Flooring market size worth USD 635.12 billion by 2030 by 6%

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New York, U.S., Aug. 11, 2022 (GLOBE NEWSWIRE) — Overview of the flooring market

According to a comprehensive research report by Market Research Future (MRFR), “Flooring market Information by Source, Application and Region – Forecast to 2030“, the market is expected to grow at a CAGR of 6% to reach $635.12 billion by 2030.

Market summary

The demand for flooring is expected to increase as government spending on infrastructure expansion increases. A well-insulated floor improves the sound environment, which has increased the demand for insulation due to the growing need for comfort and privacy due to a noisier environment. As a result, insulation is more in demand, which is driving the expansion of the market. The market is also expected to grow due to consumer preferences for flooring that is low maintenance, simple to install, and features aesthetic designs, textures, and colors.

During the projection period, the demand for the product is expected to be positively influenced by strong industrial and economic development and population growth. Additionally, the growth of private construction companies in China, India, and the UAE is expected to support construction spending, supporting the expansion of the market as a whole. The growth of the sector is expected to be fueled by the creation of hassle-free installation methods, the accessibility of creative building solutions, and the growing demand for environmentally friendly products. A strict regulatory structure that governs creation, consumption, use, and recycling is also expected to have a positive effect on market expansion.

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Report Scope:

Report attribute Details
Market size 2030 2030: $635.12 billion
CAGR 6% (2022-2030)
Year of reference 2021
Forecast period 2022–2030
Historical data 2020
Forecast units Value (USD billion)
Report cover Revenue forecasts, competitive landscape, growth factors and trends
Segments Covered By source, application and region
Geographical areas covered North America, Europe, Asia-Pacific and Rest of the World (RoW)
Key Market Drivers The increase in public investment in the construction industry
The advent of cost-effective and durable flooring systems in the industry that are suitable for commercial spaces

Market Competitive Landscape:

Well-known companies in the flooring market are:

  • Mohawk Industries, Inc.
  • Tarkett, S.A.
  • Polyflor
  • LG Hausys Ltd.
  • Forbo Holding SA.
  • Flowcrete Group Ltd
  • AFI license
  • Shaw Industries, Inc.
  • Interface, Inc.
  • Gerflor
  • Mannington Mills, Inc.

Covered USP market:

Market factors:

Growing government investments in the building sector have fueled the demand for high quality flooring for infrastructure programs. The government is pushing businesses to install resilient flooring to increase comfort and productivity. The introduction of affordable and durable flooring systems in the market, suitable for commercial spaces such as offices, gyms, fitness centers and medical buildings, is considered to be one of the main factors contributing to the expansion of the flooring market. Moreover, the current expansion of the flooring industry is fueled by the growing number of these business locations. Technological evolution and improvements in research and development have led to fierce competition among potential market participants. Market innovators are improving the functionality of currently available building materials, thanks to market leaders.

Due to their durable and economical qualities that keep structures up to date, the use of these assets for remodeling and renovation is growing. Consumption of these products will also increase as government spending increases to improve public parks, hospitals, schools, and transportation services.

Market constraints:

The major issues limiting the growth of the flooring industry are the increasing amount of flooring waste produced after each application and the poor implementation of flooring systems. The major reasons holding back the flooring industry are slick tiles, poor workmanship, and inspection of production areas that might cause an emergency, especially in hospitals and healthcare facilities. Obstacles to the global expansion of the flooring market include increasing claims against environmental effects and unhealthy environmental hazards, as well as increasing carbon dioxide emissions in production facilities.

Browse the in-depth market research report (140 pages) on flooring: https://www.marketresearchfuture.com/reports/flooring-market-2527

COVID 19 Analysis

Although the pandemic has reduced the number of manufacturing and industrial operations, it has increased the demand for high quality flooring in hospitals. During the pandemic, hospitals and the health sector have operated continuously, increasing foot traffic and demand for beds, transport of medical equipment and other services. As a result, the healthcare industry has seen an increase in demand for luxury vinyl tile sheets. Luxury vinyl tile sheets are a top choice for the healthcare industry because they can resist chemical stains and improve hospital indoor air quality. Amid the pandemic, these elements are contributing to the overall expansion of the flooring market.

Market segmentation

By material

The carpet segment will dominate the global market during the forecast period.

By type

The flexible coatings segment will lead the global market during the forecast period.

By app

Healthcare segment will lead the global market during the forecast period.

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Regional outlook

During the projection period, Asia-Pacific will continue to dominate the market. The growing demand for flooring from developing countries like China and India is responsible for this push. Government initiatives aimed at advancing the construction industry in India have had a tremendous impact on the expansion of the local market. It is expected that the Indian government’s housing for all projects will help support the demand for the products. Due to the ongoing mega-projects, the construction industry is growing rapidly in Middle Eastern and Asian countries. Growing public-private partnerships in the region will impact product demand. The demand for civil infrastructure is expected to increase due to population growth around the world.

Housing demand will increase and spending on infrastructure development will boost market incomes. The market size is driven by rising construction costs in developing countries and growing demand for smart cities. Additionally, throughout the projected period, growth of the regional market is likely to be aided by changing customer preferences and demand for better designs and greater variety of products. Over the projection period, demand for flooring in North America is expected to increase. The market is expected to witness growth prospects owing to the developed construction industries in the United States and Canada and the growing demand for single-family homes in the region. Due to the presence of leading manufacturers in the region and other factors, Europe is expected to witness considerable growth over the forecast years.

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