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The global flooring market size stood at USD 376.44 billion in 2022. The market is predicted to rise from USD 395.19 billion in 2023 to USD 579.40 billion by 2030, recording a CAGR of 5.6% from 2023 to 2030.
Fortune Business Insights™ presents this information in its report titled, “Flooring Market Size, Share & COVID-19 Impact Analysis, By Type (Non-Resilient {Ceramic, Wood, Laminate, and Others}, Resilient {Vinyl [Luxury Vinyl Tiles, Vinyl Composite Tiles, and Vinyl Sheet Flooring], Rubber, Linoleum, and Cork}, Carpets & Rugs, {Tufted, Woven, and Others}), By End-use (Residential and Non-residential), and Regional Forecast, 2023-2030”.
Increasing demand for flooring products due to their properties, including resistance to scratches, dents, and moisture, is driving the market expansion. Growing usage of flooring products for the development and renovation of residential and non-residential buildings and a rise in construction facilities are the key factors contributing to market growth.
Delayed New and Current Construction Projects amid Pandemic Hampered Market Expansion
The coronavirus pandemic adversely impacted the flooring market growth. The difficulties in the supply of materials led to a lack of raw materials. The lockdown restrictions hindered construction operations. Delayed new and current construction projects during the pandemic hampered market growth. Furthermore, a rise in investments by governments in building and enhancing healthcare facilities is expected to support the flooring product demand in the coming years.
Mohawk Industries Acquired Elizabeth to Boost its Production Capacities
In November 2022, a top producer of floor products, Mohawk Industries, acquired Elizabeth, a company situated in Brazil. This strategy is likely to support Mohawk Industries in enhancing its presence in the South American market and boost its production capacities. From this acquisition Elizabeth will gain access to the extensive distribution network and resources of Mohawk Industries. These businesses are focusing on maintaining high quality and sustainability standards. This acquisition is paving the way for both companies through this partnership that are set to witness growth opportunities in the coming years.
Rapid Urbanization and Rise in the Population to Augment Market Progress
The increasing need for residential and non-residential construction due to the rapidly growing population globally is fueling market growth. Rapid urbanization and a rise in the population have generated a huge space for the construction industry. Growing adoption of tiles, carpets & rugs, and hardwood floors owing to their high usage in construction activities is driving market growth.
Rapid changes in the lifestyle and house purchasing power in China, India, and other ASEAN countries over the past few decades boosts the sales of modern surface coverings, including carpets & rugs. A rise in spending and the untapped regional construction industry are expected to push new infrastructure and construction project initiatives over the projected period.
However, fluctuations in raw material prices are restricting the market expansion.
Leading Companies Focus on Product Advancements to Maintain their Market Positions
The presence of renowned companies in the market is projected to fuel market expansion in the coming years. Top manufacturers are highly investing in new product advancements to boost their revenues.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/flooring-market-102740
Notable Industry Development
March 2023 – Encina teamed up with Shaw Industries to transform carpet waste recycling. This collaboration focuses on the development of a sustainable future by decreasing the carpet waste in landfills. Through this collaboration and implementation of advanced technology, both companies are expected to invent new processes and systems to recycle carpet waste. This program is projected to impact positively on the environment and benefit businesses and consumers.
List of the Companies Profiled in the Report:
Further Report Findings:
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
CAGR (2023-2030) | CAGR of 5.6% from 2023 to 2030 |
Unit | Value (USD Billion) and Volume (Million sq. m.) |
Segmentation | By Type
|
By End-use
| |
By Geography
|