San Francisco -- The global laminate flooring market is expected to grow at a significant compound annual growth rate (CAGR) of 5.1% by 2023 as the scope and application rise across the globe.
Rising investments in the construction industry, growth in remodeling and renovation activities, and rapid urbanization are documented as the major driving factors to laminate flooring market. Disposal of waste however is a factor that may hamper overall market growth in the upcoming period.
Globally, Asia-Pacific accounts for the largest market share of laminate flooring in terms of value and is estimated to lead the overall market in future. Rapid urbanization, rising construction industry, and governments' initiatives and availability of favorable policies may account for the region’s large market share. Low manufacturing costs and rising disposable income of the population may boost overall market in the region in the years to come. China is a major consumer of flooring in the region and estimated to grow at the highest CAGR in the near future. Developing countries like India are estimated to grow at the fastest pace in the upcoming period. The Middle Eastern and African markets may also grow at a significant CAGR in future.
The key players in the laminate flooring market are Mohawk Industries, Faus Group, Shaw Industries, Tarkett, Armstrong, Kronoflooring, CLASSEN Group, Power Dekor, Kronoflooring, Mannington Mills, Swiss Krono Group, Der International Flooring, and Range Gunilla Flooring. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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