Positive U.S. economic trends coupled with easy-to-install options for DIYers have spurred growth in the laminate and vinyl flooring industry, with the market increasing nearly 8% from 2001- 2005 and the supply value topping $3 billion in 2005. As the remodeling boom continues, the market should see healthy gains, exceeding $4 billion by 2010, according to Laminate and Vinyl Flooring in the U.S., a new report from market research publisher SBI, a division of MarketResearch.com.
SBI's findings show double-digit growth from 2001 to 2005 in the laminate sector, which has found favor with homeowners seeking a wood-flooring look at a budget price. The advent of glueless, interlocking floors will help laminates grow from $1.2 billion in 2005 to more than $1.9 billion in 2010. Although vinyl flooring still dominates with almost a two-thirds share of the combined market, SBI expects the vinyl sector to grow more slowly than laminate flooring to reach $2.4 billion by 2010.
While economic factors have played an influential role in market growth, Chinese imports have impacted the market as well. China's laminate exports are competitively priced 35%-40% lower than U.S. products. Similarly, U.S. imports of vinyl tile floor coverings from China have increased at a CAGR of approximately 30% during 2000-2005.
"Consumer tastes are changing with a preference towards exotic-looking, hand-scraped, and rustic species laminates, and the huge influx of Chinese flooring and subsequent decline in prices is changing their expectations to get more for less," notes Tatjana Meerman, Managing Editor of SBI. "This will continue to have a significant impact on U.S. manufacturers, many of which are targeting Chinese manufacturers not only to streamline their own production costs but to also gain a foothold in China."
Containing comprehensive data on U.S. shipments, imports and exports, end- use markets, purchaser demographics, and the competitive environment, Laminate and Vinyl Flooring in the U.S. identifies key issues, regulations, and trends affecting the marketplace, and profiles major marketers along with manufacturer and retailer strategies.