The According to a market research report, the Flooring Market by Material (Resilient, Non-Resilient (Ceramic tiles, Wood, Laminate, Stone), Soft-floor covering), End-use Industry (Residential, Non-residential), & Region (North America, Europe , APAC, MEA, South America) – Global Forecast to 2028″, The market for flooring is approximated to be USD 331.9 billion in 2023, and it is projected to reach USD 510.7 billion by 2028, at a CAGR of 9.0%. Increasing population and rapid urbanization, increasing investments in the construction sector, and rising number of renovation and remodeling activities are key drivers promoting the market growth. The volatile raw material prices is a major restraint in the flooring market as it affects the overall pricing of the product. A rapidly progressing organized retail sector is a major opportunity in the flooring market. The flooring industry also faces the challenge of extreme competition in the market.
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The Flooring Market comprises major players such as Mohawk Industries, Inc. (US), Tarkett (France), Forbo (Switzerland), Shaw Industries Group Inc. (Georgia), Interface, Inc. (US), and others are covered in the Flooring market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Flooring Market.
Recent Developments in Flooring Market
- In February 2023, Tarkett has collaborated with Dutch design research firm Studio RENS, to launch DESSO X RENS, a range of carpet tiles that can be recycled into a new raw material.
- In November 2022, Mohawk Industries, Inc. acquired Elizabeth Coatings (Brazil). With this acquisition, the company became the largest producer of ceramic tiles by revenue in Brazil.
- In November 2022, Tarkett has launched the carpet tile collection with the lowest circular carbon footprint.
- In July 2022, Mohawk Industries, Inc. acquired the Foss Manufacturing Company, LLC, a Georgia-based manufacturer known for its expertise in non-woven, needle-punch technology used in products ranging from peel-and-stick carpet tile to artificial turf.
- In June 2022, Forbo has launched a brand-new adhesive-free, Health, and Safety Executive (HSE) compliant safety flooring range: Surestep Fast Fit.
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Flooring is a construction material applied over a floor structure to provide a walking surface. It provides a level surface and supports static and dynamic loads. Different materials like carpets & rugs, ceramic tiles, wood, laminates, vinyl tiles & sheets, and stones are used as flooring materials in different residential and non-residential buildings. It serves both functional and aesthetic aspects of any space. The flooring adds stability & strength, enhances sound insulation and thermal insulation, and offers fire resistance in some cases. In residential spaces, beauty and elegance are the prime concerns. In the context of commercial spaces, functionalities aspects like high traffic and strength are considered.
The Flooring market can be segmented based on different materials. These include resilient materials (Vinyl, and others), non-resilient materials (ceramic tiles, wood, laminate, stone, and others). Soft floor covering/ carpets & rugs also serve as a good flooring option. Vinyl is resistant to moisture, and this makes it among the best flooring options for kitchens, bathrooms, and laundry rooms where occasional spills are a big concern. Ceramic tile flooring also provides a water resistance, durability, and decorative floor finish. The non-resilient segment led the market for flooring. This can be attributed to its properties like high durability, water-resistance, low maintenance, and reliability.
The Flooring market is divided into different end-use industries, which include residential and non-residential segments. Flooring materials are very useful and widely used in kitchens, bathrooms, dining rooms, living rooms, and bedrooms in residences. Ceramic tiles are the most used non-resilient flooring materials. Ceramic matt tiles are ideal for usage in kitchens and bathrooms due to their non slippery nature. Flooring can be used in non-residential constructions like institutions, hospitals, malls, gymnasiums, auditoriums, offices, cinema theaters etc. Carpets and rugs are used to enhance the sound insulation of any space. The residential segment dominated the flooring market.
The Flooring market is studied in five regions, namely, North America, Europe, Asia Pacific, the Middle East &Africa, and South America. Asia Pacific is the largest consumer of flooring products globally. The growth in this region is led by growing developmental activities, rapid urbanization, and a growing population. This region presents a large customer base for construction activities due to increasing urbanization. In Europe, increased constructional and renovation activities are expected to drive the demand for flooring products in this region.
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