Market Overview
The global flooringmarket size was valued at USD 376.44 billion in 2022 and is projected togrow from USD 395.19 billion in 2023 to USD 579.40 billion by 2030, exhibiting
a CAGR of 5.6% during the forecast period.
This information is presented by Fortune Business Insights™, inits report, titled, “Flooring Market, 2023-2030.”
Accordingto our expert analysts, surging novelconstruction projects is likely to offer growth prospects for the market growth.
Furthermore, the products utilized for flooring application, offer characteristics
such as protection against scratches, indents, dampness, as well as can be
effortlessly cleaned, which further contribute to the bulging demand.
List of Key Players Covered in the Report
· MohawkIndustries, Inc. (U.S.)
· ShawIndustries Group, Inc. (U.S.)
· TARKETTS.A. (France)
· ArmstrongFlooring, Inc. (U.S.)
· ForboFlooring Systems (Netherlands)
· Gerflor(France)
· Interface,Inc. (U.S.)
· BeaulieuInternational Group (Belgium)
· ToliCorporation (Japan)
· Milliken& Company (U.S.)
· Congoleum(U.S.)
· Flowcrete(U.K.)
Report Coverage
We provide our reports which are conducted with an all-inclusiveexamination approach that majorly emphasizes on delivering precise material.
Our scholars have applied a data triangulation method which further assists us
to offer trustworthy estimations and test the general market dynamics
accurately. Further, our analysts have received admission to numerous international
as well as regional funded registers for providing the up-to-date material so
that the stakeholders and business professionals invest only in essential
zones.
Segmentation
On thebasis of type, the market is categorized into non-resilient, resilient, and
carpets & rugs.
Based onend-use, the market is segregated into residential and non-residential. The
residential segment is the dominating contributor for the growth of this
market. The growth in residential segment is accredited to the growing
population and disposable income of the consumers.
Geographically, the market is divided into North America,Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints
SurgingDemand for Vinyl Flooring in Construction Projects to Fuel Market Growth
Vinyl is usedas a versatile component in tiling applications, where, luxury vinyl tile is
used majorly. It is resilient to mold, dampness, and fungus, which makes it an appropriate
flooring option for utilization where wetness and infrequent spills are the prime
concerns.
It can beeffortlessly installed, is robust, and obtainable at a cheaper cost, which furthermore
adds to its increasing admiration in the variety of residential as well as
non-residential buildings. This is expected to bolster the flooring market
growth during the forecast period.
Regional Insights
Asia Pacific wasworth USD 180.38 billion in 2020. Asia Pacific is the biggest and speediest-surgingregion and held the maximum flooring market share owing to large scale financing
scheduled by governments of India, China, and Southeast Asia on infrastructure expansion.
Europe is likelyto be administered by the utilization of ceramics and vinyl in non-residential structures.
The marketin the Middle East & Africa is in the growth phase of its life cycle, owing
to growing demand for floor casings from numerous large-sized construction developments,
and therefore, is expected to gain substantial market share during the forecast
period.
Competitive Landscape
Procurements Initiated by Key Players to Amplifyits Spot in Market
Prominentplayers initiate tactical campaigns to thrust their position as chief players
in the market. Their effective strategies involve acquisitions, mergers, collaborations
as well as launching products among many others.
Industry Development
- May 2023 – Shaw Industries announced plans to install innovative solar technology at its carpet tile manufacturing facility. This move
demonstrates the company's commitment to sustainability and reducing its
carbon footprint. By utilizing renewable energy sources, Shaw Industries
is taking a proactive step toward protecting the environment and ensuring
a cleaner future for future generations.
