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 | No. of Pages: 150 | Category: Chemicals and Materials | Status: Published
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.
The floor is an important element in any building. It influences many factors directly and indirectly. Popular flooring options include wood, vinyl, tile, and carpet. Each type has its unique benefits. Wooden flooring is an unbeatable type, and various choices are available with natural hardwood.
In 2021, Asia Pacific held the largest revenue share of the global flooring market. The Asia pacific flooring market is segmented into China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. The Flooring market in Asia Pacific is mainly driven by an increase in residential projects in emerging countries such as India, China, Indonesia, Vietnam, and the Philippines. The growing demand for aesthetically pleasing durable, and easy-to-maintain products such as vinyl flooring and ceramic tiles is expected to drive the market in Asia Pacific. Furthermore, 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.
Strategic Insights
Impact of COVID-19 Pandemic on Flooring Market
The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The new rules around self-isolation and social distancing negatively impacted the construction industry, with numerous construction sites being impacted due to a shortage of manpower and a limited supply of equipment, machinery, and raw materials. Reduced activity in construction, transportation, logistics, and real estate sectors during the period resulted in a drop in the demand in the global market. Further, various companies have announced delays in the ongoing construction projects. All these factors have had an adverse impact on the market during the initial period of a pandemic.
Global Flooring Market Breakdown – by Region
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Market Insights
Increasing Investments in Renovation and Refurbishing Activities by Consumers
There is an increasing demand for refurbishment and renovation in residential and commercial buildings. This is supporting the market growth. Most people use renovation as the ultimate choice for interior design to enhance the appearance of their homes. Further, the construction industry is witnessing significant growth due to rapid urbanization, industrialization, and a rise in population. An increase in advanced construction facilities will provide growth opportunities for the market.
Material Insights
Based on material, the global market has been 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 made up of various minerals and clays such as feldspar, zircon, bentonite, and kaolin. This type of tiles are easy to clean, maintain and is primarily used in offices, malls, bathrooms, houses, restaurants, and shops, and others.
Product Type Insight
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 anticipated to grow gradually in the forecast period from residential homes, commercial buildings, and other segments due to ongoing development for manufacturing versatile and innovative flooring products on account of enhancements in digital printing technologies. Non-resilient flooring is 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.
Application Insight
Based on application, the global market has been segmented into residential and non-residential. The residential segment held a larger share in the global market in 2021. Due to the rising population and increasing consumer disposable income, the demand from the residential segment is anticipated to increase. In addition, increasing reconstruction and renovation activities in order to enhance the appearance of the building will further fuel the overall demand for flooring products in the residential segment.
Flooring Market, by Application – 2021 and 2028
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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 market. Players operating in the global 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 the development of high-quality and innovative product offerings to fulfill the customers’ requirements.
Report Spotlights
- Progressive industry trends in the flooring market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the flooring market from 2019 to 2028
- Estimation of global demand for flooring
- Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook, as well as factors driving and restraining the growth of the flooring market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- The size of the flooring market at various nodes
- Detailed overview and segmentation of the market, as well as the flooring industry dynamics
- Size of the flooring market in various regions with promising growth opportunities
Global Flooring Market
Product Type
- Resilient Flooring
- Non-resilient Flooring
- Soft Cover and Others
Material
- Carpets and Rugs
- Wood
- Laminates
- Vinyl Sheets and Tiles
- Homogeneous and Heterogeneous
- LVT and VCT
- Others
- Ceramic Tiles
- Stone and Others
Application
- Residential
- Non-Residential
Company Profiles
- Mohawk Flooring
- Shaw Industries Group, Inc.
- Tarkett
- Armstrong Flooring, Inc.
- Forbo International SA
- Gerflor
- Interface, Inc.
- Beaulieu International Group
- Toli Corporation
- Milliken
Frequently Asked Questions
The List of Companies - Flooring Market
- Mohawk Flooring
- Shaw Industries Group, Inc.
- Tarkett
- Armstrong Flooring, Inc.
- Forbo International SA
- Gerflor
- Interface, Inc.
- Beaulieu International Group
- Toli Corporation
- Milliken
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global flooring market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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