Flooring Market Size to Witness Robust Growth of $621.54 Billion by 2028, Driven by Increase in Government Spending for Infrastructure Development | Grand View Research, Inc.

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According to a new report available with Grand View Research, the global flooring industry is expected to experience increased demand due to the growing need for comfort and privacy due to a noisier environment which has driven the demand for insulation. , because a well-insulated floor creates an improved sound environment. .

Overview of the flooring industry

The global flooring market size was valued at USD 388.24 Billion in 2020 and is projected to reach USD 621.54 Billion by 2028, registering a CAGR of 6.1% over the forecast period.

Rising government spending on infrastructure development is expected to play an important role in increasing the demand for flooring. The growing need for comfort and privacy due to a noisier environment has driven the demand for insulation in the flooring market, as a well-insulated floor creates an improved sound environment. This has led to an increasing demand for insulation, thereby supporting the growth of the market. Additionally, consumer preferences for aesthetically enhanced designs, textures and colors and low maintenance and easy to install flooring are expected to augment the market growth.

Gather more insights into the market drivers, restraints, and growth of the Global flooring market

Strong industrial and economic development coupled with population expansion is expected to have a positive impact on product demand during the forecast period. Additionally, the development of private sector construction companies in India, China, and the UAE is expected to drive construction spending, thereby benefiting the overall market growth.

The US flooring market size, by product, 2018-2028 (USD Billion)

Development of hassle-free installation techniques, availability of innovative construction solutions, and growing demand for environmentally friendly products are expected to fuel the growth of the industry. The presence of a strict regulatory framework on the production, use, implementation and recycling is also likely to have a positive impact on the growth of the market.

Increasing investment and continuous R&D in flooring products has led to the introduction of flooring materials with increased durability and strength. Additionally, the customization options, in terms of color, texture, and finish, offered by the manufacturers have contributed to a higher demand for the products, thereby increasing the growth of the market.

Segmentation of the flooring market

Based on product information, the market is segmented into soft, resilient, non-resilient, and seamless cover.

  • the non-resilient flooring The segment dominated the market and accounted for more than 61% of global revenue in 2020 owing to an increase in the number of residential and commercial construction activities across the globe.
  • Seamless flooring is applied in the industrial environment, where a large floor area is covered with resins and concrete materials. Maintaining and installing seamless flooring is less expensive than its counterparts.
  • the resilient flooring The segment is estimated to register the fastest CAGR from 2021 to 2028 due to high demand for these materials in commercial applications, such as offices, gyms, fitness centers, hospitality buildings and others.

Based on Application Insights, the market is segmented into residential, commercial, and industrial.

  • The residential applications segment dominated the market and accounted for more than 54% of global revenue in 2020. High levels of disposable income and the increase in the number of single-family homes in developing economies are among the major drivers responsible for the growth of the segment.
  • Rising demand for highly durable and cost-effective flooring to be used in high traffic commercial areas is expected to drive the growth of the commercial application segment over the forecast period. The development of new products and easy installation techniques are also energizing the commercial segment.

Based on the regional information, the market is segmented into North America, Europe, Asia-Pacific, Central & South America, Middle East and Africa.

  • Asia-Pacific dominated the market and accounted for more than 42% of global revenue in 2020 and will maintain its dominant position during the forecast period. This growth is attributed to increased demand for flooring from emerging economies, such as China and India.
  • Europe is expected to register a significant growth rate over the forecast years owing to the presence of leading manufacturers in the region coupled with technological developments.

Market share overview

  • February 2021: “Exchange and Theorem”, two new luxury flooring collections launched by Armstrong Flooring. Both collections are boldly made in the USA and feature a 2.5mm build with a 20 mil wear layer and patented Diamond 10 technology for industry-leading performance against scratches, smudges and scuffs.
  • January 2020: Mannington offered updated sheet vinyl designs. The company announced Miramar, which is added to Revive. Miramar presents the Glam/Luxe trend in a unique geometric diamond design with subtle veining and soft color variation.

Profile of key companies:

Several manufacturers are engaged in research and development activities to introduce sustainable flooring materials. Additionally, companies are focusing on expanding their geographic presence and product portfolios to sustain the competitive environment. Some prominent players in the global flooring market include,

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

Order for free PDF example of the Flooring Market Intelligence Study, published by Search Grand View.

About Grand View Research

Grand View Research is a full-time market research and consulting firm registered in San Francisco, California. The company offers comprehensive, customized and syndicated market reports based on in-depth data analysis. It also offers consultancy services to business communities and academic institutions and helps them understand the global and business scenario to a great extent. The company operates in a multitude of fields such as chemicals, materials, food and beverages, consumer goods, healthcare and information technology to offer consultancy services.

The Web: https://www.grandviewresearch.com

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