Flooring Market – Global Outlook & Forecast 2023-2028
Report | February 2023 | Region: Global | 378 Pages
The global flooring market is expected to grow at a CAGR of 5.77% during 2022-2028. The flooring demand is mainly concentrated in countries such as the US, Japan, China, the UK, Germany, and France. However, developing Asian economies such as India is witnessing increased adoption of flooring products owing to developing industrial or non-residential sector.
Further, developing countries are expected to witness the highest CAGR of over 5% in 2030 due to increasing construction and infrastructure activities. China is projected to be the largest contributor to the global flooring market in terms of revenue during the forecast period. Increased investments in residential and commercial construction sectors will drive the demand for flooring products in China.
Further, the growing penetration of prefabricated building manufacturers and the rising disposable income to invest in decorative buildings expect to fuel flooring sales. Moreover, increasing demand for LVT due to the ease of its availability, installation, and durability in a cost-effective manner, especially in the residential sector, is expected to drive the LVT market growth. Thus, during the forecast period, LVT flooring is expected to be a vital part of the flooring in the market.
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Flooring Market – Global Outlook & Forecast 2023-2028
MARKET TRENDS & OPPORTUNITIES
High Demand for Luxury Vinyl Tiles
Luxury vinyl tiles are one of the most preferred flooring materials as they are the most durable and high-quality, with low maintenance at affordable prices. With factors such as stains, scratches, mildew, or mold, LVT is highly preferred in entry zones and heavy traffic areas. Luxury vinyl is available in a wooden look form with a soft underfoot feeling, available in a tile and plank form.
LVT is mainly preferred for bedrooms, fancy areas, and living rooms of residence for a perfect finishing and classy look. Hence, the residential sector is expected to create considerable demand for the LVT flooring industry during the forecast period. Moreover, the cost of LVT is low compared to carpet and hardwood floors in the market.
Emerging New Technologies In Flooring Market
With the advent of modernization, the flooring industry is adapting emerging technologies in the market. Many companies are focusing on manufacturing engineered wood flooring products in the industry. Engineered wood flooring is one of the classic, timeless, modern floor coverings with improved material quality. Technology and manufacturing advancements have helped manufacturers create technologically superior and modified versions of hardwood flooring or engineered wood floors. With dimensional stability and superior moisture resistance features, engineered wood flooring is highly preferred for residential and commercial flooring. Some benefits of engineered wood flooring include a wide range of design and color options, easy to install and durable, and budget-friendly.
The global flooring market is highly fragmented, with several top vendors operating. However, the industry is witnessing consolidation, albeit at a slow pace. Over the past couple of years, the industry has witnessed the entry of many external players with new product innovation, quality, price, service, and technology to drive up their share in the flooring market.
Further, mergers and acquisitions are common within the industry as players look to expand and become more comprehensive in their offerings. This trend is witnessed among vendors in a landscape where new business models and focus on developing the portfolio of their establishments are expected to drive growth.
Some of the key leading vendors in the global flooring market are MOHAWK INDUSTRIES, BERKSHIRE HATHAWAY (Shaw Industries), Tarkett, Beaulieu International Group (B.I.G), Interface, and more. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades in flooring.
The present scenario forces vendors to alter and refine their unique value proposition to achieve a strong industry presence. Many international players are expected to expand their business globally during the forecast period, especially in the fast-developing APAC and Latin American countries. In addition, improving global economic conditions would fuel the overall market’s growth, making it an attractive time for vendors to launch new units.
The leading vendors can expect an intensely competitive environment during the forecast period because of the increased demand for infrastructural development in the commercial sector.
Key Company Profiles
– Mohawk Industries, Inc.
– Forbo Flooring
– Beaulieu International Group (B.I.G.)
– Grupo Lamosa
– LL Flooring Holdings
– RAK Ceramics
– Shaw Industries Group (Berkshire Hathaway)
Other Prominent Vendors
– Burke Flooring (Mannington Commercial, Mannington Mills)
– Gerflor Group
– Pamesa Ceramica Compactto
– Kajaria Ceramics
– PORCELANOSA Grupo
– SCG Ceramics
– Dixie Group
– Dorsett Industries
– Oriental Weavers
– Axminster Carpets
– Brintons Carpets
KEY QUESTIONS ANSWERED
– How big is the flooring market?
– What is the growth rate of the flooring market?
– Which region dominates the global flooring market?
– Who are the key players in the global flooring market?
– What are the key driving factors in the flooring market?