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India Laminate Flooring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

India Laminate Flooring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

In India, the laminate flooring market has been experiencing steady growth over the past few years at a CAGR of greater than 6% during forecast period 2021-2026.

COVID-19 has shaken the India’s economy and changed market scenario. It has negatively impacted the Indian laminate flooring market. Transactions are halted due to manufacturing industries shutting down due to nationwide lockdwon. The purchase of these products has been declined due to lockdowns imposed by Indian government . Due to the COVID-19 pandemic the market has been under pressure in the year 2020 which restricted the construction of housing and building projects and the lockdown restrictions have forced to stop manufacturing of laminate flooring products and reduced the purchasing of laminate flooring products which resulted into decline in overall Indian market.

Laminate flooring refers to a multi-layer synthetic flooring product, that is made up of 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 is easy to install. As laminate flooring is relatively inexpensive, as compared to engineered wood, solid hardwood, and stone floor coverings and it is available in varying widths, lengths and thickness, and can replicate different surfaces including wood, stones and tiles, the demand for laminate flooring is increasing across the India. The demand for laminate flooring can be due to numerous factors. One of the major factors is the rapid growth of the construction industry. Urbanization, industrialization, and changing lifestyles have resulted in an increase in construction activities in the emerging countries like India. Rising environmental concerns towards the usage of timber and new technological innovations will continue to spur the demand in the upcoming years. The price volatility of the raw materials for laminate flooring and their availability can pose a major challenge to the laminate flooring manufacturers. The Flooring manufacturing sector is one of the sectors that is bearing the toughest brunt of COVID-19 for more than a year and manufacturers were stranded on raw material orders due to a major effect on the logistics industry due to the lockdowns. All these factors are limiting laminate flooring industry growth during the pandemic.

Key Market Trends

Commercial Segment is Going to Grab Major Share of the Market in the Near Future

The demand for laminate flooring in the commercial segment is on the rise with the growing construction activity in the country. Factors, such as rising population and rapid growth of urbanization have propelled construction activities for corporate offices, retail spaces, educational facilities, government buildings, hotels, lodging spaces, medical and healthcare units, industrial spaces, and commercial utilities. Commercial applications segment is expected to witness the fastest CAGR over the forecast period owing to increasing product penetration in retail and hospitality construction. 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 is expected to positively influence the hospitality sector, which in turn is expected to drive the market. This, in turn, is expected to positively influence the demand for laminate flooring. The demand for luxury living spaces, hotel homes, hotels, and other hospitality facilities is forecasted to drive the growth of the market. The laminate flooring is emerging in the country as it offers a cost-effective alternative to hardwood flooring, yet without compromising on the aesthetic properties. Laminate wood floorings are a popular choice across the distribution channel as it comparatively comes in an affordable range and also the natural finish it leaves.

Growing Construction Industry in India is Driving the Market

With rapid industrialization, rising expenditure on infrastructure projects, and manufacturing facilities along with 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 as well as the Urban development segment. The Real estate segment covers residential, office, retail, hotels and leisure parks, among others. While Urban development segment broadly consists of sub-segments such as Water supply, Sanitation, Urban transport, Schools, and Healthcare. According to statistics, by 2025, Construction market in India is expected to emerge as the third largest globally and 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 the positive trends in commercial construction and followed by residential construction. The shifts in consumer preferences for improved finishing ability with benefits like economical, highly resistant to dust and damage, versatile, durable, eco-friendly and is easy to install is encouraging the product penetration of non-resilient floor covering applications in the industrial and hospitality sectors.

Competitive Landscape

The report covers major international players operating in India Laminate Flooring market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market

5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 High-density Fiberboard Laminated Flooring
5.1.2 Medium-density Fiberboard Laminated Flooring
5.2 By End User
5.2.1 Residential
5.2.2 Commercial
5.3 By Distribution Channel
5.3.1 Offline Stores
5.3.2 Online Stores

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Accord Floors
6.1.2 Avant Flooring
6.1.3 Surfaces India Flooring Pvt. Ltd
6.1.4 Pergo
6.1.5 Inovar Floors India
6.1.6 BVG Flooring
6.1.7 Greenlam Industries
6.1.8 Notion Flooring
6.1.9 Marco Polo flooring
6.1.10 QuickStep

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 DISCLAIMER

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