Newark, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 274.38 Billion in 2022 flooring market will reach USD 520.88 Billion by 2032. The flooring market has expanded over the past few years due to increasing consumer demand for better, more visually pleasing, long-lasting floor covering solutions and changing consumer tastes in floor design. In addition, the market has expanded due to factors such as expanding workplaces and offices, improving consumer lifestyles, and rapid urbanization. The rapid infrastructural development in developing countries carried on by the growing population also contributes to the growth of the flooring market.
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Key Insight of the Flooring Market
Asia-Pacific is anticipated to expand at the highest CAGR of 8.61% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 8.61% over the forecast period. Due to increased per capita income, fast urbanization, and rising population, the construction sector in the Asia Pacific is anticipated to rise. Over the projection period, the flooring market will likely be driven by the expansion of the residential, commercial, and industrial sectors due to the region's sustainable economic growth.
The wood & laminate segment is expected to register the highest CAGR of 9.33% over the projected period in the flooring market.
The wood & laminate segment is anticipated to grow at the highest CAGR of 9.33% in the flooring market. This expansion can be attributed to wood's growing importance in high-end construction in both residential and commercial locations. Numerous benefits are provided by it, including increased acoustics, improved air quality, improved strength, durability, and ease of maintenance. It also contributes to the high monetary value of the home.
Over the projected period, the commercial segment is expected to register the highest CAGR of 9.75% in the flooring market.
Over the forecasted period, the commercial segment is anticipated to grow at the highest CAGR of 9.75% in the flooring market. High-traffic areas are a common feature of commercial applications; as a result, resilient and wooden flooring must be durable. Numerous commercial building projects, such as constructing other retail outlets, offices, convenience stores, and shopping malls, use flooring products. In the upcoming years, segment growth is anticipated to be supported by the rise in commercial building construction that has happened recently, including buildings featuring pharmacies, supermarkets, and large-scale retailers. Additionally, strong demand for offices, particularly in urban regions of emerging economies, is boosting the market for excellent flooring products.
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Market Dynamics
Driver: A growing population, increased urbanization, and more money being invested in the construction sector
With an increasing population comes a growing need for housing. This results in a requirement for flooring materials in residential construction projects. Whether for new home building or renovations, the market for flooring benefits from the growing demand for various types of flooring materials. Urbanization leads to the construction of public spaces, airports, railway stations, and roads, all of which need flooring materials. The flooring market will benefit from the rising urban building activities.
Restraint: Fluctuating raw material costs
The profitability of the flooring market and the level of competition among flooring companies can be significantly impacted by changes in the price of raw materials. Variations in the price of raw materials directly impact the cost of making flooring products. If the cost of crucial raw materials like wood, vinyl, carpet fibres, ceramics, or resins increases, producers may see an increase in their manufacturing costs. Consequently, rising flooring prices can impact consumer demand and market competitiveness.
Opportunity: An increase in demand from developing nations
Significant prospects for the flooring market exist in emerging nations due to factors such as rapid urbanization, a growing middle class, infrastructural growth, the requirement for maintenance and modernization, developing consumer awareness, and the expansion of the tourism and hospitality industries. These factors promote the need for flooring materials and offer a favourable business environment for suppliers and manufacturers. Utilizing these options, flooring companies can establish a sizable footprint and quicker expansion in developing markets.
Challenge: Waste disposal
The flooring business creates a lot of garbage during the installation, restoration, and destruction. Used flooring, leftover materials, packing, adhesives, and other relevant items contribute to this trash. The removal of such massive amounts of trash can be costly and time-consuming. Dangerous substances can be found in several flooring components, including adhesives, coatings, and underlays. Compliance with specific standards and guidelines is necessary to guarantee proper handling, containment, and disposal of hazardous materials and prevent environmental and health hazards.
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Some of the major players operating in the flooring market are:
• Tarkett, S.A.
• Burke Flooring Products, Inc.
• Shaw Industries, Inc.
• Gerflor
• Polyflor
• Crossville Inc.
• Porcelanosa Group
• Mohawk Industries, Inc.
• Firbo Flooring
• Mannington Mills, Inc.
• Atlas Concorde S.P.A.
• AFI Licensing
• RAK Ceramics
• Kajaria Ceramics Limited
• Interface, Inc.
Key Segments cover in the market:
By Product:
• Vitrified (Porcelain) Tiles
• Vinyl
• Linoleum/Rubber
• Natural Stone
• Ceramic Tiles
• Luxury Vinyl Tiles (LVT)
• Carpet
• Wood & Laminate
• Others
By Application:
• Commercial
• Residential
• Industrial
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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