Flooring Market Expected to Reach USD 517.74 Billion by 2028

flooring

flooring

flooring

Pune, India, Oct. 10, 2023 (GLOBE NEWSWIRE) — As per a report published by Fortune Business Insights™, the global flooring market size was USD 342.88 billion in 2020. The market is projected to grow from USD 359.20 billion in 2021 to USD 517.74 billion by 2028 at a CAGR of 5.4% during the 2021-2028 period.

This information is presented by Fortune Business Insights™, in its report, titled, “Flooring Market, 2021-2028.”

Flooring refers to the materials used to cover the floor of a building or space. It plays a crucial role in the overall aesthetics, comfort, and functionality of a room. There are various types of flooring materials available, each with its own set of characteristics, advantages, and disadvantages

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List of Key Players Covered in the Flooring Market Report:

  • Gerflor (France)

  • Interface, Inc. (U.S.)

  • Beaulieu International Group (Belgium)

  • Toli Corporation (Japan)

  • Milliken & Company (U.S.)

  • Mohawk Industries, Inc. (U.S.)

  • Shaw Industries Group, Inc. (U.S.)

  • TARKETT S.A.  (France)

  • Armstrong Flooring, Inc. (U.S.)

  • Forbo Flooring Systems (Netherlands)

  • Congoleum (U.S.)

  • Flowcrete (U.K.)

  • James Halstead (U.K.)

  • The Dixie Group (U.S.)

  • Victoria PLC (U.K.)

  • Mannington Mills, Inc. (U.S.)

  • Balta Industries (Belgium)

  • Swiss Krono (Switzerland)

  • LG Hausys (South Korea)

  • Parador (Germany)

  • Invista (U.S.)

  • Boa-Franc (Canada)

  • Kajaria Ceramics (India)

  • Engineered Floors (U.S.)

Report Scope & Segmentation:

Report Attributes

Details

Forecast Period

2021-2028

Forecast CAGR

5.4%

2028 Value Projection

USD 517.74 billion

Market Size in 2020

USD 342.88 billion

Historical Data

2019-2021

No. of Pages

350

Report Coverage

Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends

Segments Covered

  • By Type

  • By Carpets and rugs

  • By Regional Forecast

Regions Covered

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East and Africa

Flooring Market Growth Drivers

Surging Demand for Vinyl Flooring in Construction Projects to Fuel Market Growth

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Segmentation

On the basis of type, the market is categorized into non-resilient, resilient, and carpets & rugs.

Based on end-use, the market is segregated into residential and non-residential. The residential segment is the dominating contributor for the growth of this market. The growth in residential segment is accredited to the growing population and disposable income of the consumers.

Geographically, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Drivers and Restraints

Surging Demand for Vinyl Flooring in Construction Projects to Fuel Market Growth

The market for vinyl flooring is experiencing significant growth due to its versatile applications, with a particular emphasis on luxury vinyl tiles. Vinyl is highly resistant to mold, dampness, and fungus, making it an ideal choice for flooring in areas prone to moisture and occasional spills. Its easy installation, durability, and cost-effectiveness contribute to its rising popularity in both residential and non-residential buildings. These factors are expected to fuel the growth of the flooring market in the coming years.

COVID-19 Impact

Terminated Construction Ventures during Pandemic to Obstruct Market

The global construction industry faced severe challenges during the COVID-19 pandemic. Disruptions in the transportation of resources led to shortages of raw materials, while lockdown measures hindered the operations of suppliers and manufacturers, causing delays in construction projects. Consequently, there was a decrease in the use of flooring products during this period.

However, post-pandemic recovery is anticipated, driven by government initiatives aimed at constructing and improving healthcare facilities, which is expected to become a prominent trend in the market’s resurgence.

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Report Coverage

We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.

Regional Insights

Asia Pacific was worth USD 180.38 billion in 2020. Asia Pacific is the biggest and speediest-surging region and held the maximum flooring market share owing to large scale financing scheduled by governments of India, China, and Southeast Asia on infrastructure expansion.

Europe is likely to be administered by the utilization of ceramics and vinyl in non-residential structures.

The market in the Middle East & Africa is in the growth phase of its life cycle, owing to growing demand for floor casings from numerous large-sized construction developments, and therefore, is expected to gain substantial market share during the forecast period.

Competitive Landscape

Procurements Initiated by Key Players to Amplify its Spot in the Market

Prominent players initiate tactical campaigns to thrust their position as chief players in the market. Their effective strategies involve acquisitions, mergers, collaborations as well as launching products among many others.

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Detailed Table of Contents:

  • Introduction

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Key Emerging Trends – For Major Countries

    • Key Developments Mergers, Acquisition, Partnership, etc.

    • Latest Technological Advancement

    • Insights on Regulatory Scenario

    • Porters Five Forces Analysis

  • Qualitative Insights – Impact of COVID-19 on Global Flooring Market

  • Global Flooring Market Analysis, Insights and Forecast, 2017-2028

  • North America Flooring Market Analysis, Insights and Forecast, 2017-2028

TOC Continued…!

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Industry Development

February 2021: Forbo created a novel auditory assortment which unites the well-known Sarlon acoustic vinyl variety of the company and award-winning Modul’up adhesive-free solutions. This freshly launched collection is estimated to be the point of reference for any development where impact-sound is required to be diminished.

Read Related Insights:

[Latest News] Wood Flooring Market to Surpass USD 41,682.2 Million by 2027 | Fortune Business Insights™

Vinyl Flooring Market to Reach USD 51.45 Billion by 2028 | Stoked by Increasing Demand from Healthcare Sector; Says Fortune Business Insights™

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