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The report "Flooring Market by Material (Resilient, Non-Resilient (Ceramic tiles, Wood, Laminate, Stone), Soft-floor covering), End-use Industry (Residential, Non-residential), & Region (North America, Europe , APAC, MEA, South America) - Global Forecast to 2028", The market for flooring is approximated to be USD 331.9 billion in 2023, and it is projected to reach USD 510.7 billion by 2028, at a CAGR of 9.0%. The research report provides access to critical information such as market growth drivers, market growth restraints, current market trends, flooring market top key players and financial structure, and other key market details.
Increasing population and rapid urbanization, increasing investments in the construction sector, and rising number of renovation and remodeling activities are key drivers promoting the market growth. The volatile raw material prices is a major restraint in the flooring market as it affects the overall pricing of the product. A rapidly progressing organized retail sector is a major opportunity in the flooring market. The flooring industry also faces the challenge of extreme competition in the market.
Growing preference for flooring products, such as ceramic tiles, vinyl tiles, carpets, and laminates, as they offer a smooth, clean, hard, and attractive surface to the floors, is enhancing market expansion. Increasing demand for residential buildings, commercial amenities, and healthcare facilities is boosting the sales of flooring products.
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List of Key Players Profiled in the Flooring Market Report:
Segmentation
Surging Demand for Easy-to-install Floor Coverings Fostered Non-Resilient Segment Growth
In terms of type, the market is classified into non-resilient, resilient, and carpets & rugs. The non-resilient segment held the largest flooring market share in 2022. Surging demand for easy-to-install floor coverings is boosting the segment growth. The growing usage of ceramic tiles for residential floors due to their water-resistant qualities is driving the segment growth.
Rapid Growth of Residential Buildings Propelled Segment Expansion
By end-use, the market is categorized into residential and non-residential. The residential segment remains prominent in the global market. Rapid growth of the population and increasing consumers’ disposable income are propelling segment expansion. Growing preference for renovation services to enhance the aesthetics of residential buildings is projected to fuel the sales of floor products in the residential sector. The rapid expansion of residential buildings is driving the segment growth.
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COVID-19 Impact:
Shortage of Raw Materials during Pandemic Impeded Market Growth
The COVID-19 outbreak had a negative effect on the flooring market growth. Shortage of raw materials during the pandemic due to supply chain disruptions restrained market growth. Canceled or postponed construction plans amid the pandemic reduced the consumption of finishing materials. Moreover, in the post-pandemic, growing government policies for improving healthcare infrastructure are supporting market expansion.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Need for Visually Appealing Products in Buildings to Boost Market Progress
Increasing demand for housing facilities due to the rapidly growing population is driving the market expansion. While building or choosing a prebuilt home, consumers check the aesthetic design and interior of the building. Increasing emphasis on appropriate aesthetic surface services and managing the house's interior by many producers is boosting the market progress. Additionally, many consumers also look for touch and visual appeal when choosing their products. All these factors are projected to enhance consumer investments in visually appealing products and fuel market development.
However, market growth is hindered by the increasing production costs.
Regional Insights
Asia Pacific Leads with Increasing Planned Investments and Structured Policies for Construction Activities
Asia Pacific commanded the global market. An increase in planned investments and structured policies for construction activities in India, China, and Southeast Asia is driving market growth in the region. China dominates with rising demand for infrastructure and new buildings and a growing population.
South America is predicted to rise substantially owing to a rise in renovation and remodeling activities in private and multi-story houses to change the look and design of buildings.
Competitive Landscape
Key Market Players Concentrate on Safe & Unique Technology Innovation for Floor Applications
Top market participants are focusing on product offerings and safe & unique technology innovation for floor applications. Leading companies are implementing the tactics, such as new product advancement, expansion, joint ventures, and acquisitions to boost their regional presence and product portfolio.
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Detailed Table of Contents:
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