The flooring market size is projected to reach US$ 692.28 billion by 2031 from US$ 424.27 billion in 2023. The market is expected to register a CAGR of 6.1% in 2023–2031. Increasing demand for cost-effective and energy-efficient products and renovation activities in developed countries will likely remain key flooring market trends.
Flooring Market Analysis
Increasing consumer investment in renovation and construction using modern materials is expected to propel market growth. To enhance the appearance of homes, most people use renovation methods as the ultimate choice for interior design. Vinyle tiles, ceramic tiles, carpets, wood flooring, and laminates are easy to clean, cost-effective, scratch-resistant, and long-lasting. Owing to this, consumers prefer these products during the renovation processes, thereby surging the market demand. The increasing demand for renovation and refurbishment in commercial and residential buildings is expected to propel the flooring market growth during the forecast period. In addition, the growing demand for new-age flooring solutions and suring consumer awareness due to stringent regulations on sustainable and energy-efficient buildings is expected to augment the demand for flooring solutions shortly.
Flooring Market Overview
Flooring provides a natural sense to the home's interior and is perfect for bedrooms, bathrooms, living spaces, hallways, and dining rooms. Floor coverings such as laminates, ceramics, vinyl, and hardwood are extremely durable and resistant to daily use, owing to which they are largely used in residential construction, thereby driving the market's growth. Technological advancement in manufacturing processes and design customization options are enhancing product offerings. However, the market expansion is hampered by fluctuating raw material costs and economic uncertainties.
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Flooring Market: Strategic Insights
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Flooring Market: Strategic Insights
- Get Top Key Market Trends of this report.This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
Flooring Market Drivers and Opportunities
Rise in Demand for Vinyl Flooring to Favor Market
Vinyl flooring properties, such as durability, cost-effectiveness, easy design possibilities, and flexible handling, have made it popular in various applications, such as schools, offices, hospitals, and houses. In addition, vinyl flooring is used as an alternative to higher maintenance flooring like carpet owing to its properties like being comfortable to walk on and reducing noise impact. The rise in demand for efficient & visually appealing products, coupled with the necessity for floor protection, has surged the demand for vinyl flooring. Further, advancements in texture and print techniques are making it feasible for vinyl flooring to replicate the look of various flooring options such as marble, hardwood, stone, and others. The above mentioned above are driving the demand for vinyl flooring.
Technological Advancements
The rise in demand for loose-lay flooring and the introduction of aqua+ technology in the laminate flooring segment will likely provide growth opportunities to the market. Technological advancement in the manufacturing process and design customization options enhance product offerings. Manufacturers such as Kronotex, Aqua flooring, Egger, Senhong, and others offer various products such as laminate flooring and plasticizers, including waterproofing technology, making the ideal choice for bathrooms, kitchens, commercial, and hallway areas. Key players in the region have developed patented waterproof acoustic flooring adhesive, offering a new standard in unlimited moisture resistance.
Flooring Market Report Segmentation Analysis
Key segments that contributed to the derivation of the flooring Market analysis are product type, material, and application.
- Based on product type, the market is segmented into non-resilient flooring, resilient flooring, and soft cover & others. The non-resilient flooring segment held a larger market share in 2023.
- By material, the market is segmented into wood, carpets and rugs, vinyl sheets and tiles, laminates, ceramic tiles, and stone & others. The ceramic tiles segment accounted for the largest share of the market in 2023.
- On the basis of application, the market is bifurcated into residential and non-residential. The residential segment held the largest market share in 2023.
Flooring Market Share Analysis by Geography
The geographic scope of the flooring market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific has dominated the flooring market. The penetration of multinational brands backed by advantageous trade policies has contributed to the growth of the commercial sector in Asia Pacific. The consequent rise in the construction of shopping malls, lodging spaces, offices, and other spaces across the Asia Pacific led to the dominance of the flooring market. Further, the rising government initiatives in emerging countries such as China and India for infrastructure development have propelled its demand in the region.
Flooring Market Regional Insights
The regional trends and factors influencing the Flooring Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Flooring Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Flooring Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 424.27 Billion |
| Market Size by 2031 | US$ 692.28 Billion |
| Global CAGR (2023 - 2031) | 6.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Flooring Market Players Density: Understanding Its Impact on Business Dynamics
The Flooring Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Flooring Market are:
- Mohawk Flooring
- Shaw Industries Group, Inc
- Tarkett
- Armstrong Flooring, Inc.
- Forbo International Sa
- Gerflor
Disclaimer: The companies listed above are not ranked in any particular order.
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Flooring Market News and Recent Developments
The flooring Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
- In May 2021, Armstrong Flooring, Inc. announced the launch of Biome, Terra, and Coalesce Luxury Flooring—the launch aimed to expand its product portfolio and meet the growing consumer demand for various products.
- In May 2022, Gerflor introduced LVT products, which are high-quality vinyl tiles and planks. They are printed decors that are more realistic. They are new rigid and reinforced clippable products that are easier to install and more durable. They launched Creation 55 for commercial purposes, and for residential purposes, they launched Creation 30. For residential and traffic applications, they launched Creation 40, all these are newly launched LVT ranges by the company made for different applications, consisting of high-quality vinyl tiles.
Flooring Market Report Coverage and Deliverables
The "Flooring Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Material, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
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