Flooring Market
The global flooring market size was valued at USD 376.44 billion in 2022 and is projected to grow from USD 395.19 billion in 2023 to USD 579.40 billion by 2030, exhibiting a CAGR of 5.6% during the forecast period. The flooring market in the U.S. is projected to grow significantly, reaching an estimated value of USD 39.25 billion by 2032, driven by the rising consumer expenditure for interior designing to improve the aesthetics of the residential spaces.
The global flooring market has experienced substantial growth in recent years, driven by a rise in construction activities, urbanization, and increasing demand for durable, aesthetically pleasing, and sustainable materials. From residential to commercial spaces, flooring plays a vital role in both functionality and interior design. This article delves into the key trends, drivers, and growth opportunities shaping the global flooring market.
This information is presented by Fortune Business Insights™, in its report, titled, “Flooring Market, 2023-2030.”
According to our expert analysts, surging novel construction projects is likely to offer growth prospects for the market growth. Furthermore, the products utilized for flooring application, offer characteristics such as protection against scratches, indents, dampness, as well as can be effortlessly cleaned, which further contribute to the bulging demand.
List of Key Players Covered in the Report
- Mohawk Industries, Inc. (U.S.)
- Shaw Industries Group, Inc. (U.S.)
- TARKETT S.A. (France)
- Armstrong Flooring, Inc. (U.S.)
- Forbo Flooring Systems (Netherlands)
- Gerflor (France)
- Interface, Inc. (U.S.)
- Beaulieu International Group (Belgium)
- Toli Corporation (Japan)
- Milliken & Company (U.S.)
- Congoleum (U.S.)
- Flowcrete (U.K.)
- James Halstead (U.K.)
- The Dixie Group (U.S.)
- Victoria PLC (U.K.)
- Mannington Mills, Inc. (U.S.)
- Balta Industries (Belgium)
- Swiss Krono (Switzerland)
Report Coverage
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Segmentation of the Flooring Market
-
By Material Type
- Ceramic Tiles: This segment dominates the market due to its durability, cost-effectiveness, and versatility. Ceramic tiles are widely used in both residential and commercial applications.
- Wood Flooring: Hardwood and engineered wood remain popular, known for their timeless appeal and ability to enhance property value. However, the high cost and maintenance requirements have paved the way for alternatives such as laminate and LVT.
- Resilient Flooring (Vinyl and Linoleum): Vinyl flooring, particularly luxury vinyl tiles (LVT), has gained popularity due to its durability, affordability, and ability to mimic natural wood or stone finishes.
- Carpet: While the demand for carpet flooring has been declining in some regions, it remains popular for specific applications like offices and bedrooms, where comfort and noise reduction are key considerations.
-
By End-User
- Residential: This sector holds the largest market share, driven by new housing developments and home improvement projects.
- Commercial: The commercial sector, including offices, retail stores, and hospitality, is witnessing increasing demand for durable and low-maintenance flooring solutions, particularly in high-traffic areas.
- Industrial: In industrial settings, flooring must meet specific performance standards, including resistance to chemicals, heavy machinery, and wear and tear. Concrete and specialized vinyl flooring are commonly used in this sector.
Drivers and Restraints
Surging Demand for Vinyl Flooring in Construction Projects to Fuel Market Growth
Vinyl is used as a versatile component in tiling applications, where, luxury vinyl tile is used majorly. It is resilient to mold, dampness, and fungus, which makes it an appropriate flooring option for utilization where wetness and infrequent spills are the prime concerns.
It can be effortlessly installed, is robust, and obtainable at a cheaper cost, which furthermore adds to its increasing admiration in the variety of residential as well as non-residential buildings. This is expected to bolster the flooring market growth during the forecast period.
Source: https://www.fortunebusinessinsights.com/flooring-market-102740
Regional Insights
Asia Pacific was worth USD 180.38 billion in 2020. Asia Pacific is the biggest and speediest-surging region and held the maximum flooring market share owing to large scale financing scheduled by governments of India, China, and Southeast Asia on infrastructure expansion.
Europe is likely to be administered by the utilization of ceramics and vinyl in non-residential structures.
The market in the Middle East & Africa is in the growth phase of its life cycle, owing to growing demand for floor casings from numerous large-sized construction developments, and therefore, is expected to gain substantial market share during the forecast period.
Competitive Landscape
Procurements Initiated by Key Players to Amplify its Spot in Market
Prominent players initiate tactical campaigns to thrust their position as chief players in the market. Their effective strategies involve acquisitions, mergers, collaborations as well as launching products among many others.
Industry Development
February 2021: Forbo created a novel auditory assortment which unites the well-known Sarlon acoustic vinyl variety of the company and award-winning Modul’up adhesive free solutions. This freshly launched collection is estimated to be the point of reference for any development where impact-sound is required to be diminished.
Comments
0 comment