Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the India Wood And Laminate Flooring market.
Trusted Business Insights presents an updated and Latest Study on India Wood And Laminate Flooring Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the India Wood And Laminate Flooring market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: India Wood And Laminate Flooring Market
The India wood and laminate flooring market size was estimated at USD 2.80 billion in 2019 and is expected to expand at a CAGR of 6.4% in terms of revenue, from 2020 to 2027. The introduction of engineered wood and laminates floors emerging as cost-effective alternatives to hardwood flooring is anticipated to fuel the growth. Superior durability and ease of maintenance are the key factors expected to propel the adoption of wood and laminate floorings in the country. Advancements in designing and printing technologies have facilitated the enhancements in aesthetic and textures of the products, creating growth opportunities for the market.
Ease of installation and requirement of less-skilled labor of wood and laminate flooring as compared to conventional flooring materials such as ceramic tiles and stone tiles is expected to positively influence the growth. Moreover, it is also emerging as one of the most preferred DIY flooring materials in the country.
Natural timber species, such as teak, maple, oak, rosewood, walnut, and bamboo are use for producing wood and laminate flooring, thereby offering a high degree of versatility. These floorings are stain-resistant and require less amount of routine maintenance, thereby increasing the utility in commercial applications, especially in the hospitality sector.
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. This, in turn, is expected to positively influence the demand for wood and laminate and flooring.
High penetration of ceramic tiles in the Indian market is expected to emerge as one of the major challenges to the demand for wood and laminates flooring. In addition, presence of tropical temperatures in the larger part of the country is expected to restrict the product penetration.
Product Insights of India Wood And Laminate Flooring Market
Wood flooring segment is expected to attain a higher share as compared to laminate floorings and is likely to expand at a CAGR of 6.6% in terms of revenue, over the forecast period. Products such as engineered, deck, and solid wood floorings are increasingly used in residential and commercial structures to enhance the aesthetics.
Premium feel and aesthetics offered by the product are the major factors driving the demand. Engineering hardwood floorings are rapidly gaining popularity owing to ease of design customization, and low price as compared to solid wood floorings, thereby positively influencing the overall grwoth of the India wood and laminate flooring market.
Laminate floorings segment is expected to witness a revenue-based CAGR of 5.4% over the forecast period, as the product is emerging as one of the low-cost alternatives to wood without compromising the aesthetics. In addition, recent advancements in printing technologies have facilitated the manufacturers to expand their design catalog thereby offering more design options to the customers.
Application Insights of India Wood And Laminate Flooring Market
In 2019, residential application accounted for the largest market share in 2019 and is anticipated to expand at a CAGR of 4.3% over the forecast period. The evolving concept of home decor in the country, backed by the rising discretionary income is positively influencing the overall market growth. India is also witnessing a notable rise in the construction of multi-family residential homes, such as residential buildings clusters and residential complexes, which in turn is expected to positively influence the demand for wood and laminate floorings. In addition, rising demand for a premium apartment in metropolitan areas is expected to drive the growth.
The commercial application segment is anticipated to register a notable CAGR of 6.3% over the forecast period, especially in the hospitality sector. Increasing construction activities of luxurious hotels in the country by multinational hotel chains is expected to positively influence the product demand. In recent years, the wood and laminate floorings have witnessed a surge in office building structures to provide versatility in convenient fittings for working environments. In addition, laminates offer natural graphics and custom designs produced to match the interior designs of the offices buildings.
India Wood & Laminate Flooring Market Share Insights
Vendors have been relying on partnerships with local distributors to expand their distribution capacities and to gain logistics support. Multinational companies from U.S. and Europe are enterning into partnerships with the local floor covering manufacturers and distributors to get a hold in the potential Indian market. Key participants with significant market share include Accord Floors, Armstrong World Industries, Avant, BVG, EGO Flooring, Eurotex, Greenlam Industries, Notion, Parkay Floors, Pergo, Quick-Step, Red Floor India, Surfaces India, Westwood, and WoodFloorsIndia.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of India Wood And Laminate Flooring Market Research Report
This report forecasts revenue growth at country level and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the India wood and laminate flooring market report on the basis of product, and application:
Product Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2019 – 2030)
Application Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2019 – 2030)
Quick Read Table of Contents of this Report @ India Wood And Laminate Flooring Market Size, Market Research and Industry Forecast Report, 2027 (Includes Business Impact of COVID-19)
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