Flooring Market Size To Experience Robust Growth of $621.54 Billion By 2028, Owing To Increasing Government Spending on Infrastructural Development | Grand View Research, Inc.
Flooring Industry Overview
The global flooring market size was valued at USD 388.24 billion in 2020 and is expected to reach USD 621.54 billion by 2028, registering a CAGR of 6.1% over the forecast period.
Increasing government spending on infrastructural development is expected to play an important role in augmenting the demand for flooring. The rising need for comfort and privacy owing to noisier surroundings has spurred the demand for insulation across the flooring market as a well-insulated floor creates an improved sound environment. This has resulted in the growing demand for insulation, thereby supporting market growth. Moreover, consumer preferences for aesthetically improved designs, textures, & colors and low-maintenance & easy-to-install floorings are anticipated to ascend the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Flooring Market
Strong industrial and economic development coupled with population expansion is likely to have a positive impact on the product demand over the forecast period. In addition, the development of private-sector construction companies in India, China, and the UAE is anticipated to aid the construction spending, thereby benefiting the overall market growth.
The development of hassle-free installation techniques, availability of innovative construction solutions, and the rising demand for environmentally sustainable products are anticipated to fuel the industry growth. The presence of a stringent regulatory framework on the production, usage, implementation, and recycling is also likely to have a positive impact on the market growth.
Increasing investments and continuous R&D in flooring products have led to the introduction of flooring materials with enhanced durability and strength. Moreover, customization options, in terms of color, texture, and finishing, offered by the manufacturers have contributed to higher product demand, thereby augmenting the market growth.
Flooring Market Segmentation
Based on the Product Insights, the market is segmented into Soft Covering, Resilient, Non-resilient and Seamless.
- The non-resilient flooring segment led the market and accounted for more than 61% share of the global revenue in 2020 due to a rise in the number of residential and commercial construction activities across the globe.
- Seamless flooring is applied in the industrial environment, wherein, a large floor area is covered with resins and concrete materials. Maintenance and installation of seamless flooring are less expensive as compared to its counterparts.
- The resilient flooring segment is estimated to register the fastest CAGR from 2021 to 2028 due to the high demand for these materials in commercial applications, such as offices, gyms, fitness centers, hospitality buildings, and others.
Based on the Application Insights, the market is segmented into Residential, Commercial and Industrial.
- The residential application segment led the market and accounted for more than 54% share of the global revenue in 2020. High disposable income levels and rise in the number of single-family houses in developing economies are among the key factors responsible for the segment growth.
- Rising demand for highly durable and cost-efficient flooring for use in high-traffic commercial areas is projected to boost the commercial application segment growth over the forecast period. The development of new products and easy installation techniques are also driving the commercial segment.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
- Asia Pacific dominated the market and accounted for over 42% share of global revenue in 2020 and will maintain its dominant position over the forecast period. This growth is attributed to the increased demand for flooring from emerging economies, such as China and India.
- Europe is anticipated to register a significant growth rate during the forecast years owing to the presence of prominent manufacturers in the region coupled with technological developments.
Market Share Insights
- February 2021: “Exchange and Theorem”, two new luxury flooring collections launched By Armstrong Flooring. These two collections are boldly manufactured in the USA and feature a 2.5 mm structure with a 20 mil wear layer and patented Diamond 10 Technology for category-leading scratch, stain, and scuff performance.
- January 2020: Mannington proposed updated sheet vinyl patterns. The company announced Miramar, which is added to Revive. Miramar features the Glam/Luxe trend in a unique diamond geometric design with subtle veining and soft color variation.
Key Companies Profile:
Several manufacturers are engaged in research & development activities to introduce sustainable flooring materials. Moreover, companies are focusing on extending their geographical presence and product portfolios to sustain the competitive environment. Some prominent players in the global flooring market include,
- Mohawk Industries, Inc.
- Tarkett, S.A.
- AFI Licensing
- Shaw Industries, Inc.
- Interface, Inc.
- Gerflor
- Mannington Mills, Inc.
- Polyflor
Order a free sample PDF of the Flooring Market Intelligence Study, published by Grand View Research.
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