Laminate Flooring Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Material and, by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032

COVID-19 Impact analysis.

• COVID-19 has an adverse effect on the laminate flooring market and has negatively affected the laminate flooring market.
• During the COVID-19 outbreak, construction, manufacturing, and logistic industries were majorly affected. Construction activities were also stopped or restricted to a huge extent. Manufacturing and transportation activities along with their supply chains were hampered on a global level. This directly hampered the laminate flooring market growth.
• COVID-19 has already affected the sales of laminate flooring in the first and second quarter of 2021 and has considerably recovered in the third and fourth quarter of 2020.
• Moreover, gradually all industries are resuming their regular manufacturing and services. This is further expected to lead to re-initiation of laminate flooring companies at their full-scale capacities, which is expected to help the market to start to recover by mid-2021.

Top Impacting Factors

Home renovation and remodeling activities are on the rise in all countries, as these projects are supported by programs run by various governments. For example, in Europe, National Energy Efficiency Action Plans (NEEAPs) aim to encourage investment in residential and commercial real estate. Leading Indicator of Remodeling Activity (LIRA) states that yearly profits from home remodeling and reorganization investing in the U.S. seem to rise to 6.3% by the end of the second quarter from 6% in the first quarter of 2018.

In addition, the house owners in the U.S. spent around $330 billion on home installations, upgrades, and general repairs, by 2018.This included installation of laminate flooring. Thus creating an opportunity for the growth of the laminate flooring market during the forecast period.

The rise in focus on home decoration and consumer lifestyles also enhance remodeling in the current environment. Currently, the trend toward the use of styles and interiors among consumers have motivated them to upgrade their homes by items such as rags, magazines, and carpets. that increase attractiveness of the home. This shift is supported by rise in income levels of consumers, change in lifestyle, and cultural acceptance, regarding interior decoration, which has also led to increased consumer interest in their homes and workplace interior decoration.

Market Trends

• Tarkett expanded the production capacity of Luxury Vinyl Tiles (LVT) in North America and Europe, in January 2018, by spending $85.89 million over the upcoming 3 years to address   the growing low vinyl demand. The investment is anticipated promote efficient and sustainable production.
• The rise in population in developing countries such as China and India has increased the demand for residential construction, which in turn surges the demand for laminate flooring.  
•  Mohwak Industries has presence in over 170 countries around the world. The company has launched several new products in the past and is planning to innovate new and advanced laminate flooring in the future to meet the market demand. Such strategies are anticipated to boost the growth of the laminate flooring market during the forecast period.
• In June 2021, Shaw Industries Group, Inc., collaborated with local real estate developers for innovation in housing solution; this will include laminate flooring as a part of innovation in the products..