The global Flooring Market size is expected to reach USD 576.47 Billion in 2030 and register a revenue CAGR of 5.5% over the forecast period, according to latest report by Reports and Data. Increasing investments in construction and remodelling industries along with recent lifestyle changes induced due to effect of the pandemic have increased demand for home interior designs which in turn is driving the market revenue growth.
Interior designing intends to create aesthetically pleasing spaces within a particular residential or non-residential area. An increasing trend of investments in interior designing was particularly observed during the pandemic period with an increasing expenditure being allocated for bringing improvement in personal space, improving aesthetics, and showcasing personal wealth. This factor is expected to drive the market revenue growth. Advancements in technology have enabled improvement of flooring products with properties such as – anti-skidding, noise insulation, increased durability, good acoustics, and resistance to dust and moisture. Such properties or features will create an increased demand for flooring products that will contribute to revenue growth of the market.
However, delays in construction projects is one of the factors that could hamper market's revenue growth during the forecast period. Along with cost re-runs and time lapses, raw materials required for construction and designing, with cost volatility affect procurement. This challenges timely delivery of the product, increasing prices, which is expected to restrain market revenue growth.
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Major companies in the global market report include Mohawk Industries, Inc., Gerflor Group, Toli Corporation, Congoleum Corporation, The Dixie Group, Inc., Shaw Industries Group, Inc., Mannington Mills, Inc., Forbo Holding AG., Tarkett S.A, and LG Hausys, Ltd.
Some Key Highlights from the Report
- Soft covering segment is expected to register a steady revenue growth rate over the forecast period. Soft covering segment can be further divided into foam, soft plastic, and cork laminate. Increase in demand for soft covering flooring can be attributed to ease and enjoyable experience it provides for users. This is the main factor driving revenue growth of the segment.
• Tiles segment is expected to register a steady revenue growth rate during the forecast period. Tiles are a preferred product for flooring purposes due to their low costs and ease of, availability. Tiles also have added benefit of being scratch and stain-resistant, making them suitable for adoption in low-income households.
• Residential buildings segment is expected account for largest revenue share in the global flooring market between 2019 and 2030. Rapid growth of new as well as resumption of old construction works is expected to increase demand for flooring materials which in turn is expected to drive revenue growth of the segment.
• Latin America flooring market is expected to account for a minor revenue share in the global market over the forecast period. Rapid demand for custom-made flooring is increasing its demand among various countries in the region. Rise in requirements for flooring to meet up with growing healthcare and educational institutes in the region is also another factor expected to drive revenue growth of the flooring market.
• On 29 March 2019, Mikasa Floors, which is a subsidiary of Greenlam Industries Ltd. unveiled new products for its 2019 collection. The main attraction of new wooden flooring collection includes products of 11 new aesthetic colors and 24 new products that are inspired by consumer feedback.
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For the purpose of this report, Reports and Data has segmented the global flooring market based on type, application, material, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
- Non-resilient
• Resilient
• Soft Covering
• Other Types
Application Outlook (Revenue, USD Billion; 2019-2030)
- Healthcare Buildings
• Education Buildings
• Commercial
• Residential Buildings
• Sports Complexes
Material Outlook (Revenue, USD Billion; 2019-2030)
- Wooden
• Vinyl and Rubber
• Tiles
• Others
Regional Market Segmentation:
- North America
o U.S.
o Canada
o Mexico
• Europe
o Russia
o U.K.
o Germany
o France
o BENELUX
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Rest of Asia Pacific
• Latin America
o Brazil
o Rest of Latin America
• Middle East Africa
o Saudi Arabia
o U.A.E.
o Israel
o Rest of Middle East Africa
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Key Takeaways of the Global Flooring Market Report:
- A comprehensive overview of the global Flooring industries.
• Precise market projections in terms of market size, share, and volume over the forecast period.
• Thorough study of the global market dynamics, which include major growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
• In-depth analysis of the numerous upcoming and latest market trends.
• Extensive study of the leading regional markets.
• Detailed overview of the competitive landscape of the global Flooring market.
• Qualitative and quantitative analyses of the global Flooring market.
• Brief look at the company profiles and portfolios, and crucial information about product and application ranges.
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