According to the latest report by IMARC Group titled, “Laminate Flooring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a volume of 962 Million Sq. Metres in 2018, growing at a CAGR of 2% during 2011-2018. Looking forward, the market is expected to reach a volume of 1,040.5 Million Sq. Metres by 2024.
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Laminate flooring refers to a synthetic product which consists of multiple layers fused with a lamination process. Its upper layer is made up of melamine and aluminum oxide which holds up scratches, dents, fading and stains, providing a moisture resistant surface to the flooring. In recent years, laminate flooring has gained popularity since it is relatively inexpensive than traditional hardwood flooring and can be installed on nearly any type of subfloor, like concrete or even pre-existing vinyl floors.
Laminate floorings are durable; easy to clean; and resistant to scratches, moisture, and wear and tear. In addition to this, they even have the ability to replicate different flooring materials such as wood, marble and tiles. Besides this, the increasing role of laminate floorings in enhancing the physical appearance of homes and other spaces has driven the demand for laminate floorings across the globe. Apart from this, rapid urbanization and industrialization, and changing lifestyles of consumers have led to increasing construction activities, particularly in the developing nations. Owing to this, leading manufacturers introduced products with advanced features and properties, such as custom prints and designs, enhanced locking mechanisms, high-quality visuals and improved chemical resistance. These factors are favorably influencing the growth of the global laminate flooring market.
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Key Market Segmentation:
Breakup by Key Types
• HDF Laminates
• MDF Laminates
Breakup by Sector
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
The report has also examined the competitive landscape of global laminate flooring market. Some of the major players in the market are Mohawk Industries Inc., Tarkett, Armstrong World Industries, Inc., Shaw Industries, Inc., Mannington Mills, Inc. and Beaulieu International Group.
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This post was originally published on Trading Herald