Flooring Market Research, 2031
The global flooring market size was valued at $320.3 billion in 2021, and is projected to reach $558.2 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031. Flooring is a visually appealing building component that covers the floor either temporarily or permanently. Apart from giving the space an appealing look, some types flooring solutions further provide structural support for the contents and occupants of the space. Moreover, flooring offers functionality to the space by offering slip-resistant floor, improving the acoustics of the space, and preventing bacterial growth.
Rise in the construction of residential buildings in the developing nations has significantly increased the demand for flooring solutions. In addition, owing to the COVID-19, the global tourism sector witnessed a slight downtrend. However, such negative trends are expected to subside in the next two years. This will lead to the increased number of buildings such as hotels and resorts, thereby increasing demand for the flooring market. Furthermore, home remodeling is witnessing a boom in developed countries in regions such as Europe and North America, owing to increase in disposable income and exponential rise in cost of new homes. This is expected to drive the demand for flooring market. For instance, according to a Harvard Joint Centre for housing studies article published in January 2021, the growth of house remodeling and repair expenditures has increased from 3.5% in 2020 to 3.8% in 2021, based on the most recent Leading Indicator of Remodeling Activity (LIRA). In addition, various governments across the world are investing in the residential sector in response to the rise in population and improved living conditions. Several incentive schemes for efficient residential structures and refurbishment were modified and relaunched at the start of 2021 to help fulfil these goals. As a result of increase in population, these expenditures in the building sector are expected to enhance the use of indoor flooring, resulting in flooring market growth.
In addition, major manufacturers of flooring offer a wide range of products and services to meet customer needs. This helps the manufacturers to stay competitive in the market. For instance, Armstrong Flooring Inc., a major market player in the flooring industry, introduced three new innovative heterogeneous sheet collections, Asana, Nidra, and Zenscape. These sheets include the company's patented technology known as Diamond 10 Technology. It includes a wear layer that uses cultured diamonds to provide scratch, stain, and scuff resistance to the floor, while eliminating the need for polish.
The novel coronavirus had rapidly spread across various countries and regions, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and later became a significant threat to global trade, economy, and finance. The COVID-19 pandemic halted production of many flooring components due to lockdown. Initially, the economic slowdown reduced spending on various residential and non-residential building construction projects. However, owing to the introduction of various vaccines, the severity of the COVID-19 pandemic has significantly decreased. As of mid-2022 the number of COVID-19 cases had diminished significantly. This led to the full-fledged reopening of flooring manufacturing companies at their full-scale capacities. Furthermore, it has been more than two years since the outbreak of this pandemic, and many companies have already shown notable signs of recovery.
In addition, rise in the number of non-residential projects under public-private partnership is expected to provide lucrative growth opportunities for the market. Furthermore, the increased focus on sustainability has significantly boosted the use of flooring solutions with a lower carbon footprint.
The flooring market is segmented into Printing Type, Material and End User. By printing type, the market is bifurcated into digital and traditional. On the basis of material, the market is categorized into wood, stone, ceramic, laminate, and others. By end-user industry, it is categorized into residential and non-residential. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific held the major flooring market share, accounting for the highest share. LAMEA is anticipated to grow at the highest CAGR during the forecast period. This is attributed to rise in urbanization and disposable income in the region.
Key companies profiled in the flooring market forecast report include, Armstrong Flooring, AZEK Company, Beaulieu International Group, Citadel Floors, Ebaco India Pvt. Ltd., ECORE International, Inc., Fiberon, Forbo Flooring, Gerflor, Interface Inc., Iron Woods, Mats Inc., Milliken and Company, Mohawk Industries Inc., Shaw Industries, Tarkett S.A., and Toli Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the flooring market analysis from 2021 to 2031 to identify the prevailing flooring market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the flooring market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global flooring market trends, key players, market segments, application areas, and market growth strategies.
Flooring Market Report Highlights
Market Size By 2031
USD 558.2 billion
CAGR of 5.6%
2021 - 2031
By Printing Type
By End User
Key Market Players
Interface Inc., Shaw Industries, Citadel Floors, Toli Corporation, ARMSTRONG FLOORING, Tarkett S.A., Beaulieu International Group, FORBO FLOORING, Ebaco India Pvt. Ltd., Iron Woods, ECORE International, Inc., AZEK Company, Mohawk Industries, Inc., Milliken and Company, Mats Inc., Fiberon,
The flooring market has witnessed significant growth in the past few years, owing to surge in spending on building construction activities.
Rise in the trend of home remodeling activities, particularly in high-income countries in North America and Europe, has fueled demand for flooring. In addition, rise in urbanization is positively influencing residential and non-residential building construction. Furthermore, the global tourism sector is driving the demand for construction of highly elegant guest accommodations. Such factors are expected to play an instrumental role in growth of flooring market.
Moreover, various countries, such as China, India, and Canada, are turning toward public-private partnerships (PPPs) as a mode of infrastructure development. Such government initiatives are expected to boost the flooring market, especially in the non-residential segment.
Furthermore, the concept of sustainable development is becoming the focus area of everyone across the globe, thus driving the demand for products with a lower carbon foot print. In addition, to support sustainability, key market players are innovating to produce PVC-free flooring solutions. Therefore, rise in demand for sustainable products is anticipated to provide lucrative opportunities for the market growth.