Market Overview

The global flooring market size was valued at USD 376.44 billion in 2022 and is projected to grow from USD 395.19 billion in 2023 to USD 579.40 billion by 2030, exhibiting a CAGR of 5.6% during the forecast period.

This information is presented by Fortune Business Insights™, in its report, titled, “Flooring Market, 2023-2030.”

According to our expert analysts, surging novel construction projects is likely to offer growth prospects for the market growth. Furthermore, the products utilized for flooring application, offer characteristics such as protection against scratches, indents, dampness, as well as can be effortlessly cleaned, which further contribute to the bulging demand.

List of Key Players Covered in the Report

·         Mohawk Industries, Inc. (U.S.)

·         Shaw Industries Group, Inc. (U.S.)

·         TARKETT S.A.  (France)

·         Armstrong Flooring, Inc. (U.S.)

·         Forbo Flooring Systems (Netherlands)

·         Gerflor (France)

·         Interface, Inc. (U.S.)

·         Beaulieu International Group (Belgium)

·         Toli Corporation (Japan)

·         Milliken & Company (U.S.)

·         Congoleum (U.S.)

·         Flowcrete (U.K.)

Report Coverage

We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.

Source: https://www.fortunebusinessinsights.com/flooring-market-102740

Segmentation

On the basis of type, the market is categorized into non-resilient, resilient, and carpets & rugs.

Based on end-use, the market is segregated into residential and non-residential. The residential segment is the dominating contributor for the growth of this market. The growth in residential segment is accredited to the growing population and disposable income of the consumers.

Geographically, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Drivers and Restraints

Surging Demand for Vinyl Flooring in Construction Projects to Fuel Market Growth

Vinyl is used as a versatile component in tiling applications, where, luxury vinyl tile is used majorly. It is resilient to mold, dampness, and fungus, which makes it an appropriate flooring option for utilization where wetness and infrequent spills are the prime concerns.

It can be effortlessly installed, is robust, and obtainable at a cheaper cost, which furthermore adds to its increasing admiration in the variety of residential as well as non-residential buildings. This is expected to bolster the flooring market growth during the forecast period.

Regional Insights

Asia Pacific was worth USD 180.38 billion in 2020. Asia Pacific is the biggest and speediest-surging region and held the maximum flooring market share owing to large scale financing scheduled by governments of India, China, and Southeast Asia on infrastructure expansion.

Europe is likely to be administered by the utilization of ceramics and vinyl in non-residential structures.

The market in the Middle East & Africa is in the growth phase of its life cycle, owing to growing demand for floor casings from numerous large-sized construction developments, and therefore, is expected to gain substantial market share during the forecast period.

Competitive Landscape

Procurements Initiated by Key Players to Amplify its Spot in Market

Prominent players initiate tactical campaigns to thrust their position as chief players in the market. Their effective strategies involve acquisitions, mergers, collaborations as well as launching products among many others.

Industry Development

• May 2023 – Shaw Industries announced plans to install innovative solar technology at its carpet tile manufacturing facility. This move demonstrates the company's commitment to sustainability and reducing its carbon footprint. By utilizing renewable energy sources, Shaw Industries is taking a proactive step toward protecting the environment and ensuring a cleaner future for future generations.