Laminate tile is a hard surface flooring designed to look like wood flooring. Laminate tile is a multi-layer synthetic flooring. It contains three layers - the core layer (C), the backing layer (D), and the layer (E). Laminate is a strong, scratch-resistant, and highly durable flooring surface which is popular among do it yourself enthusiasts and interior designers.
Laminate flooring is available in a wide variety of designs and colors. It enhances the interiors in which they are installed. Increasing construction, renovation, and retrofitting activities for buildings and infrastructure is expected to fuel the demand for laminate tiles during the forecast period. Laminate tile is cheaper than traditional wooden floor and is easy to install. This is one of the major factors driving the growth of the laminate tile market. Rising need for attractive home decor and changing lifestyle is anticipated to fuel the demand for laminate tiles during the forecast period. Economic development in many countries has enhanced the number of construction and infrastructure development projects. Preference for holistic solutions with high degree of durability and cost-effectiveness is resulting in increasing demand for laminate tiles. A major trend in laminate tiles is the automation of processes to enhance efficiency and improve safety. Although labor is used to craft (shape) the product, the cutting of wood is done automatically, which brings down the manufacturing cost. Laminate flooring is designed with natural wood and offers a high degree of versatility. They are stain resistant and need little routine maintenance. Laminate tiles can be easily installed with minimal skilled labor compared to other alternative flooring materials. These factors are expected to enhance the demand for laminate tiles during the forecast period. Development and advancement in the printing and designing industry have made laminated floors look more realistic which has fueled the growth of the laminate tile market across the globe.
Unstable price of wood and rising cost of production of laminate tiles is hampering the market. Another major restraint of the laminate tile market is growing concern about the environment and use of eco -friendly products across the world. Strict rules and regulations by governments of many countries due to rampant deforestation is resulting in the decline of the laminate tile market. Availability of various substitutes such as ceramic tiles, carpets etc. also act as a major restraint to the laminate tile market.
The laminate tile market can be segmented based on product type, application, and geography. On the basis of product type, the market is categorized into solid wood and engineered wood. Engineered wood flooring is expected to dominate the market as it involves less energy compared to solid wood flooring, resulting in less air emission, In terms of application, the market is bifurcated into residential and non - residential. Residential sector is projected to dominate the market due to changing lifestyles and increasing disposable income of people.
The laminate tile market is segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America and Europe are expected to dominate the market in terms of share due to their climatic condition. The cold climate prevailing in most countries in these regions are driving the demand for laminate tiles as it helps to maintain warmth. Asia Pacific is expected to lead the market in terms of growth rate due to increasing construction and changing lifestyle of people in the region.
Major industrial players in the laminate tile market are Armstrong World Industries, Wood Flooring International, Tarkett, Mohawk Industries, A&W Woods, Brumark Corporation, Nature Home Holding Company Limited, Khrs Holding AB, Beaulieu International Group etc. Players adopt product launch as their key development strategy to remain competitive in the market. Mergers, acquisitions, and expansion are other strategies adopted by manufacturers to improve their product offerings and boost efficiency.
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The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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