India Laminate Flooring - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

India Laminate Flooring - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

The India Laminate Flooring Market size is estimated at USD 53 million in 2024, and is expected to reach USD 70.92 million by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).

Laminate flooring refers to a multi-layer synthetic flooring product with the wear, design, core, and back layers sealed together using lamination. The upper layer usually comprises melamine and aluminum oxide, providing the laminate board with scratch- and moisture-resistant surfaces. Laminate flooring is economical, highly resistant to dust and damage, versatile, durable, eco-friendly, and easy to install. India Laminate flooring is relatively inexpensive compared to engineered wood, solid hardwood, and stone floor coverings. Moreover, it is available in varying widths, lengths, and thicknesses and can replicate different surfaces, including wood, stones, and tiles. Hence, the demand for laminate flooring is increasing across India.

Additionally, one of the major factors driving the market growth is the rapid rise of the construction industry. Urbanization, industrialization, and changing lifestyles have increased construction activities in emerging countries like India. Rising environmental concerns regarding the usage of timber and new technological innovations are expected to continue to spur the demand in the upcoming years. Raw materials price volatility and availability can pose a significant challenge for laminate flooring manufacturers. The flooring manufacturing sector is one of the sectors that have been bearing the brunt of pandemic. Manufacturers were stranded on raw material orders due to the significant impact of pandemic on the logistics industry due to the lockdowns. All these factors have been limiting the laminate flooring industry's growth amid the pandemic.

The post-COVID scenario of the India laminate flooring market has witnessed a significant boost. With the rise in home renovations and increased focus on hygiene, laminate flooring has become a popular choice. The market is experiencing growth due to factors like affordability, durability, and easy installation.

India Laminate Flooring Market Trends

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.

India Laminate Flooring Industry Overview

The report covers major international players operating in the Indian laminate flooring market. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. Some of the leading players in the market are Inovar Floors India, BVG Flooring, Greenlam Industries, Notion Flooring, and Marco Polo flooring, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support