Chicago, July 02, 2023 (GLOBE NEWSWIRE) -- The Flooring Market is approximated to be USD 331.9 billion in 2023, and it is projected to reach USD 510.7 billion by 2028, at a CAGR of 9.0%, as per the recent study by MarketsandMarkets™. Increasing population and rapid urbanization, increasing investments in the construction sector, and rising number of renovation and remodeling activities are key drivers promoting the market growth. The volatile raw material prices is a major restraint in the flooring market as it affects the overall pricing of the product. A rapidly progressing organized retail sector is a major opportunity in the flooring market. The flooring industry also faces the challenge of extreme competition in the market.
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Browse in-depth TOC on "Flooring Market”
146 - Market Data Tables
36 - Figures
200 - Pages
List of Key Players in Flooring Market:
- Mohawk Industries, Inc. (US)
- Tarkett (France)
- Forbo (Switzerland)
- Shaw Industries Group Inc. (Georgia)
- Interface, Inc. (US)
- Others
Drivers, Restraints, Opportunities and Challenges in Flooring Market:
- Driver: Rise in population & rapid urbanization and increase in investment in the construction industry are the major drivers of the flooring market
- Restraint: Volatile raw material prices
- Opportunities: Rise in demand from emerging economies
- Challenges: Disposal of waste
Key Findings of the Study:
- By material, non-resilient segment accounted for the largest share in 2022
- By End-Use Industry, the Non-Residential Segment accounted for the second largest share in 2022.
- Europe accounted for the second largest market share of the Flooring Market in 2022
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Flooring is a construction material applied over a floor structure to provide a walking surface. It provides a level surface and supports static and dynamic loads. Different materials like carpets & rugs, ceramic tiles, wood, laminates, vinyl tiles & sheets, and stones are used as flooring materials in different residential and non-residential buildings. It serves both functional and aesthetic aspects of any space. The flooring adds stability & strength, enhances sound insulation and thermal insulation, and offers fire resistance in some cases. In residential spaces, beauty and elegance are the prime concerns. In the context of commercial spaces, functionalities aspects like high traffic and strength are considered.
The Flooring market can be segmented based on different materials. These include resilient materials (Vinyl, and others), non-resilient materials (ceramic tiles, wood, laminate, stone, and others). Soft floor covering/ carpets & rugs also serve as a good flooring option. Vinyl is resistant to moisture, and this makes it among the best flooring options for kitchens, bathrooms, and laundry rooms where occasional spills are a big concern. Ceramic tile flooring also provides a water resistance, durability, and decorative floor finish. The non-resilient segment led the market for flooring. This can be attributed to its properties like high durability, water-resistance, low maintenance, and reliability.
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The Flooring market is divided into different end-use industries, which include residential and non-residential segments. Flooring materials are very useful and widely used in kitchens, bathrooms, dining rooms, living rooms, and bedrooms in residences. Ceramic tiles are the most used non-resilient flooring materials. Ceramic matt tiles are ideal for usage in kitchens and bathrooms due to their non slippery nature. Flooring can be used in non-residential constructions like institutions, hospitals, malls, gymnasiums, auditoriums, offices, cinema theaters etc. Carpets and rugs are used to enhance the sound insulation of any space. The residential segment dominated the flooring market.
The Flooring market is studied in five regions, namely, North America, Europe, Asia Pacific, the Middle East &Africa, and South America. Asia Pacific is the largest consumer of flooring products globally. The growth in this region is led by growing developmental activities, rapid urbanization, and a growing population. This region presents a large customer base for construction activities due to increasing urbanization. In Europe, increased constructional and renovation activities are expected to drive the demand for flooring products in this region.
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