"Innovative Market Solutions to Help Businesses Make Informed Decisions"
The global flooring market size was USD 342.88 billion in 2020 and is projected to grow from USD 359.20 billion in 2021 to USD 517.74 billion in 2028 at a CAGR of 5.4% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with the product witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 1.4% in 2020. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Flooring is a finishing material 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. Increasing new construction facilities will provide growth opportunities for the market. Surging demand for residential buildings, commercial amenities, and healthcare facilities will drive market growth.
Delayed Construction Projects during Pandemic to Restrict Market
The pandemic has severely impacted the construction industry globally. The restrictions in the movement of materials resulted in a shortage of raw materials. Further, the lockdown rules and regulations constrained the contractors and builders to conduct their construction activities. This factor led to delays in new and current construction projects. In the first quarter of 2020, the architects and contractors canceled or postponed their construction plans in China, Japan, the U.S., and India. As per the 2020 U.S. Chamber Study, in July, more than 85% of contractors experienced construction projects delays in the U.S. owing to the COVID-19 pandemic. This factor decreased the consumption of finishing materials in the same time span. However, government investment policies for building and enhancing healthcare facilities will serve as the key trend for market recovery after the COVID-19 impact.
Request a Free sample to learn more about this report.
Increasing Remodeling and Renovations in Residential and Commercial Buildings to drive Market Growth
The increasing demand for remodeling and renovation in residential and commercial buildings is expected to spike the product demand. 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 remodeling 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 Market
Vinyl is utilized as a multipurpose material in tiling applications, wherein luxury vinyl tile is majorly used. It is preferred in applications where accidental spills are the main issues, as it offers moisture and mold resistance. In addition, this finishing material is increasingly gaining popularity in both residential and non-residential buildings owing to its lower cost, easy installation, and durability. Hence, the rising use of vinyl in residential and non-residential buildings will surge 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 demand for multistory residential buildings. Whereas, the growth in commercial multistory buildings is attributed to the rising industrialization and urbanization in developing economies. Government initiatives to develop smart cities are expected to increase the 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 the Product’s Waste Management to Restrict Market Growth
The improper management of disposing and recycling of waste generated during the production or after-use of finishing materials is anticipated to hinder the market growth. 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. The aforementioned factors could hamper the market development to some extent.
Non-Resilient Segment to Remain as the Dominant Type of Flooring during Forecast Period
By type, the market is segregated into non-resilient, resilient, and carpets & rugs.
Non-resilient segments are further classified into ceramic, wood, laminate, and others. Similarly, the resilient flooring segment is bifurcated into vinyl and others. Also, the 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, making them impervious to spreading pigment 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. Laminate flooring is a low investment floor alternative, and it replicates stone, and wood floors. The growth of this segment is attributed to the increasing need for easy-to-install floor coverings.
In the 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.
To know how our report can help streamline your business, Speak to Analyst
Residential Segment to Hold Dominant Share owing to Rising Residential Expansion
The market share is bifurcated into residential and non-residential on the basis of end-use.
The residential segment is the leading contributor for the growth of this market. This growth is attributable to the rising population and consumers’ disposable income. Furthermore, the increasing demand for renovation services to elevate the look of buildings will spur floor products demand from the residential sector. Hence, the rising number of residential buildings will fuel the flooring market growth.
On the other hand, the non-residential segment is expected to have a faster CAGR from 2021 to 2028 owing to the rapidly growing need for commercial buildings, including hospitals, offices, and institutes. Additionally, the rising demand for seamless floorings such as polished concrete, epoxy, and polyurethane from commercial and industrial workspaces will boost the market growth.
Asia Pacific Flooring Market Size, 2020 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
Asia Pacific recorded USD 180.38 billion in terms of annual revenue during 2020 and will continue to be the largest and fastest-growing region in the market. This can be attributed to increasing planned investments and structured policies for construction activities in India, China, and Southeast Asia. Additionally, rapid industrialization would further drive the regional market. China is the leading country in the market and is expected to register higher growth. The increasing population and need for infrastructure and new buildings are the key factors driving the market growth in China.
The European market will witness growth backed by the growing use of ceramics and vinyl in non-residential buildings. Additionally, rising consumer expenditure and preference towards luxurious living spaces would drive growth in this region.
The rising demand for floor coverings from ongoing construction projects will drive the market in the Middle East & Africa during the forecast period.
In North America, the rising demand for healthcare facilities, commercial buildings, and luxurious houses will boost the market growth.
To know how our report can help streamline your business, Speak to Analyst
In South America, the market is expected to witness significant growth due to increasing renovation and remodeling activities in private and multi-story houses.
Key Players Adopted Product Innovation Strategy to Maintain Their Position in Market
At present, this market is fragmented due to the presence of many players around the globe. Major companies operating in the market have invested their resources in novel product developments. A wide range of product offerings, production competency, and safe & unique technology development for floor applications are enhancing the strengths of the key market players. The companies have adopted the strategies of new product development, expansion, joint venture, and acquisition to increase their regional presence and product portfolio.
An Infographic Representation of Flooring Market
To get information on various segments, share your queries with us
The flooring market report provides a detailed analysis of the industry and focuses on key aspects such as leading companies, product types, and leading end-use of the product. Besides this, the report offers insights into the global flooring industry 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.
Value (USD Billion) and Volume (Mn sq. m)
By Type, By End-Use, and By Geography
Fortune Business Insights says that the global market size was USD 342.88 billion in 2020 and is projected to reach USD 517.74 billion by 2028.
In 2020, the market size stood at USD 342.88 billion.
Registering a rapid CAGR of 5.4%, the market will exhibit substantial growth during the forecast period (2021-2028).
The 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.
Mohawk Industries, Inc., Armstrong Flooring, Inc., and Forbo Flooring Systems are the major players operating in this market.
Asia Pacific held the highest market share in 2020.
Rapid industrialization and rising consumer disposable income shall be a few factors supporting the growth of this market during the forecast period.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry