Laminate Flooring Market In-depth Research, Opportunities, and Threads Analysis, 2023

Global Laminate Flooring Market is anticipated to grow at a significant CAGR of 5.1% in the upcoming period as the scope, product types, and its applications are increasing across the globe. Laminate flooring also known as “floating wood tile” in the United States. Laminate flooring implies an artificial product made up of numerous layers that are closed together by the lamination procedure.

Laminate flooring is a versatile and durable flooring solution made up of fiberboard and melamine resin materials. It comprises four layers; viz design layer, wear layer, back layer, and core layer; which are attached together using extreme pressure and heat. Laminate floors are fade, burn, dent, stain and scratch resistant.

The factors that propel the growth of the Laminate Flooring Market include improving standards of living, growing population, improvements in the printing and designing technology, introduction of innovative product designs by the key players, ease in the installation. On the other hand, there are factors that may hamper the growth of the market including price instability of the raw materials.

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The market may be explored by type, application, sale channel, and geography. The market may be explored by type as Embossed Laminate Flooring, Crystal Laminate Flooring, Square Parquet Laminate Flooring, Moulding Press Laminate Flooring, and Other.

The key applications that could be explored in the Laminate Flooring Market include Commercial, Residential, Education, Healthcare, Office, Hospitality, Retail, and Other. The “Commercial” segment led the Laminate Flooring Market in 2014 and is anticipated to maintain its dominance by 2023. The market could be explored based on sale channel as Distribution Channel, and Direct Channel.

Asia-Pacific accounted for the major share of the Laminate Flooring Market Size in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include fast urbanization, increasing construction industry, government initiatives & availability of favorable polices and growing number of housing schemes. Asia-Pacific is followed by North America region.

Some of the key players that fuel the growth of the Laminate Flooring Market comprise Mohawk Industries, CLASSEN Group, Shaw Industries, Tarkett, Kronoflooring, Power Dekor, Armstrong, Kastamonu Entegre, Formica Group, and Homenice. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

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