The India wood and laminate flooring market size is anticipated to reach USD 4.32 billion by 2027, according to a new report published by Grand View Research Inc. It is expected to exhibit a revenue-based CAGR of 6.4% during the forecast period. Increasing demand in expanding the hospitality sector in the country is expected to drive the market growth.
Rising demand for premium flooring products in luxury living spaces, such as hotels, villas, restaurants, and other such lodging facilities is expected to drive the market growth. Laminate flooring is emerging as a cost-effective alternative to hardwood flooring without compromising with the aesthetics. This factor is also anticipated to positively influence the market growth in the forthcoming years.
Flooring products made of hardwood, softwood, engineered wood, and laminates are popular choices among the retailers owing to the natural finish and comparatively low prices. In addition, textured laminates with a variety of colors are utilized in retail stores owing to their easy maintenance.
Key market players such as Tarkett, Mohawk, and Pergo are engaged in the development of wood and laminate floorings with superior durability and customization options. In addition, compliance with the green building codes by governing bodies is expected to positively impact the product demand as these tiles are environment-friendly and recyclable.
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Further key findings from the report suggest:
Wood flooring segment is expected to expand at a CAGR of over 6.6% over the estimated time owing to wide application of the product in commercial construction and benefits such as durability and enhanced aesthetics
Laminate flooring segment is expected to witness a notable growth as the industry is witnessing rapid enhancements in printing technologies thereby enabling the development of laminates with new designs and textures
Commercial applications segment is expected to witness the fastest CAGR of 5% 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 wood and 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
India wood and laminate flooring market is highly fragmented in nature owing to the presence of numerous small and medium manufacturers along with the key global players
Grand View Research has segmented the India wood and laminate flooring market on the basis of product and application:
India Wood And Laminate Flooring Product Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2016 - 2027)
India Wood And Laminate Flooring Application Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2016 - 2027)
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