Pune, India, Oct. 18, 2023 (GLOBE NEWSWIRE) -- According to our new research study on “Flooring Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Material, Application, and Geography,” the flooring market size is projected to grow from US$ 412.66 billion in 2021 to US$ 619.83 billion by 2028; the market expected to record a CAGR of 6.1% from 2022 to 2028. The flooring market growth is attributed to the increasing investments by consumers in renovation and construction using modern materials.
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Flooring Market: Competition Landscape
Mohawk Flooring; Shaw Industries Group, Inc; Tarkett; Armstrong Flooring, Inc.; Forbo International Sa; Gerflor; Interface, Inc.; Beaulieu International Group; Toli Corporation; and Milliken are among the major players operating in the global flooring market. Companies in this market focus on strategies such as investments in research and development activities and new product launches. For instance, in May 2021, Armstrong Flooring, Inc. announced the launch of Biome, Terra and Coalesce Luxury Flooring. The launch was aimed to expand its product portfolio and meet the growing consumer demand for a variety of products. Such strategic initiatives have expected to provide substantial growth potential to the flooring manufacturers over the forecast period.
Flooring Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 412.66 Billion in 2021 |
| Market Size Value by | US$ 619.83 Billion by 2028 |
| Growth rate | CAGR of 6.1% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| No. of Tables | 84 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Product Type, Material, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Mohawk Flooring, Shaw Industries Group Inc, Tarkett, Armstrong Flooring Inc, Forbo International Sa, Gerflor, Interface Inc, Beaulieu International Group, Toli Corporation, and Milliken |
Asia Pacific is projected to grow at the fastest CAGR in the flooring market from 2022 to 2028. The growth in the region is majorly attributed to increasing spending on affordable housing renovation and development. Increasing residential projects in emerging countries like India, Japan, China, Indonesia, Vietnam, and the Philippines will positively contribute to growth. China is the world’s largest construction market, which is highly supported by the country’s government policies. The government of China invested US$ 1.9 billion in 13 public housing projects in 2019. According to the State Council of the People’s Republic of China, the country records the world’s highest urbanization rate, which reached 60.6% in 2019, and further increased to 64.7% in 2021. According to the 14th Five-Year Plan (2021–2025), China aims to increase its urbanization rate to 65% during the period. Thus, government support for urbanization can lead to development in the construction and infrastructure sectors, thereby contributing to the market growth. In addition, growing demand for aesthetically pleasing, durable, and easy-to-maintain products such as vinyl flooring and ceramic tiles is expected to drive growth over the forecast period in the Asia Pacific.
Rise in Demand for Vinyl Flooring is Anticipated to Boost the Flooring Market Growth
Properties of vinyl flooring, such as cost-effectiveness, durability, flexible handling, and design possibilities, make it suitable in hospitals, schools, offices, and houses. In addition, vinyl flooring is comfortable to walk on and reduces impact noise, which is frequently used as an alternative to high maintenance flooring like carpet. The necessity for floor protection and a rise in demand for efficient and visually appealing products have enhanced the demand for vinyl flooring. Currently, advanced print and textural techniques are available, making it possible for vinyl flooring to imitate the look of various flooring options such as hardwood, marble, stone, and others. All these factors are fueling the demand for vinyl flooring.
Flooring Market: Segmental Overview
Based on product type, the flooring market is segmented into resilient flooring, non-resilient flooring, and soft cover and others. The non-resilient flooring segment held the largest flooring market share in 2021. The increase in urbanization and industrialization has resulted in an immediate requirement for resilient flooring in industrial areas, housing projects, hospitals, and IT parks. In addition, resilient flooring is impact resistant, durable, scratch-resistant, odor-proof, waterproof, and easy to clean. Vinyl resilient flooring is more feasible to apply, cost-effective, and long-lasting. Wood Plastic Composite is a combination of polyvinyl chloride, calcium carbonate, plasticizers, wood pulp, and a foaming agent. It offers strength and stability and is ideal for both commercial and residential construction applications.
Based on material, the flooring market is segmented into carpets and rugs, wood, laminates, vinyl sheets and tiles, ceramic tiles, and stone and others. The ceramic tiles segment held the largest share in the flooring market in 2021. Ceramic tiles are made up of various minerals and clays such as feldspar, zircon, bentonite, and kaolin. These tiles are easy to clean and maintain. They are primarily used in offices, malls, bathrooms, houses, restaurants, and shops. These tiles are made of durable, rigid, and environment-friendly materials that comply with green building standards and, thus, are gaining traction in flooring and walling applications.
Based on application, the flooring market is bifurcated into residential and non- residential. The non-residential segment is projected to register the fastest CAGR from 2022 to 2028. The non-residential segment is expected to grow in the forecast period owing to the rapidly rising need for commercial buildings, including schools, offices, hospitals, and educational institutes. Also, the increasing demand for flooring materials from the commercial and industrial workspace, such as polished concrete, epoxy, and polyurethane, will boost the segment growth.
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Impact of COVID-19 Pandemic on Flooring Market
Due to the COVID-19 pandemic and subsequent lockdowns, production facilities of nonessential goods and commodities were partially or entirely shut down. The government rules around self-isolation and social distancing negatively impacted the construction industry, with numerous construction sites being impacted due to a shortage of manpower and a limited supply of equipment, machinery, and raw materials. The reduced activity in the construction, transportation, logistics, and real estate sectors during the period resulted in a drop in the demand for flooring. Further, various companies announced delays in the ongoing construction projects. All these factors have had an adverse impact on the flooring market during the initial period of the pandemic.
Additionally, activities in the renovation & refurbishing market were hampered globally due to government-enforced social distancing measures. Hence, the demand for flooring from indoor and outdoor segments was impacted, and overall sales were reduced. Furthermore, the construction sector is expected to encounter reduced funds allocation driven by negative consumer sentiments on buying real estate, loss of income, and the allocation of government funds toward COVID-19 management.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Wood Flooring Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis
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