Flooring Market Size Worth USD 635.12 Billion by 2030 at 6% CAGR - Report by Market Research Future (MRFR)

Flooring Market Insights and Industry Analysis by Material (Carpets, Tiles, Vinyl & Rubber, Wood & Other), by Type (Soft covering, Resilient, Non-resilient & others), Application (Healthcare, Education, Hospitality, Retail and Sports) and Region, Competitive Market Size, Share, Trends, and Forecast to 2030

New York,USA, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Flooring Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Flooring Market Information by Source, Application, And Region - Forecast till 2030”, the market is estimated to grow at a 6% CAGR to reach USD 635.12 Billion by 2030.

Market Synopsis

The demand for flooring is anticipated to increase as government spending on infrastructure expansion increases. A well-insulated floor improves the sound environment, which has increased the demand for insulation due to the growing need for comfort and privacy due to noisier surroundings. As a result, insulation is in higher demand, which is boosting market expansion. The market is also expected to develop due to consumer preferences for flooring that requires little maintenance, is simple to install, and has aesthetically pleasing designs, textures, and colors.

Over the projection period, the demand for the product is projected to be positively impacted by strong industrial and economic development and population growth. In addition, it is projected that the growth of private construction firms in China, India, and the UAE will support the spending on construction, supporting the expansion of the market as a whole. The growth of the sector is projected to be fueled by the creation of hassle-free installation methods, the accessibility of creative construction solutions, and the rising demand for environmentally friendly products. A strict regulatory structure that governs the creation, consumption, use, and recycling is also anticipated to affect market expansion positively.

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Report Scope:

Report AttributeDetails
2030 Market Size2030: USD 635.12 Billion
CAGR6% (2022–2030)
Base Year2021
Forecast Period2022–2030
Historical Data2020
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Source, Application, And Region
Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market DriversThe increasing government investments in the construction industry
The advent of cost-efficient, durable flooring systems into the industry that is suitable for commercial spaces

Market Competitive Landscape:

The renowned companies in the flooring market are:

  • Mohawk Industries, Inc.
  • Tarkett, S.A.
  • Polyflor
  • LG Hausys Ltd.
  • Forbo Holding AG.
  • Flowcrete Group Ltd
  • AFI Licensing
  • Shaw Industries, Inc.
  • Interface, Inc.
  • Gerflor
  • Mannington Mills, Inc.

Market USP Covered:

Market Drivers:

The growing government investments in the building sector fueled the demand for high-quality flooring for infrastructure programs. The government is pushing businesses to install resilient flooring to increase comfort and productivity. The introduction of affordable, long-lasting flooring systems into the market appropriate for commercial spaces like offices, gyms, fitness centers, and medical buildings is thought to be one of the main factors contributing to the expansion of the flooring market. Additionally, the current expansion of the flooring business is being fueled by the rising number of these commercial locations. Technological evolution and research and development improvements have sparked fierce competition among potential market participants. The market's innovators are improving the functionality of the currently available building materials, thanks to the market leaders.

Due to their durable and economic qualities that keep structures current, the usage of these goods for remodeling and renovation is growing. Consumption of these products will also increase as government spending increases on enhancing public parks, hospitals, schools, and transportation services.

Market Restraints:

The primary issues limiting the growth of the flooring industry are the rising amount of flooring waste produced after each implementation and the poor implementation of flooring systems. The main reasons holding back the flooring industry include slick tiles, poor manufacturing, and inspection of the production sectors that could cause an emergency, particularly in hospitals and health care facilities. The obstacles to the flooring market's overall expansion include the rise in claims against the environmental effects and unsanitary environmental dangers, as well as the rise in carbon dioxide emissions at the production facilities.

Browse In-depth Market Research Report (140 Pages) on Flooring: https://www.marketresearchfuture.com/reports/flooring-market-2527

COVID 19 Analysis              

Although the pandemic lowered the number of manufacturing and industrial operations, it raised the demand for high-quality flooring in hospitals. During the pandemic, hospitals and the healthcare industry operated continuously, increasing foot traffic and demand for beds, medical equipment transportation, and other services. As a result, the health care industry has seen an increase in demand for luxury vinyl tile sheets. The luxury vinyl tile sheets are a top choice for the healthcare industry since they can withstand chemical stains and improve the hospital's indoor air quality. Amid the pandemic, these elements contribute to the flooring market's overall expansion.

Market Segmentation

By Material

The carpets segment will lead the global market in the forecast period.

By Type

The soft covering segment will lead the global market in the forecast period.

By Application

The healthcare segment will lead the global market in the forecast period.

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Regional Insights

Over the projection period, Asia-Pacific will continue to dominate the market. The growing demand for flooring from developing nations like China and India is blamed for this surge. The government's initiatives to advance India's building industry have substantially impacted the expansion of the local market. It is projected that the government of India's Housing for All projects will help to sustain product demand. Due to ongoing megaprojects, the construction industry is expanding quickly across Middle Eastern and Asian nations. The region's growing public-private partnerships will have an impact on product demand. The demand for civil infrastructure is anticipated to increase due to growing populations worldwide.

The demand for housing will rise, and expenditures on infrastructure development will boost market revenue. The market size is boosted by rising building costs in developing nations and the growing demand for smart cities. Additionally, throughout the projected period, the regional market's growth is likely to be aided by shifting customer preferences and the demand for better designs and more product variety. Over the projection period, there is expected to be an increase in demand for flooring in North America. The market is projected to see growth prospects due to the developed construction industries in the U.S. and Canada and the region's growing demand for single-family homes. Due to the presence of leading manufacturers in the region and other factors, Europe is predicted to have considerable growth throughout the forecast years.

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