The report “Flooring Market by Material (Resilient, Non-Resilient (Ceramic tiles, Wood, Laminate, Stone), Soft-floor covering), End-use Industry (Residential, Non-residential), & Region (North America, Europe , APAC, MEA, South America) – Global Forecast to 2028″, The market for flooring is approximated to be USD 331.9 billion in 2023, and it is projected to reach USD 510.7 billion by 2028, at a CAGR of 9.0%. The report provides flooring market size and trading volume over a given period of time. The report contains a detailed log of possible and difficult situations covered by the corporate media. Increasing population and rapid urbanization, increasing investments in the construction sector, and rising number of renovation and remodeling activities are key drivers promoting the market growth. The volatile raw material prices is a major restraint in the flooring market as it affects the overall pricing of the product. A rapidly progressing organized retail sector is a major opportunity in the flooring market. The flooring industry also faces the challenge of extreme competition in the market.
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146 – Tables
36 – Figures
200 – Pages
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Driver: Rise in population & rapid urbanization and increase in investment in the construction industry are the major drivers of the flooring market.
As the population grows, the demand for housing also rises. This creates a need for flooring materials in residential construction projects. Whether it’s new housing developments or renovations, the flooring market benefits from the increased demand for various types of flooring products. Urbanization leads to the construction of roads, bridges, airports, railway stations, and public spaces, all of which require flooring materials. The flooring market benefits from this increased construction activity in urban areas.
Restraint: Volatile raw material prices
Raw material price fluctuations can be a considerable restraint for the flooring industry, affecting the profitability and competitiveness of flooring companies. Fluctuations in raw material prices directly impact the cost of producing flooring products. If the prices of key raw materials, such as wood, vinyl, carpet fibers, ceramics, or resins, increase, manufacturers may face higher production costs. This can lead to increased prices for finished flooring products, affecting consumer demand and market competitiveness.
By material, non-resilient segment accounted for the largest share in 2022
Resilient flooring possesses a specific characteristic i.e., when given a slight press on it, it quickly springs back into place. This provides greater grip, and a decreased chance of slip-and-fall incidents. The term non-resilient flooring refers to solid flooring which is not flexible. Terrazzo, marble, stone, ceramic tile, and concrete all fall under the category of non-resilient flooring. In general, non-resilient flooring can outlive resilient flooring and are more durable. In areas with heavy foot traffic, non-resilient flooring is frequently used by architects and designers. In general, non-resilient floors require less upkeep and maintenance than resilient ones. Owing to these properties the non -resilient segment dominated the market.
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By End-Use Industry, the Non-Residential Segment accounted for the second largest share in 2022.
In the non-residential end use industry segment the demand for flooring is expected to be driven by increasing spending on office spaces and other commercial & institutional constructions where flooring is used extensively. These buildings can be classified as commercial, institutional & healthcare, and public facilities. The commercial and institutional spaces like malls, hospitals, colleges, schools, gyms are subjected to heavy foot traffic and heavy furniture loads. Hnece the flooring durability and aesthetic aspect both are important factors when choosing a suitable flooring material.
Europe accounted for the second largest market share of the Flooring Market in 2022
The rising demand of housing in urban areas, increased infrastructure development activities, and increased modernization and renovation of buildings are the major key factors for the expansion of the European construction market. With the region’s robust economic growth, commercial infrastructure construction, such as offices, schools, hotels, restaurants, and leisure facilities, is on the rise. Initiatives and investments by the government are aiding the growth of the European infrastructure.
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Flooring Market Trending Key Players :
The key players profiled in the Flooring Market report are Mohawk Industries, Inc. (US), Tarkett (France), Forbo (Switzerland), Shaw Industries Group Inc. (Georgia), Interface, Inc. (US), and others.
Mohawk Industries manufactures a wide range of flooring products, including carpets, rugs, ceramic tile, laminate, wood, luxury vinyl tile, and vinyl flooring. The Georgia-based company has grown from a US-focused carpeting manufacturer to a leading global player in the diversified flooring market. It operates through the following segments: Global Ceramic, Flooring North America (NA), and Flooring Rest of the World (ROW). The Global Ceramic segment comprises ceramic, porcelain, and natural stone tile products used for wall and floor applications. The Flooring NA segment includes floor covering product lines in a broad range of colors, textures, and patterns. The Flooring ROW segment consists of laminate, hardwood flooring, vinyl flooring products, roofing elements, insulation boards, medium-density fiberboard, and chipboards. Mohawk Industries markets its products under brands such as Aladdin, American Olean, Columbia Flooring, Daltile, Durkan, Horizon, IVC, KAI, Karastan, and Kerama.