Market Size of ASEAN Laminate Flooring Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 610.44 Million |
| Market Size (2029) | USD 727.11 Million |
| CAGR (2024 - 2029) | 3.56 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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ASEAN Laminate Flooring Market Analysis
The ASEAN Laminate Flooring Market size is estimated at USD 610.44 million in 2024, and is expected to reach USD 727.11 million by 2029, growing at a CAGR of 3.56% during the forecast period (2024-2029).
With a continuous rise in revenue of floor covering in the ASEAN region, revenue of laminate floor covering is observing a continuous increase in its sales with a share of more than 5% in floor covering revenue. China is emerging as a major exporter of laminate floor covering to the ASEAN region with the rise in its construction activities. With rising urbanization and disposable income in the ASEAN region, people are exploring easy-to-install and highly resistant flooring materials for which laminate flooring exists as an efficient solution. Singapore, Brunei, and Malaysia have emerged as ASEAN economies with the highest economic growth and urbanisation rate creating market opportunities for Laminate flooring manufacturers to increase their sales in these regions. With innovative developments of convergence of art and technologies users' preference for customized images in laminate flooring is observing an increase in demand, making residential and commercial space more attractive.
Post-COVID-19, the construction industry in Singapore observed a sharp increase in growth with an increase in demand for more commercial and residential spaces, with other countries of Malaysia and Vietnam observing a similar trend, creating a positive externality for sales of laminate flooring. The laminate flooring product is composed of a multi-layer, wear-resistant, design-resistant, core-reinforced, and back-reinforced laminate board, which is sealed together using a lamination process and is suitable for absorbing foot frequency of commercial spaces. Costco Wholesales and Walmart are among the players who are expanding their sales network in the ASEAN countries with rising economic activity and signaling global manufacturers to enter the market to reap upcoming profits.
