Pune, India, Dec. 15, 2023 (GLOBE NEWSWIRE) -- The global flooring market size was USD 376.44 billion in 2022 and is set to increase from USD 395.19 billion in 2023 to USD 579.40 billion by 2030 at a CAGR of 5.6% during 2023-2030.
Growing preference for flooring products, such as ceramic tiles, vinyl tiles, carpets, and laminates, as they offer a smooth, clean, hard, and attractive surface to the floors, is enhancing market expansion. Increasing demand for residential buildings, commercial amenities, and healthcare facilities is boosting the sales of flooring products.
Fortune Business Insights™ shares this information in its report titled “Flooring Market, 2023-2030.”
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List of Key Players Profiled in the Flooring Market Report:
- Mohawk Industries, Inc. (U.S.)
- Shaw Industries Group, Inc. (U.S.)
- TARKETT S.A. (France)
- Armstrong Flooring, Inc. (U.S.)
- Forbo Flooring Systems (Netherlands)
- Gerflor (France)
- Interface, Inc. (U.S.)
- Beaulieu International Group (Belgium)
- Toli Corporation (Japan)
- Milliken & Company (U.S.)
- Congoleum (U.S.)
- Flowcrete (U.K.)
- James Halstead (U.K.)
- The Dixie Group (U.S.)
- Victoria PLC (U.K.)
- Mannington Mills, Inc. (U.S.)
- Swiss Krono (Switzerland)
- LX Hausys (South Korea)
- Parador GmBH (Germany)
- Kajaria Ceramics (India)
- Engineered Floors (U.S.)
- MBB - Ihr Bodenausstatter GmbH (Germany)
- Altro Limited (England)
- Welspun Group (India)
- Avant Holding (UAE)
- Twintec Group Limited (Germany)
- Mirage (Canada)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.6% |
| 2030 Value Projection | USD 579.40 Billion |
| Market Size in 2023 | USD 395.19 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 335 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Flooring Market Growth Drivers | Surging Demand for Easy-to-install Floor Coverings Fostered Non-Resilient Segment Growth |
| Increasing Need for Visually Appealing Products in Buildings to Boost Market Progress |
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Segmentation
Surging Demand for Easy-to-install Floor Coverings Fostered Non-Resilient Segment Growth
In terms of type, the market is classified into non-resilient, resilient, and carpets & rugs. The non-resilient segment held the largest flooring market share in 2022. Surging demand for easy-to-install floor coverings is boosting the segment growth. The growing usage of ceramic tiles for residential floors due to their water-resistant qualities is driving the segment growth.
Rapid Growth of Residential Buildings Propelled Segment Expansion
By end-use, the market is categorized into residential and non-residential. The residential segment remains prominent in the global market. Rapid growth of the population and increasing consumers’ disposable income are propelling segment expansion. Growing preference for renovation services to enhance the aesthetics of residential buildings is projected to fuel the sales of floor products in the residential sector. The rapid expansion of residential buildings is driving the segment growth.
COVID-19 Impact:
Shortage of Raw Materials during Pandemic Impeded Market Growth
The COVID-19 outbreak had a negative effect on the flooring market growth. Shortage of raw materials during the pandemic due to supply chain disruptions restrained market growth. Canceled or postponed construction plans amid the pandemic reduced the consumption of finishing materials. Moreover, in the post-pandemic, growing government policies for improving healthcare infrastructure are supporting market expansion.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Need for Visually Appealing Products in Buildings to Boost Market Progress
Increasing demand for housing facilities due to the rapidly growing population is driving the market expansion. While building or choosing a prebuilt home, consumers check the aesthetic design and interior of the building. Increasing emphasis on appropriate aesthetic surface services and managing the house's interior by many producers is boosting the market progress. Additionally, many consumers also look for touch and visual appeal when choosing their products. All these factors are projected to enhance consumer investments in visually appealing products and fuel market development.
However, market growth is hindered by the increasing production costs.
Regional Insights
Asia Pacific Leads with Increasing Planned Investments and Structured Policies for Construction Activities
Asia Pacific commanded the global market. An increase in planned investments and structured policies for construction activities in India, China, and Southeast Asia is driving market growth in the region. China dominates with rising demand for infrastructure and new buildings and a growing population.
South America is predicted to rise substantially owing to a rise in renovation and remodeling activities in private and multi-story houses to change the look and design of buildings.
Competitive Landscape
Key Market Players Concentrate on Safe & Unique Technology Innovation for Floor Applications
Top market participants are focusing on product offerings and safe & unique technology innovation for floor applications. Leading companies are implementing the tactics, such as new product advancement, expansion, joint ventures, and acquisitions to boost their regional presence and product portfolio.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Flooring Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Flooring Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Type (Volume/Value)
- Non-Resilient
- Ceramic
- Wood
- Laminate
- Others
- Resilient
- Vinyl
- Luxury Vinyl Tiles
- Vinyl Composite Tiles
- Vinyl Sheet Flooring
- Rubber
- Linoleum
- Cork
- Vinyl
- Carpets & Rugs
- Tufted
- Woven
- Others
- Non-Resilient
- By End-use (Volume/Value)
- Residential
- Non-Residential
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued...!
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Key Industry Development
November 2021: Beaulieu Flooring Solutions launched a unique latex-free carpet. This specially produced product for entrance halls, fair stands, and corridors is the world’s first recyclable event carpet. This product introduction will support the company in increasing its product portfolio.
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