Flooring Market Worth US$ 619.83Bn by 2028 at 6.1% CAGR | Size & Share by Application, by End-Use Industry, Region and Forecast - Cumulative Impact of COVID-19: The Insight Partners
NEW YORK, June 23, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Flooring Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Resilient Flooring, Non-Resilient Flooring, and Soft Cover and Others), Material [Carpets and Rugs, Wood, Laminates, Vinyl Sheets and Tiles (Homogeneous and Heterogeneous, LVT and VCT, and Others), Ceramic Tiles, and Stone and Others], Application (Residential and Non-Residential), and Geography. The projected market growth is attributed to an increase in consumer investments in renovation and refurbishing activities and high demand for the vinyl flooring.
There are different types of flooring available in the market, such as resilient flooring, seamless flooring, non-resilient flooring, and soft coverings. The growth in real estate, building, and construction sectors is increasing renovation and refurbishing activities in residential and non-residential segments. This is creating a huge demand for different flooring products.
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Flooring Market Strategic Insights:
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. 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 | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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. Players operating in the global flooring market are constantly focusing on strategies such as investments in research and development activities and new product launches. These market players are highly focused on developing high-quality and innovative product offerings to fulfill the customers' requirements.
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In 2021, Asia Pacific held the largest share of the global flooring market. The growing construction industry in the region is contributing to the growth of the market. The growth in the construction industry is mainly attributed to increasing consumer spending on affordable housing, renovation, and development. Additionally, the increase in residential projects in emerging countries is positively influencing the flooring market growth in the region.
Increase in Demand for Vinyl Flooring Segment
There is an availability of advanced print and textural techniques, making it possible for vinyl flooring to imitate the look of various flooring options such as hardwood, marble, stone, and others. There are various benefits of vinyl flooring. It is cost-effective and exhibits numerous features such as durability, flexible handling, and easy design possibilities. This makes vinyl flooring a suitable option to be used in hospitals, schools, offices, and houses.
Flooring Market: Segmental Overview
Based on material, the 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 global market in 2021. Ceramic tiles are easy to clean and maintain. These tiles finds application in offices, malls, bathrooms, houses, restaurants, and shops, and others. Ceramic tiles are commercially available in a wide range of colors, sizes, and textures. Hence, they are gaining consumer attraction for high-end flooring applications.
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Based on product type, the global market has been segmented into resilient flooring, non-resilient flooring, and soft cover and others. The non-resilient flooring segment held the largest share in the global market in 2021. The demand for non-resilient flooring is increasing gradually from residential homes, commercial buildings, and other segments. These non-resilient floorings are made up of inflexible, organic, and hard surface materials comprising ceramic tile, porcelain tile, and natural stone. This type of flooring needs less maintenance and is cost-effective in nature. It also comes in a variety of textures, colors, and patterns.
Based on application, the market is segmented into residential and non-residential. The residential segment held a larger share in the global market in 2021. An increase in reconstruction and renovation activities in the residential sector to enhance the appearance of the building is creating a demand for flooring products.
The global flooring market has been segmented based on material 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 global flooring market in 2021. Ceramic tiles are composed of various minerals and clays such as feldspar, zircon, bentonite, and kaolin. These ceramic tiles are primarily used in offices, malls, bathrooms, houses, restaurants, and shops, and others. These are durable, rigid, and environment-friendly materials that comply with green building standards, and thus are gaining traction in flooring and walling applications. These products are commercially available in a wide range of colors, sizes, and textures, thus gaining consumer attraction for high-end flooring applications. Therefore, demand for visual appeal in ceramic tiles is driving product innovations such as the development of natural and wooden finish designs that are expected to contribute to the overall expansion of the market.
Key Developments
- In February 2019, Tackett refreshed its solid color palette for resilient flooring
- In May 2021, Armstrong Flooring introduced Biome, Terra, and Coalesce luxury flooring. Biome was created to capture and translate an organic aesthetic and tactile warmth into the built environment, strengthening the human connection with nature.
In 2021, Asia Pacific held the largest share of the global flooring market. The flooring market in Asia Pacific is mainly driven by an increase in residential projects in various countries such as India, China, Indonesia, Vietnam, and the Philippines.
The non-resilient flooring segment held the largest share of the global flooring market in 2021. Non-resilient flooring is made up of inflexible, organic, and hard surface materials. This type of flooring requires less maintenance and is cost-effective in nature. The residential segment held a larger share of the global flooring market in 2021. Due to the rising population and increasing consumer disposable income, the demand from the residential segment is anticipated to increase.
Asia Pacific is estimated to register the fastest CAGR in the global flooring market over the forecast period. The flooring market in Asia Pacific is competitive and dynamic because of the significant presence of manufacturers and associated flooring and construction businesses in the region.
The global flooring market is primarily driven by increasing investments in renovation and refurbishing activities by consumers.
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Impact of COVID-19 Pandemic on Flooring Market
The COVID-19 pandemic caused significant economic losses across the globe. The flooring market experienced the adverse effects of the pandemic in 2020. The pandemic led to temporary effects on the operational efficiencies of various industries. It negatively impacted the demand for flooring products. Difficulties faced by the manufacturers in procuring raw materials (bricks, cement, sand, tiles, and others) and the subsequent shutdown of manufacturing facilities hampered the market growth. The residential and commercial segments were negatively impacted due to the closure of construction activities.
However, various construction activities are recovering slowly, with many infrastructure projects in the pipeline. The demand for flooring products is witnessing significant growth due to a recovery in business activities. Accelerated vaccination programs and investments in the construction & building sector will help the flooring market recover.
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