Market Trends of India Laminate Flooring Industry
This section covers the major market trends shaping the India Laminate Flooring Market according to our research experts:
Commercial Segment is Expected to Hold a Major Market Share in the Near Future
The demand for laminate flooring in the commercial segment is on the rise, 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 influence the demand for laminate flooring positively. 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 it comparatively comes in an affordable range and offers a natural finish.
Growing Construction Industry in India is Driving the Market
With rapid industrialization, rising expenditure of infrastructure projects and manufacturing facilities, and the booming residential construction market, the floor covering market is anticipated to register rapid growth 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, among others, while the urban development segment broadly consists of sub-segments, such as water supply, sanitation, urban transport, schools, and healthcare. According to statistics, by 2025, the construction market in India is expected to emerge as the third-largest, globally, and the construction output is expected to grow on average by 7.1% each year. The laminate flooring market, which is 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 economical, highly dust- and damage-resistant, versatile, durable, eco-friendly, and easy to install, are encouraging the product penetration of non-resilient floor covering applications in the industrial and hospitality sectors.
