India Wood And Laminate Flooring Market Growth & Trends
The India wood and laminate flooring market size is expected to reach USD 113.1 million by 2030 according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.4% from 2022 to 2030. It is anticipated to be driven on account of urbanization, rising disposable income of people, and demand for premium construction materials for décor purposes, especially in the residential and commercial sectors.
India’s wood and laminate flooring industry is very lucrative, as the industry is characterized by new technologies, materials, and innovative products. Wood and laminate flooring are likely to observe growing demand as project scales in commercial and residential construction have increased dramatically. The demand for the market is further likely to be supported by the growing middle class and rising income levels, and expansion of the housing sector in metro cities on account of growth in service industries such as IT, telecom, and finance.
Technological developments have benefited the growth of the wood and laminate flooring market, which has enhanced design and performance potential. Wood flooring manufacturing companies are developing alternative core materials and advanced technologies that provide water resistance with a combination of aesthetics. In laminate flooring, advancements in fiberboard core have benefited in durability, stability, and higher resistance in a flooring application.
Players operating in the Indian wood and laminate flooring market compete largely based on product quality, customer service, and product pricing. However, product quality is considered the fundamental competing element by players. Customer service is seen to be the most influential aspect for the players to maintain the competition. To meet the growing demand for wood and laminate flooring, prominent companies in the country are working on creating a robust distribution network.
With the rising penetration of these products and the entry of global companies, the wood and laminate floor market is likely to witness fierce competition over the coming years. Existing competitors in the market of tiles, ceramics, and stones, have a broad sales channel and a thorough awareness of consumer preferences. These companies, together with major international competitors, can penetrate the market in India.
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India Wood And Laminate Flooring Market Report Highlights
Laminate flooring held the largest revenue share of 63.2% in 2021. It is expected to expand to register a CAGR of 4.6% over the forecast period. Laminate flooring is stain resistant and is less expensive, more durable, offers better resistance to scratches and wear & tear, and is easier to clean compared to wood. The preference for laminate flooring is growing in India on account of its economic cost and appearance similar to wood
The demand for wood and laminate flooring was hampered owing to the outbreak of COVID-19. During the pandemic, several players employed new and innovative ideas to steer consumer demand amid the economic slowdown. Companies have also started offering advanced design solutions for commercial spaces post-covid as the workforce is returning to the office setup
The industry is unorganized and accounts for a small portion of the overall market. However, with the rising penetration of these products and the entry of global companies, the industry is likely to witness fierce competition over the coming year. To meet the growing demand, prominent companies in the country are working on creating a robust distribution network
Residential application has dominated the market in 2021 and is expected to reach USD 1.8 billion by 2030 in terms of revenue owing to an increasing rate of urbanization is likely to expand the residential construction industry, which, in turn, is expected to drive the demand for the market. Residential construction in cities such as Mumbai, Bangalore, Delhi, Chennai, Pune, and Hyderabad is likely to observe a growing demand
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