticipated to grow steadily in this market owing to the increasing number of laminate flooring manufacturing companies in the countries such as the UK, Germany, France, and others.
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Competitive Landscape:
Rising Investments by Key Players to Animate Competition
The leading companies in the laminate flooring market are focusing on increasing their investments for the manufacturing of laminate flooring due to a high demand for such flooring from the construction industry. This has resulted in the increasing competition among key companies which will help them to expand their product portfolio and widen their market footprint.
Industry Development:
January 2018: Tarkett invested USD 85.9 million to expand its Luxury Vinyl Tiles production capacity in Europe and North America. This investment was done to meet the increasing demand for modular vinyl flooring in these regions.
List of Key Players Covered in the Laminate Flooring Market Report:
Tarkett SA, Mohawk Industries Inc., Shaw Industries Group Inc. Armstrong Flooring Inc., Beaulieu International Group.
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