Flooring Market Size to surpass US$ 614.0 Bn by End of 2031, Report by Transparency Market Research, Inc.

• Global flooring market is driven by expansion of the construction industry
• Increase in infrastructure development projects projected to propel the industry in the next few years

WILMINGTOM, Del., Jan. 10, 2023 /PRNewswire/ -- According to a research by TMR, the global flooring market was valued at US$ 333.6 Bn in 2021 and is projected to grow at a CAGR of 6.4% during the forecast period from 2022 to 2031.

Any layer of finishing material used as a permanent covering for a floor structure is called flooring. It is employed to improve the aesthetic appearance of the flooring. Rugs, carpets, laminates, wood, ceramic tiles, rubber, and natural stone are examples of common flooring materials. Wood flooring continues to be popular for more than a century. Floorboards could be repeatedly sanded and recoated. This enables renovation of the old flooring. Vinyl flooring, laminate flooring, linoleum flooring, and hardwood flooring are some of the types of flooring that are available commercially.

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Growth of the construction industry and increase in redevelopment projects are propelling global flooring market expansion. Old constructions are being renovated and redesigned. This has increased the demand for visually appealing flooring. Eco-friendly flooring solutions are becoming more popular in green buildings, while ceramic tiles are chosen in residential structures due to low cost and simplicity. These factors are expected to propel flooring market growth in the next few years.   

Global Flooring Market: Key Drivers

• The global flooring industry is driven by increase in emphasis on the aesthetic appeal of houses and rise in introduction of new products. Customers are choosing flooring options that are inexpensive, efficacious, and eco-friendly. Luxury vinyl tiles are scratch- and slip-resistant, waterproof, and environmentally sustainable; hence, these are becoming more popular than hardwood or engineered wood materials. Luxury vinyl tiles also provide advantages such as simple cleaning, higher acoustics, and premium look. Demand for flooring items, such as area rugs, carpet tiles, and broadloom, is high in North America. Rugs and carpet tiles give floors a layer of protection.
• The global construction industry has experienced rapid expansion due to urbanization. Surge in urban population in emerging countries, such as India, is driving the demand for residential flooring. Hence, emerging economies are anticipated to witness a spike in flooring market sales in the next few years.

Key Findings of Flooring Market

• According to industry trends, the ceramic tiles segment is projected to account for significant share of the global flooring market during the forecast period. Ceramic tiles are inexpensive, easy to maintain, and toxic-free. The carpets & rugs segment is anticipated to witness robust growth in the next few years owing to rise in demand in urban regions across the globe.
• The residential segment is expected to capture significant share of the industry from 2022 to 2031. The segment includes small residences, apartments, buildings, and housing constructions. Government subsidies for first-time homeowners in emerging and developed countries is fueling the residential segment.

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Flooring Market: Regional Dynamics

• Asia Pacific held significant share of the global flooring market in 2021. The trend is projected to continue during the forecast period. The market in the region is driven by the expansion of the housing sector, increase in the urban population, and rise in disposable income.
• Europe is expected to account for sizeable share of the global flooring market during the forecast period. This is ascribed to rise in disposable income and surge in urban population.

Flooring Market: Competitive Scenario

The global flooring market is fragmented, with the presence of large number of companies. Industry participants have adopted strategies such as novel product launches, collaborations, and marketing techniques in order to enhance market share.

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Leading players in the global flooring market are:

• Forbo Holding AG,
• J&J Flooring LLC
• Boral Limited, Inc.
• Interface, Inc.,
• LX Hausys, Tarkett S.A.
• Mohawk Industries, Inc.
• The Dixie Group, Inc.
• Shaw Industries Group, Inc.
• James Halstead Plc,
• Armstrong World Industries

Global Flooring Market: Segmentation

Product

• Resilient
• Non-resilient
• Soft Cover

Material

• Carpets & Rugs
• Wood
• Soft Wood
• Engineered Wood
• Laminate
• Vinyl Sheet & Tiles
• Homogeneous
• Heterogeneous
• Luxury Vinyl Tiles (LVT)
• Ceramic Tiles
• Stone
• Others

Application

• Residential
• Commercial
• Others (transportation, industrial, etc.)

Regions

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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