Flooring Market is projected to be worth USD 6,35,124 Million by 2030, registering a CAGR of 6% during the forecast period (2022 - 2030)
Flooring Market OverviewFlooring Market is projected to be worth USD 6,35,124 Million by 2030, registering a CAGR of 6% during the forecast period (2022 - 2030), The market was valued at USD 433.93 billion in 2021.
The flooring in the residential and commercial spaces is significant for productivity and the other key operations. The residential and non-residential sectors across the globe are increasingly adopting highly efficient flooring for their infrastructure for the aesthetic and operations sectors. The residential sector is rapidly adopting flooring which accounted for over 54% in the year 2020 and it is expected to increase during the forecast period. The commercial space such as offices, gyms, malls, and industrial verticals are adopting resilient flooring as they are considered as the most durable flooring options in the industry, and the feature such as sound absorption, durability, and the long life span of those flooring systems increases their demand.
Higher disposable income, availability of durable and cost-efficient flooring, high-traffic commercial areas, favorable economic conditions are some of the key factors that increases the flooring market growth in recent years.
COVID 19 Analysis:
The industrial processes and manufacturing operations were reduced during the pandemic, however, the demand for quality flooring in the hospitals has increased during the pandemic. The hospitals and health care sectors were operating continuously during the pandemic, therefore increasing foot traffic; medical equipment transportation, beds, and others were higher. Therefore the demand for luxury vinyl tile sheets has increased in the health care sector. The luxury vinyl tile sheets are highly preferred for the health care sectors as these areas deal with the chemical staining, and enhance the indoor air quality inside the hospitals. Such factors increase the overall growth of the flooring industry amid pandemics.
The increasing government investments in the construction industry are propelling the demand for quality flooring for the infrastructure plans. The government is propelling the offices and the industrial sectors to adopt resilient flooring for efficient productivity and comfort. Therefore the non-resilient flooring has increased up to 61% in the year 2020.
The advent of cost-efficient, durable flooring systems into the industry that is suitable for commercial spaces such as offices, gyms, fitness centers, and hospital buildings are considered as the major drivers of flooring market growth. Moreover, the increasing number of these commercial spaces is also propelling the overall growth of the flooring industry in recent times.
The change in technologies and the advancements in research and development are creating intense competition among the potential market players. The market leaders are bringing in developments in the industry and are enhancing the performance of the existing building materials. For instance, a recent development in the industry was a development in the appearance of the LVT floorings. The market players have developed the appearance of the LVT floorings with ultra-modern techniques that gives the authentic look for the floorings.
Superior industrial and economic development combined with the development of the private sectors in the countries such as India, China, UAE is considered as the favorable environment for the overall growth of the flooring industry. Moreover, the development in the installation techniques and innovative construction-related techniques are some of the key opportunities for the overall growth of the flooring industry during the forecast period.
The increasing amount of flooring waste that is generated after every implementation and the improper implementation of the flooring systems are considered as the major restraining factors of flooring market growth.
Slippery tiles, improper manufacturing, and checking at the production sectors that could lead to an emergency, especially in the health care centers, hospitals are considered as the major restraining factors of the flooring industry.
The increasing reports against the environmental impacts and the unhygienic environmental hazards, and increasing carbon dioxide emission at the production centers are some of the challenges for the overall growth of the flooring industry.
The requirement of harmful chemicals and poor indoor environment due to the usage of chemicals for the carpeting and vinyl flooring installation are some of the key factors that are considered as the major challenges for the overall growth of the flooring industry. Vinyl, which is synthesized petroleum, can negatively impact the health of the residents. Moreover, the production of those ceramic tiles is considered to be a major hazard for the environment.
Cumulative growth analysis:
On the other hand, developed countries such as North America are increasingly renovating their aging infrastructure and developing the industrial sectors. The inclination of the residents towards the improved quality of life and sophisticated amenities is spurring the demand to increase the construction activities in the residential sectors. Such factors are presenting lucrative opportunities for the overall growth of the flooring industry, especially in the residential sector.
