Laminate Flooring Market Forecast 2023 - 2031

By Type :

The type segment is categorized into high-density fiberboard laminated flooring and medium-density fiberboard laminated flooring. In 2022, the medium-density fiberboard laminated flooring segment accounted for the highest market share in the laminate flooring market. Moreover, it is likely to grow at the fastest CAGR over the forecast period. Medium-density fiberboard laminates accounted for the majority share in the market due to their cost-effectiveness and smooth as well as uniform surface, which permit for regular adhesion of laminate sheets, therefore allowing a seamless finish and increasing the visual appearance of the product. Moreover, MDF laminates provide excellent versatility in design as they can mimic the appearance of various materials, including wood grains and solid colors. Additionally, they offer good dimensional stability, which is less prone to warping or swelling owing to changes in temperature. Furthermore, the ease of installation and printability of MDF laminates permit large design flexibility and customization options, which, in turn, is facilitating their demand all across the globe.

By End User :

The application segment is categorized into residential, commercial, and industrial. In 2022, The residential sector accounted for the largest share of 68.79% in the laminate flooring market due to the increasing construction of houses, apartments, and residential complexes. Furthermore, the extensive product implementation in home renovation and improvement activities to enhance the appearance, aesthetics, and functionality of living spaces is acting as another growth-inducing factor. Moreover, the easy accessibility of a diverse range of design options, including colors, patterns, and texture, which allow homeowners to select flooring styles that perfectly suit their personal preferences and complement their interior décor, is contributing to the market growth.

However, the commercial segment is expected to be the fastest-growing segment over the forecast period. Long-span timber floor solutions have demonstrated their potential to compete with concrete and steel construction for multi-story commercial buildings. Owing to the high strength-to-weight ratio of timber, operative vibration performance is a critical structural design issue for long spans. According to the Floor Covering News research, commercials represent around 26.2% of total U.S. flooring sales. Therefore, the segment will grow at the fastest CAGR over the forecast period.

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By Distribution Channel :

The distribution channel segment is categorized into offline and online. In 2022, the offline segment accounted for the highest market share in the overall laminate flooring market. The availability of personal store assistants plays a key role in influencing customers to try out new products. These factors make hypermarkets a prime channel for companies to launch their products. New brands choose offline channels to start promoting to increase the customer base. Thus all the above-mentioned factors drive the segment growth.

However, the online segment is expected to be the fastest-growing segment over the forecast period. The popularity of e-commerce sites and a growing number of manufacturers creating their websites are driving the development of this segment. In addition, developing urbanization trends force consumers to tend the online platforms due to ease and convenience. Apart from that online retailers are in-cashing volume sales advantages by including discounts and cash-back offers. All these above mentioned factors will help the segment to grow at the fastest CAGR over the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, 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, it is expected to reach USD 7,105.57 million in 2031. In Asia Pacific, China accounted for the highest market share of 31.30% during the base year of 2022. In Asia Pacific China has been one of the key export sources of flooring products globally in recent decades. Factors such as rapid development in infrastructure, changing lifestyles of consumers, and growing demand for insulation are the major factor that drives the demand for laminated flooring in the region. The presence of a large customer base, owing to the growing expenditure capacities of consumers and rapid urbanization activities in the region, is acting as another growth-inducing factor.

Moreover, the increasing investments by regional governments in infrastructural development projects, such as railway stations, airports, supermarkets, shopping malls, educational institutions, and healthcare facilities, are providing an impetus to market growth. Thus, the demand for laminate flooring is high in the region and dominate the market in 2022.

Furthermore, North America is expected to witness significant growth over the forecast period, growing at a CAGR of 6.9% during 2023-2031. Growing importance on home decor and improving lifestyles of people are driving renovation as well as refurbishing activities in the region. For instance, Leading Indicator of Remodeling Activity (LIRA), reported that in the U.S., yearly growth of home repair and reconstruction expenditures is expected to increase investment in home furnishings such as carpets, and other floor coverings that contribute to the artistic appeal of interior spaces. Thus, the region is likely to grow at the fastest CAGR over the forecast period.