Global Flooring Market Sizeto Grow at a CAGR of 5.6% During the Forecast Period of 2023-2028
The ‘ Global Flooring Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global flooring market, assessing the market on the basis of its segments like type, application, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5.6%
Consumer preferences for flooring that is low maintenance and simple to install, as well as for designs, textures, and colours that are more aesthetically pleasing are expected to drive the growth of the flooring market. Since a well-insulated floor produces a better acoustic environment, the growing desire for comfort and solitude as a result of noisier surroundings has increased demand for insulation in floorings.
In the commercial sector, flooring is frequently used to improve the floor’s aesthetic appeal since it supports a broad variety of bespoke designs and improves the texture and colour of the floor. The flooring market is anticipated to expand as a result of the creation of hassle-free installation methods, availability of creative design options, and the increased acceptance of ecologically friendly materials.
With numerous varieties and patterns available, flooring is seen as an investment. Hardwood flooring is by nature more durable and lasts for a long time, doesn’t need a lot of regular maintenance, and is easy to set up. The wood’s unique appearance and texture contribute to the floor’s aesthetic appeal. Due to its lower manufacturing emissions and commitments of various manufacturers to plant trees in place of those harvested, hardwood floors are becoming more popular.
Industry Definition and Major Segments
Flooring refers to the materials used to cover the fundamental floor structure in a permanent floor covering. The purpose of installing flooring is to provide a levelled, sturdy, secure, and ideal walking surface. Various materials can be used for flooring depending upon the needs of the space, level of exposure, usage, and aesthetic preference.
Based on type, the market is categorised into:
Breakup by Type
Breakup by Type
- Wood and Laminate
On the basis of application, the market is segmented into:
Based on region, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The flooring market is expanding as a result of the rapid infrastructure development brought on by the rising population in developing nations. The expansion of the market is also being bolstered by rising investments towards the comfort and aesthetic appeal of residential structures as a result of growing disposable income. The availability of inventive construction solutions, development of simple installation methods, and the rise in demand for ecologically friendly materials are all key trends in the market. Reclaimed wood flooring, for example, is becoming more popular as a biodegradable and environmentally friendly flooring option.
Spending by consumers on home decor and remodelling is rising, supported by an increase in home ownership across multiple countries. The availability of high-end flooring in new shapes and styles, as well as the growing awareness of high-quality flooring, are expected to open up lucrative opportunities to the flooring market. More home owners are experimenting with permanent DIY flooring, while renters often try out temporary flooring that can be easily switched as needed.
Key Market Players
The major players in the global flooring market report are Mohawk Industries Inc., Shaw Industries Group, Inc., Tarkett Group, Armstrong Flooring, Inc., and Gerflor Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.