Wilmington, Delaware, United States , June 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Flooring Market was valued at US$ 333.6 Bn in 2021 and is anticipated to reach US$ 614.0 Bn by 2031, expanding at a CAGR of 6.4% between 2022 and 2031.
Expansion of the construction industry and progress in rehabilitation projects are propelling the global flooring market. As buildings get older, they need restoration, maintenance, repair, and redesign. This is anticipated to augment the global renovation industry in the next few years.
Market demand for luxury tiles is anticipated to increase, as the urban population grows. In green buildings, eco-friendly flooring solutions are becoming more popular, whereas ceramic tiles are chosen in residential structures because of their low cost and simplicity of upkeep. Major companies in the flooring industry are using merger and acquisition strategies to grow businesses and expand presence.
Rubber, ceramic tiles, laminates, rugs, wood, carpets, and natural stone are instances of common flooring materials. Flooring comes in three different types: soft cover, non-resilient, and resilient. Wood flooring can remain fashionable for over a century or more. Floorboards can be repeatedly sandpapered as well as recoated. This enables the renovation of old flooring to restore their brand-new appearance. Hardwood flooring, linoleum flooring, laminate flooring, and vinyl flooring are some of the several types of flooring that are offered in the market
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 333.6 Bn | |
| Estimated Value | US$ 614.0 Bn | |
| Growth Rate - CAGR | 6.4% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 319 Pages | |
| Market Segmentation | By Product, Material, Application | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
Key Findings of Market Report
- Based on material, the ceramic tile segment held significant market share of 43.2% in 2021. Ceramic tiles are resistant to both high heat and acidic substances. These are inexpensive, simple to maintain, and toxic-free, which is anticipated to drive the ceramic tiles industry.
Global Flooring Market: Regional Landscape
- Asia Pacific accounted for 46.2% of the global flooring market in 2021, and the trend is expected to continue during the forecast period. The flooring industry in the region is driven by an increase in the urban populace, expansion of housing construction, and higher disposable income
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Global Flooring Market: Growth Drivers
- Need for innovative products and greater attention toward the aesthetic appeal of houses are expected to drive global flooring industry growth. Customers are choosing flooring options that are more affordable, more effective, and environmentally-friendly. Luxury vinyl tiles are becoming more popular than hardwood or engineered wood materials as they are waterproof, scratch- and slip-resistant, and environmentally-friendly. Additionally, these offer advantages including ease of cleaning, greater acoustics, and premium look.
- Global construction industry expansion has been driven by rapid urbanization. Residential flooring has witnessed higher demand, particularly in developing countries such as Indonesia, Malaysia, Brazil, Costa Rica, and India, where urban populations are growing.
Global Flooring Market: Key Players
- Shaw Industries Group, Inc.
- Armstrong World Industries, Inc.
- The Dixie Group, Inc.
- Mohawk Industries, Inc.
- J&J Flooring LLC
- James Halstead plc
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Global Flooring Market: Segmentation
Product
- Resilient
- Non-resilient
- Soft Cover
Material
- Carpet & Rug
- Wood
- Laminate
- Vinyl Sheet & Tile
- Ceramic Tile
- Stone
- Others
Application
- Residential
- Commercial
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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