COVID-19 Impact analysis 

• COVID-19 pandemic led to shut-down the production of granite floorings, attributed to the lockdown in countries worldwide. This has hampered the growth of industry in the last few months.
• COVID-19 affected the sales of granite flooring in the first half of 2021 as the demand witnessed a steep decrease due to restrictions on construction activities. Major players in the real estate industry slowed the construction of residential and commercial buildings in the wake of reducing demand because of COVID-19. 
• The major demand for granite flooring was previously noticed in the U.S., China, the UK, Germany, France, India, and Gulf Cooperation Council (GCC) countries, which are negatively affected by the spread of COVID-19, thereby decreasing the demand.
• The decrease in income due to COVID-19, directly affected the spending of masses thus, negatively affecting the granite flooring market.
• The COVID-19 pandemic negatively affected the granite flooring manufacturing units due to the restrictions laid on factory operations. Manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health and safety of the workforce. 
• Surge in vaccination drives and leniency in the COVID-19 restrictions have revived construction and maintenance activities in residential and commercial buildings which is a positive sign for the granite flooring market’s recovery.  

Top Impacting Factors

Increase in popularity of interior designing, availability of various designs, and surge in spending on home remodeling projects in developing countries has significantly increased the use of granite for flooring in remodeling projects. Furthermore, floors are a vital part of any building as they provide an aesthetic, smooth, and level floor surface, thereby elevating the ambience of the spaces. The availability of granite in a wide range of colors and patterns makes its suitable for use in luxury residential, commercial, and hospitality projects. The fluctuating cost of granite and the uncertainties in the residential real estate market are the restraints to the growth of granite flooring market. Rise in population and urbanization have substantially increased the demand for residential spaces, especially in urban areas. These factors are anticipated to provide lucrative growth opportunities for the granite flooring market. 

Market Trends

• Major companies in the industry have focused on developing a large portfolio of granite flooring solutions. For instance, Flodeal Private Limited has a large portfolio of granites in various colors and patterns. It provides granite in various sizes, thereby increasing its applications. 
• The rapid growth of manufacturing industry in countries such as India and China has increased the purchasing power of people, thereby creating a demand for luxury residential projects. Furthermore, the rapid growth of IT industry has increased the use of granite in IT parks and commercial buildings. 

Key Benefits of the Report

• This study presents the analytical depiction of the granite flooring industry along with the current trends and future estimations to determine the future investment pockets.
• The report presents detailed analysis of key drivers, restraints, opportunities, and the granite flooring market share.
• A quantitative analysis highlights the granite flooring market growth scenario from 2020 to 2030.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed granite flooring market analysis based on competitive intensity and how the competition will take shape in coming years.