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
Market Size Value in US$ 412.66 Billion in 2021 Market Size Value by US$ 619.83 Billion by 2028 Growth rate CAGR of 6.1% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Flooring Market: Strategic Insights
| Market Size Value in | US$ 412.66 Billion in 2021 |
| Market Size Value by | US$ 619.83 Billion by 2028 |
| Growth rate | CAGR of 6.1% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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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 Report Scope
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
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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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