The global flooring market size was valued at USD 395.06 billion in 2023. The market is projected to grow from USD 416.56 billion in 2024 to USD 646.70 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period.The global flooring market is a dynamic and rapidly evolving industry, driven by diverse applications across residential, commercial, and industrial sectors. Flooring serves as a fundamental aspect of building design, influencing not just aesthetics but also functionality and sustainability. This article explores the current state of the flooring market, its growth drivers, emerging trends, and the outlook for the industry in the coming years.
Flooring is a material that is applied to a subfloor structure to arrange a walking surface. The flooring products utilized are vinyl tiles, ceramic, carpets, and laminates, delivering a clean, smooth, attractive, and hard surface to the floor. The surging new construction facilities propel market growth.
Fortune Business Insights™ mentions this in a report titled, “Flooring Market, 2024-2032.”
Hardwood Flooring: Known for its durability and natural aesthetic appeal, it remains a premium choice for residential spaces.
Laminate Flooring: Gaining popularity for its cost-effectiveness and versatility, particularly in the residential sector.
Vinyl Flooring: Dominates the market due to its affordability, water resistance, and extensive design options.
Carpets and Rugs: Widely used in commercial and hospitality sectors for their comfort and noise-reducing properties.
Tile Flooring: Preferred for its durability, hygiene, and wide range of design options.
List of Key Players Present in the Report:
Mohawk Industries, Inc. (U.S.)
Shaw Industries Group, Inc. (U.S.)
TARKETT S.A. (France)
Armstrong Flooring, Inc. (U.S.)
Forbo Flooring Systems (Netherlands)
Altro Limited (England)
Welspun Group (India)
Avant Holding (UAE)
Twintec Group Limited (Germany)
Mirage (Canada)
Kajaria Ceramics (India)
Engineered Floors (U.S.)
Segments
Growing Need for Easy-to-Install Floor Coverings to Drive Non-Resilient Segment Growth
Based on type, the market is segmented into non-resilient, resilient, and carpets & rugs. The non-resilient segment held the largest flooring market share in 2023. The segment’s growth is attributed to the surging demand for easy-to-install floor coverings.
Increasing Disposable Income of People to Drive Residential Segment Growth
By end-use, the market is segmented into residential, commercial, and industrial. The residential segment is dominating the market. The growth is attributed to the growing population and the growing disposable income of consumers globally.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Augmenting Global Population to Drive Market Expansion
The surging population globally, further generating significant demand for the housing facilities drive the flooring market growth. The increasing focus of many manufacturers on delivering suitable aesthetic surface solutions and maintaining the house's interior, fulfilling the specifications related to impact resistance, durability, and strength to propel the market growth.
However, the reduced availability and price volatility of the petroleum-based raw materials used to produce products, including vinyl surfaces for floors, may impede market expansion.
Regional Insights
Increasing Planned Investments to Drive Market Expansion in Asia Pacific
Asia Pacific holds the largest market share and accounted for USD 205.76 billion in annual revenue during 2023. The region’s growth is driven by rapid industrialization, rising planned investments, and structure policies for construction activities in Asia Pacific nations, such as India, China, and others.
Europe is witnessing significant growth in the market. The growth is attributed to the increasing consumer preference and expenditure toward luxurious living spaces in the region.
Information Source: https://www.fortunebusinessinsights.com/flooring-market-102740
Competitive Landscape
Growing Focus of Major Market Players on Acquisitions to Drive Market Growth
The flooring market consists of many key players globally. The increasing adoption of acquisitions, new product development, and joint ventures to expand their product portfolio and regional presence drives market growth.
Luxury Vinyl Tiles (LVT): LVT continues to gain traction, offering superior aesthetics, affordability, and resilience compared to traditional options.
Smart and Interactive Flooring: Incorporating sensors and connectivity, smart flooring solutions are emerging, especially in high-tech workplaces and healthcare facilities.
Anti-microbial and Hygienic Flooring: Demand for hygiene-focused flooring has surged in healthcare, educational, and commercial spaces due to heightened awareness post-COVID-19.
Regional Preferences: While Western markets emphasize luxury and design, Asian countries show higher demand for cost-effective and durable materials.
Key Industry Development
November 2021 – Beaulieu Flooring Solutions launched a unique latex-free carpet. It is the first recyclable event carpet globally, primarily product for corridors, entrance halls, and fair stands. The carpet launch will help Beaulieu Flooring Solutions expand its product portfolio.