Flooring Market Analysis Report By Product, By Application, By Region And Segment Forecasts From 2021 To 2028

Synopsis

With reference to the report published, the global flooring market was prized by USD 388.24 billion in 2020. It is projected to witness a 6.1% CAGR from 2021 to 2028.

Drivers

Rising expenditure by the government, on the development of the infrastructure, is projected to perform a crucial part in increasing the requirement for the flooring. The growing necessity for privacy and comfort, due to the noisier background, has urged the need for insulation in the market for flooring, since a properly insulated floor generates enhanced resonance surroundings. This has caused the rising demand for insulation, in this manner sustaining the development of the market.

The end user's inclination for low-maintenance & easy-to-install, aesthetically better designs, along with textures & colors is, moreover, expected to raise the enlargement of the market. Sound financial and industrialized growth, together with an increase in the populace, is expected to contain an encouraging influence on the demand for the product, during the period of the forecast.

The expansion of the private-sector companies, working in the construction field, in various nations such as the UAE, India, and China, is also expected to help in increasing the expenditure on the construction, in this manner promoting the general development of the flooring market. Increasing demand for environmentally supportive products, the enhancements of the methods for comfortable installation, and accessibility of the modern solutions of construction are the factors, expected to power the expansion of the business.

The existence of a strict authoritarian structure on the manufacture, use, execution, and salvage is, furthermore expected to contain an encouraging effect on the escalation of the flooring market. Rising funds and incessant R&D actions, concerning flooring products, have initiated the induction of the flooring materials, together with strength and improved durability. The custom-made alternative, in the conditions of texture, finishing, and color, presented by the manufacturing companies, have added to greater demand for the product, in that way, moreover expanding the progress of the market.

Effect of Covid-19

The global business of construction, which was previously flourishing because of the commercial and residential construction in the U.S. and China, has been affected by the postponement of the construction actions in the affected nations. The construction business in the U.S. is estimated to receive a major slap, owing to the scarcity of manual labor, and the lockdown forced by the government, throughout the COVID-19 pandemic. This is projected, to be forced by the consequential problems of the supply chain, and financial stress, caused by the non-adherence to the conclusion period.

Product Insight

Owing to an increase in the figure of commercial and residential building construction, all over the world, the non-resilient flooring sector commanded the flooring market and held over 61% share of the global income, in 2020. The sector is expected to hold its foremost place, all through the forecast period, because of the elevated demand for these goods, caused by their durability and outstanding resistance to water.

The resilient flooring sector is expected to record the highest CAGR from 2021 to 2028, as a result of the elevated demand for these supplies, in commercial functions, like hospitality buildings, gyms, fitness centers, offices, and others. These products are economical as well as long-lasting and are the correct match for the applications in high-traffic residential and commercial premises, because of their ability to decrease the noise, along with the easiness of maintenance. Furthermore, resilient floorings are thick, relaxed to walk on, and non-permeable in character.

Natural stone and ceramic are well-liked materials for construction use. Seamless flooring is useful in the industrial background, where, an outsized area of the floor is enclosed with concrete and resins materials. Fixing and the maintenance of seamless flooring is not as costly in contrast to its equivalents.

Application Insight

The residential application sector headed the flooring market in 2020 and held above 54% share of the international profits. Greater levels of disposable income and growth in the figure of the single-family residences, in emergent nations, are the most important factors accountable for the expansion of the segment.

Increasing requirement for extremely strong as well as price competent flooring for utilizing it in high-traffic business premises is anticipated to increase the development of the commercial application sector, for the period of the forecast. The occurrences of new-fangled products and trouble-free methods of setting it up are the factors, furthermore encouraging the commercial subdivision.

Rising reformation actions in business places, the development of the contemporary workspaces and offices, along with the speedy industrial development in emergent nations, are the factors, more likely to boost the progress of the sector.

The constructive development of the housing subdivision, in rising markets, together with Middle Eastern nations, India, South Africa, China, and Turkey, due to the simple accessibility of home loans, is estimated to contain a constructive influence on the progress of the section, during the period of the forecast. Additionally, progressions in setting up services are expected to boost the progress of the industry.

Regional Insight

In 2020, Asia Pacific retained more than 42% revenue share of the global flooring market. It will uphold its leading place, during the forecast period. This enlargement is credited to the augmented demand for flooring from rising economies, similar to India and China. The government restructuring for the expansion of the construction division in India, considerably donated to the expansion of the provincial market. The drive conducted by the government of India, called, The Housing for All, is expected to push the demand for the product.

Altering inclinations of the end-users, plus the need for the superior designs, as well as more varieties in the product, are the factors, moreover, expected to enhance the progress of the local market, above the forecast period.

The North American demand for flooring is expected to enlarge, during the forecast period. The entrenched construction business in Canada and the U.S., together with increasing demand for single-family accommodations, within the region, is expected to offer expansion openings to the flooring market.

Due to the industrial progress together with the existence of major manufacturing companies within the region, Europe is likely to record a major speed of expansion for the duration of the forecast.

Companies

Latest developments and the modernization in designing of the floor as well as in the construction resolution have forced the general progress of the market. By means of several companies presenting a range of products for industrial, residential, and commercial purposes, the market is extremely aggressive.

A number of manufacturing companies are busy with R&D actions to launch sustainable materials for the flooring. Besides, the companies are concentrating on expanding their geological existence, along with the range of the products, to keep going in the competitive situation.

Some of the companies for the flooring market are:

    • Polyflor
    • Gerflor
    • Shaw Industries, Inc.
    • Tarkett, S.A.
    • Mannington Mills, Inc.
    • Interface, Inc.
    • AFI Licensing
    • Mohawk Industries, Inc.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insight's has segmented the global flooring market report on the basis of product, application, and region:

• Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)
    • Soft Covering
    • Resilient
    • Non-resilient
    • Seamless

• Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)
    • Residential
    • Commercial
    • Industrial

• Flooring Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • Spain
        • Italy
        • Russia
    • The Asia Pacific
        • China
        • Japan
        • India
        • Australia
    • Central & South America (CSA)
        • Brazil
        • Argentina
    • Middle East & Africa (MEA)
        • Saudi Arabia
        • UAE