Modular flooring market worth $72.5 billion by 2026

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CHICAGO, February 24, 2022 /PRNewswire/ — According to new market research reportModular Flooring Market by product type (flexible LVT, rigid LVT, carpet tile, polyolefin, rubber, ceramic), end use (workplace, education, healthcare, retail, household) and region (North AmericaAPAC, MEA, EuropeRoW) – Global Forecast to 2026″published by MarketsandMarkets™, the global modular flooring market is estimated at $54.6 billion in 2021 and is expected to reach $72.5 billion by 2026, at a CAGR of 5.8% from 2021 to 2026. The driving factors for the growth of the modular flooring market are investments in the construction industry coupled with an increase in the number of renovation and remodeling activities. Rising demand from emerging economies and growth in the organized retail sector are creating growth opportunities for the market.

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Carpet tile segment among other product types will dominate the modular flooring market during the forecast period

Carpet tile flooring is a type of flooring that can be used as an alternative to the more commonly used broadloom (roll) carpet. They provide the warmth and underfoot comfort expected of a rug and are available in its pre-sized squares and planks, patterns and materials. Modular carpet tiles are four times more efficient than full width carpets. Modular tiles are not only easy to install, but also much easier to store and even easier to replace the same color and design after years of use. Carpet tiles are gaining popularity in commercial settings, such as restaurants, retail stores and the hospitality sector as well as in the residential segment. They are easy to maintain, easy to install and offer unique designs for a comfortable environment. They allow for faster installation and reduced waste. The acoustic characteristics allow the use of carpet tiles in areas where sound insulation is required. This flooring material is gaining popularity due to its cost-effective nature, durability and range of aesthetic design, thanks to the integration of new technologies.

Workplace segment to witness a higher CAGR during the forecast period.

Workplaces require special attention, as busy work hallways require durable floors that can withstand heavy foot traffic and are easy to clean and maintain. Factors to consider when choosing modular flooring for workplaces are aesthetics and functionality. In addition, budget, traffic, design and maintenance requirements play a significant role in installing the right workplace flooring. Modular flooring suitable for workplaces should also be commercial grade.

Floors suitable for workplaces can withstand daily traffic and the movement of chairs and other furniture. Another important thing to consider in the workplace is noise. Depending on the type of work, most workplaces require a quiet environment. A carpet is a suitable option for sound insulation; however, it may not be ideal for busy workplaces as they can add to additional cleaning and maintenance. In such a situation, hard surface floors such as laminate or engineered wood and luxury vinyl tile can work if an underlayment is installed to reduce noise.

Considering work safety as a major aspect, non-slip or non-slip flooring is necessary. According to the Consumer Product Safety Commission (CPSC), floors and flooring materials directly contribute to more than 2 million fall injuries per year. Trends such as office layouts with adequate wayfinding and office zoning measures in accordance with government guidelines are essential for workplace safety. By embedding signage into the floor, employees have a clear, constant, and visual reminder of how to navigate the workplace. Modular flooring solutions such as carpet tiles and luxury vinyl tiles (LVT) offer multiple varieties in terms of colors and patterns, which can be used independently and together.

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APAC is the largest modular flooring market

Asia Pacific accounted for the largest share of 34.29% of the modular flooring market, by value, in 2020. Asia Pacific is the fastest growing modular flooring market. The market in Asia Pacific is driven by the growing demand for China and India. Asia Pacific and Europe have well-established markets for modular flooring, so growth in these regions is slower than in Asia Pacific Region. The growth in the Asia Pacific region is the result of population growth, increased disposable income, growth in renovation and remodeling activity, and increased investment in the residential and commercial sectors.

The growing number of new homes and huge investments in the infrastructure sector are fueling the demand for modular flooring in this region. The growth in the demand for modular flooring in the region is also driven by the growing demand in countries such as China, Australia, India, Japan, Thailand, Vietnamand Indonesiadue to the tremendous growth of construction opportunities in these countries. China is considered the largest manufacturer and consumer of modular flooring in this region, and the market in this country is expected to grow further. According to the World Bank, the Asia Pacific was the fastest growing region, both in terms of population and economic growth.

The modular flooring market includes major solution providers, such as Mohawk Industries (US), Shaw Industries (US), Tarkett (France), Armstrong Flooring (USA), Forbo (Switzerland) and Gerflor (France) among others.

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