New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Modular Flooring Global Market Report 2023" - https://www.reportlinker.com/p06466589/?utm_source=GNW
, Fab Floorings, Versare Solutions LLC, Mateflex, Balta Group, Milliken & Company, and Burmatex Ltd.
The global modular flooring market is expected to grow from $54.55 billion in 2022 to $58.58 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The modular flooring market is expected to reach $74.92 billion in 2027 at a CAGR of 6.3%.
The modular flooring market consists of sales of vinyl floor tile, modular linoleum tile, modular carpet, and raised floors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Modular flooring refers to a covering that is laid over the floor tiles that provides surface finish and support. It is used in places like shopping centers, offices, warehouses, and hospitals.
Asia Pacific was the largest region in the modular flooring market in 2022. The regions covered in the modular flooring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main modular flooring product types are ceramic, rubber, carpet tile, rigid LVT, polyolefin (non-vinyl), flexible LVT, and others.Ceramics are often made from earthy materials, such as clay, powders, and water, and are molded into desired shapes.
The various components are polyvinyl chloride resins, plasticizers, trace stabilizers, pigments, and others that are used in retail, healthcare, education, household, workplace, and others.
Increasing home and commercial renovation activities are expected to boost the growth of the modular flooring market going forward.Renovation is the process of changing the internal layout of existing structures or replacing or repairing worn-out parts.
The home renovation includes the replacement of traditional floors with various modular-flooring options.For instance, in April 2022, as per the report published by Houzz, a US-based platform for home remodeling and design, more than half of homeowners (55%), up from 53% in 2020, have remodeled their homes.
Therefore, increasing home and commercial renovation activities are driving the growth of the modular flooring market.
Product innovations have emerged as the key trend gaining popularity in the modular flooring market.Major companies operating in the modular flooring market are developing innovative products to strengthen their position in the market.
For instance, in February 2020, Patcraft, a Georgia-based company, launched Organic Interruption, a new modular flooring collection.The unique features of Organic Interruption involve the two 18" x 36" carpet tiles exhibiting linear patterns interrupted by organic textures, resulting from a natural interaction between organic materials and man-made structures.
The Organic Interruption is designed to handle market-driven developments inside educational environments.
In July 2022, Mohawk Industries Inc., a US-based manufacturer of flooring acquired Foss Floors for $148 million. With this acquisition, Foss will be integrated into Mohawk Home and will continue to function under its present leadership team. Foss Floors is a Georgia-based manufacturer of carpets, flooring, rugs, and custom flooring products.
The countries covered in the modular flooring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The modular flooring market research report is one of a series of new reports that provides modular flooring market statistics, including modular flooring industry global market size, regional shares, competitors with a modular flooring market share, detailed modular flooring market segments, market trends and opportunities, and any further data you may need to thrive in the modular flooring industry. This modular flooring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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