Rising demand for insulated flooring for comfort and sound insulation properties is driving revenue growth of the market
The global Flooring Market size is expected to reach USD 576.47 Billion in 2030 and register a revenue CAGR of 5.5% over the forecast period, according to latest report by Reports and Data. Increasing investments in construction and remodeling industries along with recent lifestyle changes induced due to effect of the pandemic have increased demand for home interior designs which in turn is driving the market revenue growth.
The increasing expenditure on infrastructure development by both public and private sectors, coupled with advancements in construction techniques, has led to a growing demand for various types of flooring based on specific customer or organizational requirements. Additionally, the resumption of stalled construction projects, particularly during the initial wave of the COVID-19 pandemic, and the subsequent waves experiencing fewer disruptions in the supply of raw materials and manpower, have contributed to uninterrupted work progress. This has accelerated existing construction projects and allowed labor resources to be allocated to new ventures. As the scale and scope of these projects continue to expand, there is a corresponding rise in demand for flooring materials, further bolstering market revenue growth throughout the forecast period.
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Top Leading Players: Mohawk Industries, Inc., Gerflor Group, Toli Corporation, Congoleum Corporation, The Dixie Group, Inc., Shaw Industries Group, Inc., Mannington Mills, Inc., Forbo Holding AG., Tarkett S.A, and LG Hausys, Ltd.
Key Companies in the market include:
- Soft covering segment is expected to register a steady revenue growth rate over the forecast period. Soft covering segment can be further divided into foam, soft plastic, and cork laminate. Increase in demand for soft covering flooring can be attributed to ease and enjoyable experience it provides for users. This is the main factor driving revenue growth of the segment.
- Tiles segment is expected to register a steady revenue growth rate during the forecast period. Tiles are a preferred product for flooring purposes due to their low costs and ease of, availability. Tiles also have added benefit of being scratch and stain-resistant, making them suitable for adoption in low-income households.
- Residential buildings segment is expected account for largest revenue share in the global flooring market between 2022 and 2030. Rapid growth of new as well as resumption of old construction works is expected to increase demand for flooring materials which in turn is expected to drive revenue growth of the segment.
- Latin America flooring market is expected to account for a minor revenue share in the global market over the forecast period. Rapid demand for custom-made flooring is increasing its demand among various countries in the region. Rise in requirements for flooring to meet up with growing healthcare and educational institutes in the region is also another factor expected to drive revenue growth of the flooring market.
Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Segments covered in the report:
Type Outlook (Revenue, USD Billion; 2019-2030)
- Non-resilient
- Resilient
- Soft Covering
- Other Types
Application Outlook (Revenue, USD Billion; 2019-2030)
- Healthcare Buildings
- Education Buildings
- Commercial
- Residential Buildings
- Sports Complexes
Material Outlook (Revenue, USD Billion; 2019-2030)
- Wooden
- Vinyl and Rubber
- Tiles
- Others
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