Value chain analysis:
The growth of the flooring industry is highly influenced by the increasing construction activities of the residential sectors. The residential construction activities were accounting for over 54% in the year 2020, this growth is due to the higher disposable income and increasing preferences of living in a single-family housing plan. Moreover, the favorable economic condition of the developed countries is also presenting opportunities for the overall growth of the flooring industry in the residential sectors. Some of the countries such as South Africa, Turkey, China, India, and Middle Eastern countries were offering a lot of options regarding the home loans, which have significant impacts on the development of the housing sectors, thereby propelling the overall growth of the flooring industry.
The offices and the industrial verticals prefer the resilient flooring systems, as they are denser and non-absorbent. They offer supreme comfort to walk upon. Such factors increase stability for the busy offices and thereby eliminate any potential accidents inside the office. The increasing business growth and rapid industrialization in the developed countries stimulate the adoption of sophisticated flooring systems in the offices.
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Currently, the Asia-pacific region is dominating the flooring market growth and was holding a market share of over 42% in the year 2020 and it continues to grow during the forecast period. The ongoing development in the housing units combined with the increasing population across the region presents lucrative opportunities for the flooring market growth during the forecast period. Moreover, governmental organizations are increasing their investment in the infrastructural sector that significantly increases the demand for flooring materials.
On the other hand, the demand for construction activities across North America is rapidly increasing owing to the industrial development and housing sector. Also, the increasing preferences for single-family housing plans and increasing urbanization are propelling the overall growth of the flooring industry.
In February 2021, the most renounceable company, Mahindra Life space Developers took the new project of residential sectors. Huge initiatives were taken by the government where his investment was made use for the construction of the airport.In the year March 2020, TOLI made a partnership with a corporate company, where high-quality vinyl floor tile was both manufactured and was on sale in Taiwan and China.In the year of July 2020, Gerflor Flooring developed new extraordinary flooring tiles. Advanced technology was marked which showed antiviral floorings where the tile was protected from viruses and bacteria.In February 2020, Armstrong floored innovative floors which include Exchange and Theorem.In the year 2020, one of the leading market players, Interface Inc. has introduced a carbon-negative carpet tile prototype, which is a carbon-negative carpet tile prototype without affecting the quality or function of the flooring that is achieved by incorporating novel manufacturing facilities and new materials that potentially stores carbon than any other development.In the year 2018, one of the leading market players, Tarkett has expanded its production capacity in Europe and North America with an investment of about USD 85.9 million. The investment was primarily due to the increasing demand for vinyl modular flooring systems. In 2016 December, Shaw industries used the floor tiles of the United Kingdom. It helped in the expansion of the market and enhanced the luxury of the market. It enhanced the product business by using composite flooring.
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|Market Size||2030: USD 6,35,124 Million|
|CAGR||6% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Gerflor Group (France), LG Hausys, Ltd. (Korea), Flowcrete Group Ltd. (U.K), Polyfloor Inc. (U.K.), Forbo Holding AG. (Switzerland), Tarkett Company (France), Floorworld LLC (Dubai), Mohawk Industries Inc. (U.S.), Shaw Industries, Inc. (U.S.) and Mannington Mills Inc. (U.S.)|
|Key Market Opportunities||Rapid growth in industrialization and urbanization|
|Key Market Drivers||
Major materials used in the flooring market include vinyl and rubber, carpets, tiles, wood, and others.
Global flooring market is expected to exhibit a strong 6% CAGR over the forecast period till 2030.
Leading players in the global flooring market include LG Hausys, Gerflor Group, and Polyfloor Inc., among others.
Asia Pacific is likely to dominate the global flooring market over the forecast period.
• Increasing population and urbanization • Increasing investment in the construction industry • An increasing number of renovation and remodeling activities • Increasing industrialization