Global Laminate Flooring Market Driven by Flourishing Construction Industry
united states, 11 June 2018 -- The various benefits of laminate flooring such as durability, affordability, and ease of installation and maintenance have made it a popular flooring option for both commercial and residential applications. As a result, the global laminate flooring market is currently witnessing a steady growth.
IMARC Group’s recently published report titled, “Laminate Flooring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global laminate flooring market reached a volume more than 968 Million Sq. Metres in 2017, growing at a CAGR of 3% during 2010-2017. Laminate flooring is used to cover the floor structure of a building and consists of different layers that are sealed together. There are four major layers, namely, design layer, inner core, backing layer and wear layer. The top layer is made up of melamine and aluminium oxide which make the surface resistant to scratches and stains, and also gives a premium look to the flooring. Easy to install and clean, laminate flooring is ideal for semi-moist areas like kitchens. Over the years, it has gained popularity due to certain advantages over conventional flooring such as durability, affordability and ease of maintenance.
Highlights of the global laminate flooring market:
Rapid growth of the construction industry is the major driver for the market growth.
The commercial sector is the biggest application segment, accounting for the majority of the market share.
Asia Pacific represents the largest market for laminate flooring driven by rising income levels and urbanization.
The laminate flooring market is experiencing a healthy growth due to a rise in the construction activities in various regions. Owing to rapid urbanization, there has been a surge in housing projects, particularly in the developing regions, which has been driving the residential flooring market. Increasing disposable incomes have also led to higher spending in the real-estate sector which is rapidly fueling the industry growth. Additionally, as a result of its ability to sustain high traffic, laminate flooring has become a preferred choice for commercial applications in sectors such as healthcare, retail and corporate. Moreover, changing lifestyles and consumer preferences have encouraged the manufacturers to introduce innovative and diverse designs in their product lines. According to the report, the market is further expected to reach a volume around 1136 Million Sq Metres by 2023.
The market has been segmented on the basis of product type covering HDF laminates and MDF laminates. Based on the application, the commercial sector accounts for the majority of the market share. Regionally, the global laminate flooring market has been segmented into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. As a result of rapid urbanization and rising income levels, Asia Pacific represents the largest market. On analysing the competitive landscape, it is found that the major players are Mohawk Industries Inc., Tarkett, Armstrong World Industries, Inc., Shaw Industries Inc., Mannington Mills Inc. and Beaulieu International Group.
The report by IMARC Group has examined the global laminate flooring market on the basis of:
Middle East and Africa
Mohawk Industries Inc.
Armstrong World Industries Inc.
Shaw Industries Inc.
Mannington Mills Inc.
Beaulieu International Group
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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Media Contacts: IMARC Group
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