Market Size of India Laminate Flooring Industry
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2019 - 2020 |
| CAGR | > 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Laminate Flooring Market Analysis
In India, the laminate flooring market has been experiencing steady growth over the years, and it is expected to record a CAGR of greater than 6% during the forecast period (2021-2026).
COVID-19 has shaken India's economy and changed the market scenario. It has negatively impacted the Indian laminate flooring market. Transactions are halted as manufacturing industries had to be shut down due to the nationwide lockdown. The purchase of laminate flooring products has been declined due to lockdowns imposed by the Indian government. Due to the COVID-19 pandemic, the market was under pressure in 2020. This factor restricted the construction of housing and building projects. Moreover, the lockdown and related restrictions have forced the manufacturing of laminate flooring products to stop and reduced their sales, which resulted in a decline in the overall Indian market.
Laminate flooring refers to a multi-layer synthetic flooring product, with the wear, design, core, and back layers sealed together using the lamination process. The upper layer usually comprises melamine and aluminum oxide that aid in providing the laminate board a scratch- and moisture-resistant surface. Laminate flooring is economical, highly resistant to dust and damage, versatile, durable, eco-friendly, and easy to install. Laminate flooring is relatively inexpensive, as 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 resulted in an increase in 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. The price volatility of raw materials and their availability can pose a major challenge to laminate flooring manufacturers. The flooring manufacturing sector is one of the sectors that have been bearing the brunt of COVID-19 for more than a year. Manufacturers were stranded on raw material orders due to a major impact of COVID-19 on the logistics industry due to the lockdowns. All these factors have been limiting the laminate flooring industry's growth amid the pandemic.
