Laminate Flooring Market Sees Growth
The global laminate flooring market is projected to grow at a compound annual growth rate of 6.98% through 2031. This growth is driven by innovations in water-resistant technologies that improve the material's durability. Renovation and replacement projects currently account for over 57% of the market share.
- Laminate flooring was invented by the Swedish company Perstorp in 1977 and first sold in Europe in 1980, but it wasn't introduced to North America until the early 1990s. - Major companies in the laminate flooring market include U.S.-based Mohawk Industries, Inc., and Shaw Industries Group, Inc., which is a subsidiary of Berkshire Hathaway. - The development of "click-and-lock" installation systems in the 1990s, which don't require glue, was a major breakthrough that made laminate flooring a popular option for do-it-yourself (DIY) home projects. - While laminate flooring is generally more affordable upfront, its primary competitor, Luxury Vinyl Tile (LVT), is gaining market share due to its superior water resistance, making it a more durable option for high-moisture areas like bathrooms and kitchens. - Material costs for laminate flooring typically range from $1 to $5 per square foot, while Luxury Vinyl Plank (LVP) generally costs between $2 and $7 per square foot. - Modern laminate flooring has become more eco-friendly, often using recycled wood fibers for its core and low-VOC (volatile organic compound) adhesives to improve indoor air quality. - The core of most laminate planks is made from high-density fiberboard (HDF), which accounted for over 63% of the market in 2025 because of its resistance to daily wear and indentation. - Recent technological advancements include hydrophobic coatings and moisture-resistant cores to create fully waterproof laminate options, addressing one of the material's traditional weaknesses.
