Flooring Market Review, Growth, Size, Share, Forecast by 2028

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], and Application (Residential and Non-Residential)

Publication Month : Jun 2022

  • Report Code : TIPRE00008781
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 150
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[Research Report] The flooring market was valued at US$ 412.66 billion in 2021 and is projected to reach US$ 619.83 billion by 2028; it is expected to grow at a CAGR of 6.1% from 2022 to 2028.

Market Insights and Analyst View:

Flooring provides a natural sense to the interior of the home and is perfect for living spaces, bedrooms, kitchens, bathrooms, hallways, and dining rooms. Floor coverings such as ceramic, laminate, hardwood, and vinyl are extremely durable and resistant to daily use, which is why they are primarily employed in residential construction. Flooring materials such as laminate, ceramic, hardwood, fiberglass, and vinyl offer features such as good shock and resistance to abrasion, as well as the ability to endure minor quantities of spillage common in typical houses.

Growth Drivers and Challenges:

Most people use the renovation method as the ultimate choice for interior design to enhance the appearance of their homes. Ceramic tiles, carpet, vinyl tiles, laminates, and wood flooring are easy to clean, scratch-resistant, cost-effective, and long-lasting. Hence, customers prefer these products during the renovation process. The increasing demand for refurbishment and renovation in residential and commercial buildings is thus expected to support the flooring market growth. Additionally, the growing customer awareness and demand for new age flooring solutions on account of stringent regulations on sustainable and energy-efficient buildings is also expected to augment the demand for flooring solutions in near future.

Manufacturers and consumers are increasingly preferring vinyl flooring due to their low maintenance, easy application, and cost-effectiveness. The vinyl flooring is manufactured from synthetic chemicals primarily poly vinyl chloride which reduces the cost as compared to natural wood. With the rise in the demand for affordable houses in urban colonies, real estate developers are increasingly moving towards durable and cost-effective materials. Vinyl flooring provides the required benefits in addition to coming in a variety of textures and patters for varied customer choices. Additionally, with rise in energy prices, the demand for flooring with better insulation properties is expected to increase in the near future.

Government regulations on emissions associated with health and environmental ramifications from the production of wood plastic composite flooring are impacting its market growth. Additionally, floor covering such as vinyl, carpeting, and ceramic contain harmful chemicals. This can be a major source of indoor air pollution. The production techniques for ceramic tiles, from the raw material to the finished product, can be harmful to the environment and humans. Therefore, producing toxic chemicals in the manufacturing of floorings such as ceramic floors, vinyl floors, and carpets will impose a significant challenge to the overall flooring market.

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Flooring Market: Strategic Insights

flooring-market
Market Size Value inUS$ 412.66 Billion in 2021
Market Size Value byUS$ 619.83 Billion by 2028
Growth rateCAGR of 6.1% from 2022 to 2028
Forecast Period2022-2028
Base Year2021
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Report Segmentation and Scope:

The “Global Flooring Market” is segmented based on product type, material, application, and geography. Based on product type, the flooring market is segmented into resilient flooring, non-resilient flooring, and soft cover & others. Based in material, the flooring market is segmented into carpets and rugs, wood, laminates, vinyl sheets and tiles, ceramic tiles, and stone & others. Based on application, the flooring market is segmented into residential and non-residential. The flooring market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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Segmental Analysis:

Based on product type, the global flooring market is segmented into resilient flooring, non-resilient flooring, and soft cover & others. In 2021, the non-resilient flooring segment accounted for the largest revenue share. Soft cover and other segments are also expected to account for the fastest growing compound annual growth rate over the forecast period. Excellent water resistance and durability offered by non-resilient flooring is expected to propel their demand in residential and commercial constructions during the forecast period. Based on material, the global flooring market is segmented into carpets and rugs, wood, laminates, vinyl sheets and tiles, ceramic tiles, and stone & others. In 2021, the ceramic tiles segment accounted for the largest revenue share. The carpets and rugs segment is also expected to account for the fastest growing compound annual growth rate over the forecast period. Product innovation and development and increasing construction are expected to drive the growth of the segment. Based on application, the global flooring market is segmented into residential and non-residential. In 2021, the residential segment accounted for the largest revenue share. The non-residential segment is expected to account for the fastest growing compound annual growth rate over the forecast period. Increasing government spending on infrastructure development in non-residential sector is expected to play a vital role in increasing demand for flooring.

