North America Laminate Flooring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The laminate flooring market has been experiencing steady growth over the past few years. Laminate flooring refers to a synthetic product, which is made up of several layers that are sealed together by the lamination process. The upper layer typically consists of melamine and aluminum oxide and helps provide a scratch and moisture-resistant surface to the laminate board. Laminate flooring is economical, highly resistant to dust and damage, versatile, durable, eco-friendly, and is easy to install. According to this, it is employed in the construction activities for industrial, residential, and commercial buildings. As laminate flooring is easy to install and maintain, it has gained popularity across the world. Laminate flooring is relatively inexpensive, as compared to engineered wood, solid hardwood, and stone floor coverings. As it can replicate stone, tiles, and wood patterns, the demand for laminate flooring has been increasing in recent years. The demand for laminate flooring can be due to numerous factors. One of the major factors is the rapid growth of the construction industry. Urbanization, industrialization, and changing lifestyles have resulted in an increase in construction activities in emerging countries. This factor has contributed to the growth of the global market. The price volatility of the raw materials for laminate flooring and their availability can pose a major challenge to the laminate flooring manufacturers. North America represents one of the largest markets for laminated flooring owing to emerging renovation activities in the region. In addition to this, several initiatives are taking place for the revival and restoration of different educational and public buildings, thus boosting the sales of laminated flooring. Rising environmental concerns towards the usage of timber and new technological innovations will continue to spur the demand in the upcoming years.

Due to the COVID-19 pandemic, the North American region was under pressure of lockdown from mid-February 2020, which restricted the construction of housing and building projects. The lockdown restrictions limited the new purchases of laminate flooring owing to the uncertainty in the economy and purchasing power parity in North America, but they are anticipated to bounce back during the forecast period with the changing situations and customers’ approach toward the pandemic.

Key Market Trends

The United States is Dominant in the Market

The United States has been the leading country in the North American laminate flooring market and is expected to continue with the same in the forthcoming years. The rapid expansion of the construction and housing activities across the region, particularly in the United States, is one of the primary factors fostering the growth of the laminate flooring market in the near future. High consumer interest in interior decoration is one of the significant factors for the rising growth of the laminate flooring market in the United States. Apart from that, increasing renovation and remodeling activities in real estate sectors in the United States have resulted in the massive demand for laminate flooring over the last few years. The region has a high rate of innovation, which helps in propelling market growth. High disposable income leads to a high level of investments and better standards of living. The United States is one of the countries generating the highest revenue for the market.

Commercial Application is Dominating the Market

The commercial application dominates the market, holding the majority of the market share. Laminate flooring is extensively used in the commercial sector, as it is cost-effective, requires low maintenance, and has the ability to withstand high traffic. It is followed by the residential sector. On account of the high demand for laminate flooring from five-star hotels, showrooms, retail outlets, and corporate offices, the demand for laminate flooring in the commercial sector has increased significantly. Moreover, the rising preference for wood-based floorings and increasing investments in the commercial real estate sector have fueled the market growth in North America.

Competitive Landscape

The report covers major international players operating in the North American laminate flooring market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support