Covina, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Prophecy Market Insights has published a new research report titled “Flooring Market, By Material (Carpets & Rugs, Resilient (Vinyl, Cork, Linoleum, Rubber, Resin), and Non-resilient (Ceramic, Stone, Wood, Laminate)), By End User (Residential, and Non-residential), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029” in its research database.
According To Prophecy Market Insights “Flooring Market accounted for US$ 388.43 billion in 2020 and is estimated to be US$ 699.28 billion by 2030 and is anticipated to register a CAGR of 6.1%”
What is Flooring? How big is the Flooring Market?
Report Overview:
Flooring refers to the permanent or semi-permanent covering of a floor in a building or space. It serves both functional and aesthetic purposes, providing a level surface for walking and supporting furniture and other loads while enhancing the interior design and ambiance. Flooring materials come in a wide variety of options, including hardwood, laminate, tile, vinyl, carpet, and various other materials, each with unique features and benefits to suit different preferences and applications.
As urbanization continues and construction activities increase, there is a rising demand for flooring materials for residential, commercial, and industrial buildings. The expansion of the real estate and construction sectors contributes to Flooring Market growth.
Recent Key Highlights in Research Report:
- In August 2021, LM Flooring, known for its design-forward and high-quality hardwood floors, announced the largest new product launch in the brand’s 20-year history by introducing four new, distinctive collections as well as extensions to four of its most popular lines, totaling an impressive 55 new skus launching fall. LM Flooring, a pioneer in engineered wood flooring, offers a wide range of textured products in large-width, long-length, and sawn- and sliced-faced configurations.
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Report Scope:
| Attribute | Details |
| Base year for estimation | 2020 |
| Forecast period | 2020– 2030 |
| Market representation | Revenue in USD Billion & CAGR from 2020 to 2029 |
| Market Segmentation | By Material - Carpets & Rugs, Resilient (Vinyl, Cork, Linoleum, Rubber, Resin), and Non-resilient (Ceramic, Stone, Wood, Laminate By End User - Residential, and Non-residential |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Analyst View –
In both residential and business environments, flooring is frequently replaced or upgraded during remodeling and renovation projects. The market is anticipated to grow as a result of the consistent demand for flooring products. New and inventive flooring materials are being created by manufacturers that offer improved durability, sustainability, and aesthetic appeal. These solutions, such engineered wood and luxury vinyl tile (LVT), are becoming more and more popular.
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Flooring Market: Growth Factors
The flooring market's growth is fueled by economic development, urbanization, and technological advancements. Changing consumer preferences towards durable and visually appealing options, along with a focus on eco-friendly materials due to green building initiatives, are driving factors. Additionally, trends in the real estate and housing markets significantly impact the demand for various flooring materials. These combined factors continue to propel the flooring market's expansion globally.
The Key Players Dominating the Flooring Market:
- Shaw Industries
- Mohawk Industries
- Interface, Inc.
- Mannington Mills
- Armstrong world industries
- Forbo Holding
- Gerflor
- Beaulieu International
- TOLI Corporation
- Milliken & Company.
Flooring Market Insights and Analysis:
The global flooring market is witnessing substantial growth attributed to several key factors. Economic prosperity and rapid urbanization are driving increased construction activities, stimulating the demand for various flooring materials. Technological advancements, particularly in eco-friendly and durable flooring options, are reshaping consumer preferences. Green building initiatives and certifications are promoting sustainable flooring choices. Moreover, the market dynamics are intricately linked with real estate and housing trends, influencing the types of flooring materials in demand. As the market continues to evolve, insights and analysis play a crucial role in understanding consumer needs, industry innovations, and market competition, guiding businesses to make informed decisions and stay competitive in this dynamic landscape.
Key Insights from Primary Research:
Market Valuation: The flooring market was valued at approximately US$ 388.43 billion in 2020 and is estimated to grow to about US$ 699.28 billion by 2030, indicating a compound annual growth rate (CAGR) of around 7.5% between 2020 and 2030.
Market Segmentation: The flooring market is segmented based on materials into Carpets & Rugs, Resilient (including Vinyl, Cork, Linoleum, Rubber, and Resin), and Non-resilient (comprising Ceramic, Stone, Wood, and Laminate). Additionally, it is categorized by end-users into Residential and Non-residential sectors.
Report Coverage: The global flooring market, valued at approximately US$ 388.43 billion in 2020, is driven by economic development, urbanization, and technological advancements. Key players like Shaw Industries, Mohawk Industries, and Interface, Inc., influence the market with their innovative products. Trends indicate a shift towards eco-friendly materials like engineered wood and luxury vinyl tiles, reflecting growing consumer preferences for sustainability and aesthetics. Geographically, the market spans North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, with real estate trends significantly impacting demand. These factors collectively shape the market's growth, making it dynamic and responsive to evolving consumer needs.
Conclusion:
In conclusion, the global flooring market is experiencing robust growth driven by economic development, urbanization, and technological advancements. Key industry players such as Shaw Industries and Mohawk Industries are shaping the market landscape through innovative products. Consumer preferences are shifting towards eco-friendly materials like engineered wood and luxury vinyl tiles, reflecting a growing demand for sustainability and aesthetic appeal. Geographically, the market spans regions across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, with real estate trends significantly influencing the market. These factors, along with the influence of green building initiatives, are propelling the flooring market forward, making it highly responsive to changing consumer demands and industry innovations.
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Related Industry Research Report:
- Floor Coating Market accounted for US$ 3,233.60 billion in 2022 and is projected to register a moderate CAGR of 6.8% over the forecast period
- Smart Buildings Market accounted for US$ 74.11 billion in 2022 and is estimated to be US$ 746.9 billion by 2032 and is anticipated to register a CAGR of 27.1% over the forecast period
- Composite Door & Window Market accounted for US$ 860.8 Million in 2020 and is estimated to be 1533.3 million by 2029 and is anticipated to register a CAGR of 6.6% over the forecast period
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