Laminate is a multi-layer plank: a high-density fiberboard (HDF) core, a high-resolution photographic decor layer printed to look like wood, and a clear melamine wear layer on top. Many lines come with an attached underlayment pad already bonded to the back. It installs as a floating click-lock floor over underlayment, with expansion gaps left at the walls.
It is faster to install than nail-down hardwood and it ships pre-finished, so the floor is walkable the day the crew leaves. The trade-off against real hardwood: laminate cannot be sanded or refinished. When a plank gets badly damaged, we swap it out rather than refinish the floor. A laminate floor lasts roughly 15 to 25 years depending on the grade and the room.
The old knock on laminate was that it looked like card stock and nobody mistook it for wood. That has not been true for years. Modern laminate from Shaw, Mohawk, and Mannington prints at higher resolution than most LVP and registers the embossing with the print, so the texture you feel matches the grain you see.