Market Research Report
Published: May 1, 2021
Global Industry Analysts, Inc.
Content info: 363 Pages
Delivery time: 1-2 business days
Global Laminate Flooring Market to Reach $22.9 Billion by 2026
Laminate flooring is a synthetic floor covering that has appearance similar to flooring made of wood or stone. A key factor driving the adoption of laminate flooring is its cost-advantage over other types of flooring products that are made of stone, wood, ceramics, and vinyl. Popular laminate products available in the market provide solutions for drying out; insect damage; moisture retention; breakage; warping and rotting. Growth in the global market is also attributed to the development of advanced designs, and easy installation, relative ease in maintenance. High Pressure Laminates (HPL) offer superior quality, long-lasting durability as well as low maintenance costs which optimizes operational efficiency in the long run. Laminate flooring also derives benefits from the product being an eco-friendly flooring option.
Amid the COVID-19 crisis, the global market for Laminate Flooring estimated at US$19.1 Billion in the year 2020, is projected to reach a revised size of US$22.9 Billion by 2026, growing at a CAGR of 3.2% over the analysis period. Residential, one of the segments analyzed in the report, is projected to grow at a 3.3% CAGR to reach US$14.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Commercial segment is readjusted to a revised 2.9% CAGR for the next 7-year period. This segment currently accounts for a 39.7% share of the global Laminate Flooring market. The increase in floor renovation and replacement activities in residential construction is expected to augment demand in residential end-use market. Given its easy cleaning, cost-effective and hypoallergenic characteristics, laminate flooring is finding increased acceptance in commercial sector as well as in institutional buildings such as educational institutes, healthcare facilities, and religious units.
The U.S. Market is Estimated at $5.3 Billion in 2021, While China is Forecast to Reach $4.4 Billion by 2026.
The Laminate Flooring market in the U.S. is estimated at US$5.3 Billion in the year 2021. The country currently accounts for a 27.1% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$4.4 Billion in the year 2026 trailing a CAGR of 5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR while Rest of European market (as defined in the study) will reach US$4.6 Billion by the end of the analysis period. In the developed regions, demand continues to emerge in new constructions as well as flooring replacement and renovation programs. Uptrend in construction and industrial activity, inclination towards easy-to-install, low-maintenance, and low-weight building solutions, and adoption of new building codes are primary factors steering the demand for laminate flooring in the developed world. Technology advancements, improved moisture resistance capabilities, and development of glueless laminates have contributed considerably to interests in laminate flooring products in the developed regions. Industrialization, urbanization, and changing lifestyle trends are some of the major factors driving growth in the developing regions. Increase in building construction spending and rising income levels of population is expected to bode well for market growth.
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