Flooring Market Share and Growth Outlook: Key Trends by 2024-2032
The global flooring market size was USD 376.44 billion in 2022. The market revenue is set to increase from USD 395.19 billion in 2023 to USD 579.40 billion by 2030 at a CAGR of 5.6% during 2023-2030.
The global flooring market has been experiencing significant growth over recent years, driven by urbanization, increasing construction activities, and advancements in materials technology. Flooring is a key element in both residential and commercial buildings, contributing to aesthetics, comfort, and functionality. This article explores the current trends, growth factors, challenges, and future prospects of the global flooring market.
Growing preference for flooring products, such as ceramic tiles, vinyl tiles, carpets, and laminates, as they offer a smooth, clean, hard, and attractive surface to the floors, is enhancing market expansion. Increasing demand for residential buildings, commercial amenities, and healthcare facilities is boosting the sales of flooring products.
Fortune Business Insights™ shares this information in its report titled “Flooring Market, 2023-2030.”
Information Source: https://www.fortunebusinessinsights.com/flooring-market-102740
List of Key Players Profiled in the Market Report:
Mohawk Industries, Inc. (U.S.)
Shaw Industries Group, Inc. (U.S.)
TARKETT S.A. (France)
Armstrong Flooring, Inc. (U.S.)
Forbo Flooring Systems (Netherlands)
Gerflor (France)
Interface, Inc. (U.S.)
Beaulieu International Group (Belgium)
Toli Corporation (Japan)
Milliken & Company (U.S.)
Congoleum (U.S.)
Segmentation
Surging Demand for Easy-to-install Floor Coverings Fostered Non-resilient Segment Growth
In terms of type, the market is classified into non-resilient, resilient, and carpets & rugs. The non-resilient segment held the largest flooring market share in 2022. Surging demand for easy-to-install floor coverings is boosting the segment growth. The growing usage of ceramic tiles for residential floors due to their water-resistant qualities is driving the segment growth.
Rapid Growth of Residential Buildings Propelled Segment Expansion
By end-use, the market is categorized into residential and non-residential. The residential segment remains prominent in the global market. Rapid growth of the population and increasing consumers’ disposable income are propelling segment expansion. Growing preference for renovation services to enhance the aesthetics of residential buildings is projected to fuel the sales of floor products in the residential sector. The rapid expansion of residential buildings is driving the segment growth.
Challenges
Despite its robust growth, the flooring market faces certain challenges:
Raw Material Price Volatility: The cost of raw materials like wood, petroleum-based products (for vinyl), and ceramic has seen fluctuations due to global supply chain disruptions and inflation, which can impact profit margins for manufacturers.
Environmental Concerns: The production and disposal of certain flooring materials, particularly vinyl and carpet, raise environmental concerns. Consumers and governments are demanding more sustainable options, putting pressure on manufacturers to innovate.
Intense Competition: The market is highly competitive, with numerous players vying for market share across different segments. The proliferation of low-cost products, particularly from Asia, creates pricing pressure on premium brands.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Need for Visually Appealing Products in Buildings to Boost Market Progress
Increasing demand for housing facilities due to the rapidly growing population is driving the market expansion. While building or choosing a prebuilt home, consumers check the aesthetic design and interior of the building. Increasing emphasis on appropriate aesthetic surface services and managing the house's interior by many producers is boosting the market progress. Additionally, many consumers also look for touch and visual appeal when choosing their products. All these factors are projected to enhance consumer investments in visually appealing products and fuel market development.
However, market growth is hindered by the increasing production costs.
Information Source: https://www.fortunebusinessinsights.com/flooring-market-102740
Regional Insights
Asia Pacific Leads with Increasing Planned Investments and Structured Policies for Construction Activities
Asia Pacific commanded the global market. An increase in planned investments and structured policies for construction activities in India, China, and Southeast Asia is driving market growth in the region. China dominates with rising demand for infrastructure and new buildings and a growing population.
South America is predicted to rise substantially owing to a rise in renovation and remodeling activities in private and multi-story houses to change the look and design of buildings.
Competitive Landscape
Key Market Players Concentrate on Safe & Unique Technology Innovation for Floor Applications
Top market participants are focusing on product offerings and safe & unique technology innovation for floor applications. Leading companies are implementing the tactics, such as new product advancement, expansion, joint ventures, and acquisitions to boost their regional presence and product portfolio.
Key Industry Development
November 2021: Beaulieu Flooring Solutions launched a unique latex-free carpet. This specially produced product for entrance halls, fair stands, and corridors is the world’s first recyclable event carpet. This product introduction will support the company in increasing its product portfolio.