Market Trends of India Laminate Flooring Industry
Commercial Segment is Expected to Hold a Major Market Share in the Near Future
The demand for laminate flooring in the commercial segment is rising, with growing construction activities in the country. Factors such as the rising population and the rapid growth of urbanization have propelled construction activities of corporate offices, retail spaces, educational facilities, government buildings, hotels, lodging spaces, medical and healthcare units, industrial spaces, and commercial utilities. The commercial applications segment is expected to witness the fastest CAGR over the forecast period, owing to the increasing product penetration in retail and hospitality construction. The rapidly expanding commercial sector in the country, including malls and retail shops, is expected to drive the demand for laminate floorings. Rising government efforts to boost the tourism sector in the country are expected to positively influence the hospitality sector, which, in turn, is expected to drive the market. This factor, in turn, is expected to positively impact the demand for laminate flooring. The demand for luxury living spaces, hotels, and other hospitality facilities is forecasted to drive the growth of the market. Laminate flooring is emerging in the country as it offers a cost-effective alternative to hardwood flooring without compromising aesthetic properties. Laminate wood floorings are a popular choice across the distribution channel as they are affordable and provide a natural finish.
Growing Construction Industry in India is Driving the Market
With rapid industrialization, rising expenditure on infrastructure projects and manufacturing facilities, and the booming residential construction market, the floor-covering market is anticipated to increase in the forecast period. The construction industry in India consists of the real estate and urban development segments. The real estate segment covers residential, office, retail, hotels, and leisure parks, while the urban development segment broadly consists of sub-segments, such as water supply, sanitation, urban transport, schools, and healthcare.
The laminate flooring market, a sub-segment of non-resilient floor coverings, is growing, with positive trends in commercial construction, followed by residential construction. The shifts in consumer preferences for improved finishing ability, along with benefits like economic, highly dust- and damage-resistant, versatile, durable, eco-friendly, and easy-to-install, encourage the product penetration of non-resilient floor covering applications in the industrial and hospitality sectors.
