Flooring Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type, Material, and Application
July 28, 2022 from Research and Markets
The flooring market was valued at US$ 412.66 billion in 2021 and is projected to reach US$ 619.83 billion by 2028.
Different flooring materials include wood, laminates, vinyl sheets and tiles, ceramic tiles, and stone. Tiles are one of the most versatile floor types that can give a more personalized look to any space. There are various flooring options in tiles, such as porcelain tiles, glass tiles, vitrified tiles, luxury vinyl tiles, ceramic tiles, marble tiles, and granite tiles.
Tiles have an endless range of textures, colors, and styles. Moreover, tiles are durable, flexible, repairable, and replaceable. The flooring market is mainly driven by increasing consumer investments in renovation and refurbishing activities and high demand for vinyl flooring. Vinyl flooring is cost-effective and exhibits numerous features such as durability, flexible handling, and easy design possibilities, making it suitable for use in hospitals, schools, offices, and houses.
The advancement of technology in the flooring market will offer lucrative opportunities for the flooring market growth during the forecast period. Further, the increasing consumer focus on cost-effective products is expected to fuel the market growth.
The global flooring market has been segmented based on material into carpets and rugs, wood, laminates, vinyl sheets and tiles, ceramic tiles, and stone and others. The ceramic tiles segment held the largest share in the global flooring market in 2021. Ceramic tiles are composed of various minerals and clays such as feldspar, zircon, bentonite, and kaolin.
These ceramic tiles are primarily used in offices, malls, bathrooms, houses, restaurants, and shops, and others. These are durable, rigid, and environment-friendly materials that comply with green building standards, and thus are gaining traction in flooring and walling applications. These products are commercially available in a wide range of colors, sizes, and textures, thus gaining consumer attraction for high-end flooring applications.
Therefore, demand for visual appeal in ceramic tiles is driving product innovations such as the development of natural and wooden finish designs that are expected to contribute to the overall expansion of the market.
In 2021, Asia Pacific held the largest revenue share of the global flooring market. The Asia Pacific flooring market includes China, India, Japan, South Korea, and Australia. The rise in spending on affordable housing renovation and development and the increase in residential projects are the major factors driving the flooring market in Asia Pacific.
In Asia Pacific, the construction industry’s growth is driven by increasing spending on affordable housing renovation and development. Additionally, an increase in residential projects in emerging countries such as India is positively contributing to the growth of the construction industry. All these factors are creating the demand for different flooring products.
The market for flooring in Asia Pacific is competitive and dynamic due to the region’s significant presence of manufacturers and associated flooring and construction businesses. However, short- to medium-term elements such as the US-China trade war, compact access to credit, and raised prices of commercial and residential properties are expected to restrain construction activities in the region.”
Mohawk Flooring; Shaw Industries Group, Inc.; Tarkett; Armstrong Flooring, Inc.; Forbo International SA; Gerflor; Interface, Inc.; Beaulieu International Group; Toli Corporation; and Milliken are some of the major players operating in the global flooring market. Players operating in the global flooring market are constantly focusing on strategies such as investments in research and development activities and new product launches. These market players are highly focused on the development of high-quality and innovative product offerings to fulfill the customers’ requirements.
The size of the overall global flooring market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the flooring market.
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