 

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Regional Analysis:

Based on geography, the flooring market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The global flooring market was dominated by Asia Pacific which accounted for US$ 179 billion in 2021. Europe is a second major contributor holding more than 15% share in the global market. Asia Pacific is expected to register the considerable growth at a CAGR of 6.8% over the forecast period.  The penetration of multinational brands backed by advantageous trade policies contributes to the growth of the commercial sector in Asia Pacific. The consequent rise in the construction of shopping malls, lodging spaces, offices, and other spaces across the Asia Pacific led the dominance for flooring market.

Industry Developments and Future Opportunities:

Various initiatives taken by the key players operating in the flooring market are listed below:

  1. In May 2021, Armstrong Flooring, Inc. announced the launch of Biome, Terra and Coalesce Luxury Flooring. The launch was aimed to expand its product portfolio and meet the growing consumer demand for variety of products.
  2. In May 2022, Gerflor introduced LVT products, which are high quality vinyl tiles and planks. They are printed decors that are more realistic. They are new rigid and reinforced clippable products that are easier to install and more durable. For commercial purpose they launched Creation 55, for residential purpose they launched Creation 30. For residential and traffic applications, they launched Creation 40, all these are newly launched LVT ranges by the company made for different applications, consisting of high-quality vinyl tiles.

Covid-19 Impact: 

Due to the COVID-19 pandemic and subsequent lockdowns, production facilities of nonessential goods and commodities were partially or completely shut down. The construction industry was negatively impacted by the government rules around self-isolation and social distancing, with numerous construction sites being impacted due to a shortage of manpower and a limited supply of equipment, machinery, and raw materials. The reduced activity in construction, transportation, logistics, and real estate sectors during the period resulted in a drop in the demand for flooring. Further, various companies announced delays in the ongoing construction projects. All these factors have had an adverse impact on the flooring market during the initial period of a pandemic.

With the relaxation of lockdown measures, there is an increase in infrastructural advancements in the US, China, India, Japan, and other countries which is positively driving product penetration in the regions. Infrastructural development in the commercial & industrial sectors is expected to witness a significant growth. An increase in residential projects in emerging countries will positively contribute to growth. Additionally, government is also promoting the construction of affordable housing which, in turn, will help the flooring market to recover by the end of 2022.

Competitive Landscape and Key Companies:

Some of the prominent players operating in the global flooring market Mohawk Flooring; Shaw Industries Group, Inc; Tarkett; Armstrong Flooring, Inc.; Forbo International Sa; Gerflor; Interface, Inc.; Beaulieu International Group; Toli Corporation; and Milliken among others. These players offer wide variety of flooring in different size, shape and design to attract a large number of consumers.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product Type, Material, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Which region held the fastest CAGR in the global flooring market?

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.

What are the key factors influencing market growth?

The global flooring market is primarily driven by increasing investments in renovation and refurbishing activities by consumers.

Based on application, which segment is leading the global flooring market during the forecast period?

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.

Can you list some of the major players operating in the global flooring market?

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.

Based on product type, which segment is leading the global flooring market during the forecast period?

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.

Which region held the largest share of the global flooring market?

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 List of Companies - Flooring Market

  1. Mohawk Flooring
  2. Shaw Industries Group, Inc.
  3. Tarkett
  4. Armstrong Flooring, Inc.
  5. Forbo International SA
  6. Gerflor
  7. Interface, Inc.
  8. Beaulieu International Group
  9. Toli Corporation
  10. Milliken

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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