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The global flooring market Size was valued at USD 355.17 billion in 2018 and is projected to reach USD 515.71 billion by 2026, exhibiting a CAGR of 4.8% during the forecast period.
Flooring is a finishing material, which is applied over a floor or subfloor structure to arrange for a walking surface. These products offer properties such as resistance to scratches, dents, and moisture, and are very easy to clean. Majorly used products include ceramic tiles, vinyl tiles, carpets, and laminates as they provide a smooth, clean, hard, and attractive surface to the floors. These benefits lead consumers to use these products during the development and renovation of residential and non-residential buildings.
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Increasing Remodeling and Renovations in the Residential and Commercial Buildings to drive the market growth
The increasing demand for remodeling and renovation in residential and commercial buildings is expected to spike the demand for these products. Nowadays, many people use renovation and remodeling methods as ideal choices for interior designing and to change the appearance and structure of buildings. Rising consumer expenditure for interior designing will surge the demand for remolding and renovation. The use of these products for remodeling and renovation is increasing owing to their long-lasting and cost-effective properties that keep buildings up-to-date. Additionally, rising government investments to improve public recreational spaces, hospitals, schools, and transport facilities will lead to the consumption of these products. Hence, these factors will help to fuel the market growth during the forecast period.
Increasing Demand for Vinyl Flooring in Residential and Non-residential Buildings to Drive the Market
Vinyl is utilized as a multipurpose material in tiling applications, wherein luxury vinyl tile is majorly used. It is resistant to mildew, moisture, and mold, which makes it a suitable flooring choice for the applications where moisture and occasional spills are the main issues. It is easy to install, durable, and available at low cost, which additionally contributes to its growing popularity in the range of residential and non-residential buildings. Hence, the rising use of vinyl in residential and non-residential buildings will lead to a surge in the growth of this market.
Rising Need for Multistory Buildings to Drive the Demand for Flooring Products
Multistory buildings are preferred over private houses in both residential and commercial sectors. Increasing population and consumer expenditure have led to a demand for residential multistory buildings, whereas, the growth in commercial multistory buildings is attributed to the rising industrialization and urbanization in developing countries. Government initiatives to develop smart cities are expected to increase market demand. Additionally, the rapidly growing real-estate sector has further contributed to the growth of multistory buildings. Hence, these positive factors propel the demand for tiling during the forecast period.
Environmental Concerns Surrounding Flooring Waste Management to Restrict Market Growth
The improper management of disposing and recycling of waste generated during the production or after-use of flooring materials is anticipated to hinder the market growth. The improper waste management can cause serious negative environmental impacts such as harmful infectious diseases, obstruction of drains, land and water pollution, and loss of biodiversity. These factors are anticipated to hamper the market growth.
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Non-Resilient Segment to Remain the Dominant Type of Flooring during the Forecast Period
Based on type, the flooring industry is classified into non-resilient, resilient, and carpets & rugs. The non-resilient segment is further classified into ceramic, wood, laminate, and others. Similarly, the resilient segment is further bifurcated into vinyl and others. Also, carpets & rugs segment is further divided into tufted, woven, and others. The non-resilient segment accounted for the highest revenue share in which ceramic sub-segment is the most significant type. Ceramic tiles have a distant protecting layer on their surface that makes them impervious to pigment spreading and water damage. They also provide a harder surface, easy maintenance, no allergy concerns, and durability. These properties increase their use mainly on residential floors.
In a resilient segment, vinyl is anticipated to disrupt the market due to its durability and moisture-resistant properties. The increasing use of luxury vinyl tiles in residential and commercial buildings will significantly drive the market. Tufted sub-segment is the largest type in carpets & rugs segment. The tufted carpet is used for wall-to-wall carpeting. It is ideal for those rooms where heavy furniture is placed.
Residential Segment to Account for Major Share during the Forecast Period
In terms of end-use, this market is segmented into residential and non-residential. The residential segment is the leading contributor to the growth of this market. The growth in residential segment is attributed to the rising population and consumer disposable income. Further, rising need for renovation and remodeling to maintain the look of the buildings and keep them up-to-date will surge the growth of these products from residential buildings. Hence, the growth in residential buildings will fuel the market demand.
On the other side, non-residential segment is expected to experience fast growth owing to rapidly growing need for commercial buildings including hospitals, offices, and institutes.
Asia Pacific Flooring Market Size, 2018 (USD Billion)
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The market size in Asia-Pacific stood at USD 185.4 billion in 2018. Asia-Pacific is the largest and fastest-growing region in the flooring market share owing to large scale investments planned by governments of China, India, and Southeast Asia on infrastructure development. Moreover, supportive government policies & plans and rapid industrialization would further drive the market in this region. The market in Europe is to be governed by the usage of ceramics and vinyl in non-residential buildings. Additionally, rising consumer expenditure and preference for luxurious living spaces would drive this market in Europe.
The market in the Middle East & Africa is in the growth stage of its life cycle, owing to rising demand for flooring from several large-sized construction projects, and thus, shall gain market share during the forecast period. In North America and South America, the market is expected to witness significant growth owing to the increasing need for remodeling and renovation of private as well as multistory houses.
Key Players Use Organic and Inorganic Growth Strategies to Maintain Their Position in the Market
At present, this market is fragmented due to presence of many players around the globe. Key players in the market have invested a considerable amount of resources in research and development to come out with different flooring products. A diversified product portfolio, supported by superior operational efficiency and safe & novel technology development for the applications, are the strategies used by the market leaders for their growth. The companies have adopted the strategies of new product development, expansion, joint venture, and acquisition to increase their regional presence and product portfolio.
The flooring market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the flooring market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
An Infographic Representation of Flooring Market
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Value (USD Billion) and Volume (Mn sq m)
Fortune Business Insights says that the market size was USD 355.17 billion in 2018 and is projected to reach USD 515.71 billion by 2026.
In 2018, the market value stood at USD 355.17 billion.
Growing at a CAGR of 4.8%, the market will exhibit steady growth in the forecast period (2019-2026).
Non-resilient type is expected to be the leading segment in this market during the forecast period.
Rising demand for vinyl flooring in residential and non-residential buildings is a key factor driving the market.
Asia-Pacific held the highest market share in 2018.
Rapid industrialization and rising consumer disposable income shall be a few factors supporting the growth of this market during the forecast period.
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