Flooring market worth 447.74 billion USD by 2023
From Tile & Stone Blue Book – May 30, 2018 – (PR Newswire) The report “Flooring Market Type by Material (Carpets & Rugs, Resilient (Vinyl, Cork, Linoleum, Rubber, Resin), Non-resilient (Ceramic, Stone, Wood, Laminate)), End-use (Residential, Non-residential), and Region – Global Forecast to 2023”, published by MarketsandMarkets™, the flooring market size is estimated to grow from USD 339.29 Billion in 2018 to USD 447.74 Billion by 2023, at a CAGR of 5.7%. The market is projected to witness steady growth in the next few years, due to the rise in renovation & remodeling activities resulting from rapid industrialization and urbanization. Increase in investments in the construction industry, rise in population, and growing focus toward interior decoration are also some of the key factors driving the growth of the flooring market.
The vinyl segment is projected to grow at the highest CAGR during the forecast period.
Vinyl is one of the most versatile materials used in flooring. Its resistance to mold, mildew, and moisture makes it one of the most suitable flooring options for application areas where occasional spills and moisture are the major concerns. Its low cost and easy installation also contribute to its growing popularity in a range of residential and commercial applications. LVT (Luxury Vinyl Tile) is one of the popular forms of vinyl flooring and is gaining popularity as a versatile flooring solution, offering durability along with various design options. It offers cost advantages in terms of price as compared to other premium materials, owing to its minimal maintenance requirements and high durability. These factors contribute toward its increasing application in the corporate, hospitality, healthcare, and other commercial sectors.
The residential segment is estimated to dominate the market, in terms of value, through 2023.
The residential segment dominated the market in 2017 and this trend is projected to continue through 2023, as a result of the demand for aesthetic flooring materials and growing trend toward interior decoration. Housing renovation and maintenance have increased steadily in the recent past and are expected to further increase in the coming years, owing to the increasing disposable income of people. These factors are expected to fuel the demand for flooring in the residential sector.
The Asia Pacific market for flooring is projected to grow at the highest CAGR from 2018 to 2023.
Asia Pacific is projected to be the fastest-growing market for flooring during the forecast period. The growth in the region can be attributed to the growing construction industry, supportive government policies & plans, and rapid urbanization. China is projected to grow at the highest CAGR in the Asia Pacific flooring market during the forecast period. The Middle Eastern & African market is projected to grow at the second-highest CAGR between 2018 and 2023.
The key players operating in the Flooring Market include Mohawk Industries (US), Shaw Industries (US), Tarkett (France), Armstrong Flooring (US), Forbo (Switzerland), Gerflor (France), Interface (US), Beaulieu International (Belgium), TOLI Corporation (Japan), and Milliken & Company (US). These players have an extensive product portfolio and a wide geographical presence. New product launches, expansions, investments, acquisitions, and partnerships are some of the major strategies adopted by key players operating in the flooring market.