Flooring Market to Gain Value of US$ 614.0 Bn by 2031: TMR Study

• Rise in the construction and renovation activities across the globe is propelling the Flooring Market
• Increase in the use of soft cover flooring in North America is expected to help in the regional market expansion

WILMINGTON, Del., Nov. 2, 2022 /PRNewswire/ -- The global Flooring Market is estimated to gain a value of US$ 614.0 Bn by the end of 2031, according to a research report by Transparency Market Research (TMR). In addition, the study finds that the market for flooring is expected to advance at a CAGR of 6.4% during the forecast period, from 2022 to 2031.

Owing to swift urbanization across many developed and developing countries, there has been a surge in the need for residential and commercial buildings globally. Moreover, the demand for residential flooring is being rising across several emerging economies including Costa Rica, India, Indonesia, Brazil, and Malaysia as the urban population in these nations is being increasing. Owing to factors, the Flooring Market share is likely to expand at rapid pace in the near future.

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Players are expected to gain significant business opportunities in North America, notes a TMR assessment that delivers vital insights on the Flooring Market growth factors. The growth of the North America market is attributed to a surge in the adoption of soft cover flooring products including area rugs, broadloom, and carpet tiles in the region, according to a review by TMR.

Companies operating in the global Flooring Market are investing sizable amounts in R&Ds in order to develop innovative products. Moreover, they are indulging in strategies such as partnerships, mergers & acquisitions, and collaborations in order to expand their businesses. Such initiatives by enterprises are prognosticated to lead to rapid expansion of the global Flooring Market during the forecast period, note analysts at TMR.

Flooring Market: Key Findings

• Customer population today is inclining toward increasing the esthetic appeal of their homes. Moreover, there has been a surge in the demand for highly efficient, eco-friendly, and cost-effective flooring products across major developing as well as developed nations worldwide. These factors are estimated to help in the growth of the Flooring Market size during the forecast period.
• The adoption of luxury vinyl tiles is being increasing in the recent years instead of engineered wood or hardwood products owing to their varied advantages including their waterproof, eco-friendly, and slip- and scratch-resistant nature. This aside, these tiles are gaining immense popularity owing to their benefits such as advanced acoustics, premium appearance, and ease of cleaning, notes a TMR review that sheds light on the Flooring Market trends.
• Wood, carpet & rug, vinyl sheet & tile, laminate, stone, and ceramic tile are some of the key materials used in the flooring. The ceramic tile segment of the Flooring Market is projected to gain promising growth prospects during the forecast period owing to rise in the demand for ceramic tiles due to their varied advantages such as cost-effectiveness, easy maintenance, free from harmful toxins, and ability to withstand acidic materials and high temperatures.

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Flooring Market: Growth Boosters

• Rise in the construction projects due to increase in urbanization globally is fueling the growth prospects in the Flooring Market
• Surge in the number of renovation activities owing to improving spending power of people is creating notable business avenues in the market

Flooring Market: Key Players

Some of the key players profiled in the report are:

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

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Flooring Market Segmentation

Product:

• Resilient
• Non-resilient
• Soft Cover

Material:

• Carpet & Rug
• Wood
• Soft Wood
• Engineered Wood
• Laminate
• Vinyl Sheet & Tile
• Homogeneous
• Heterogeneous
• Luxury Vinyl Tile (LVT)
• Ceramic Tile
• Stone
• Others

Application:

• Residential
• Commercial
• Others (Transportation, Industrial, etc.)

Region:

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

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