DUBLIN, May 23, 2022 /PRNewswire/ — The “Flooring – Global Market Trajectory & Analytics” report has been added to from ResearchAndMarkets.com offer.
Global Flooring Market to Reach US$474.5 billion by 2026
Amid COVID-19 crisis, Global Flooring Market Estimated at US$369.6 billion in 2022, is expected to reach a revised size of US$474.5 billion by 2026, growing at a CAGR of 6% over the analysis period.
Growing urban population, rapid urbanization, increasing consumer disposable income, and industrialization have resulted in positive growth of the global flooring market. The increased focus on remodeling has further boosted the flooring market, especially sustainable flooring such as reclaimed wood which is growing as retailers focus more on eco-friendly and biodegradable products.
Sustainable flooring installations also help increase the building’s LEED or Leadership in Energy and Environmental Design points. Rising investment in interior furnishings and architectural beauty to beautify homes and an upsurge in housing are the factors propelling the growth of the flooring market.
Technological advancements have made flooring materials water and stain resistant and with the help of technology raw materials have been aesthetically designed with protection against harmful chemicals and high temperatures . Advanced materials are used as temperature and noise absorbers to increase user safety.
Non-resilient flooring, one of the segments analyzed in the report, is expected to grow at a CAGR of 6.1% to reach US$303.4 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the resilient flooring segment is readjusted to a revised CAGR of 6.7% for the next 7-year period.
This segment currently accounts for a 15.9% share of the global flooring market. The non-resilient products segment dominates the flooring market and is attributed with more than half of the global revenue share due to an increase in commercial and residential activities across the globe.
The resilient segment is expected to grow rapidly owing to the increased demand for resilient flooring in commercial applications. Resilient flooring is cost effective, durable and ideal for high traffic commercial and residential areas due to noise reduction and ease of maintenance.
The US market is estimated at $48 billion in 2022, when China is expected to reach $90.6 billion by 2026
The flooring market in the United States is estimated at 48 billion US dollars in 2022. The country currently accounts for a 13.17% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$90.6 billion in 2026 with a CAGR of 7.6% over the analysis period.
Other notable geographic markets include Japan and Canada, each predicting growth of 4% and 5.3% respectively over the analysis period. In Europe, Germany is expected to grow at around 4.8% CAGR while the rest of the European market (as defined in the study) will reach US$37.2 billion at the end of the analysis period.
The Asia Pacific (including China and Japan) dominates the global flooring market owing to the increase in flooring applications in the industrial and commercial sectors. The reforms of the Indian government for the development of the construction sector in India remarkably contributed to the growth of the regional flooring market.
Programs such as the Indian government’s Housing for All are believed to encourage the demand for flooring. The increasing demand for flooring materials in different end-use industries in China is expected to further propel the growth of the flooring market. It is estimated that the demand for flooring from the North American region will increase with changing consumer preferences and demand for better designs and product variations. The construction sector firmly established in Canada and the United States, with growing demand for single-family homes, is expected to provide growth opportunities for the flooring market.
Segment of flexible coatings to be reached $59.2 billion by 2026
Soft floors have many advantages such as flexibility and comfort. Rugs and carpets are common options for soft floors. Carpet provides wall-to-wall coverage while rugs are basically used to cover gaps. This type of flooring is typically used in interior spaces and is suitable for high and low traffic areas.
In the global flexible coatings segment, UNITED STATES, Canada, Japan, China and Europe will drive the CAGR of 4.2% estimated for this segment. These regional markets representing a combined market size of US$29.6 billion will reach a projected size of US$40.2 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets.
Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$11.3 billion by 2026, while Latin America will grow at a CAGR of 5.5% over the analysis period.
What’s new for 2022?
- Global competitiveness and percentage market shares of main competitors
- Market presence in multiple geographies – Strong/Active/Niche/Trivial
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Main topics covered:
1. MARKET OVERVIEW
- The effect of the pandemic on the flooring market
- Construction project backlog limits market growth
- US Flooring Market Shows Resilience During Pandemic
- Flooring: an introduction
- Common variants of commercial and domestic flooring
- Types of products
- Global Market Outlook and Prospects
- Analysis by product type
- Analysis by application
- Regional analysis
- Competitive scenario
- Recent market activity
- Select global brands
2. FOCUS ON CERTAIN PLAYERS (Total 271 featured)
- Armstrong Flooring
- Beaulieu International Group
- Boral Limited
- Congoleum Corporation
- Dixie Group, Inc.
- Floorworld LLC
- Flowcrete Group Ltd
- Forbo Holding SA
- Interface, Inc.
- J&J Flooring Group LLC
- James Hallstead Plc
- LG Hausys AG
- Mannington Mills Inc.
- Milliken & Company.
- Mohawk Industries, Inc.
- Polyflor Canada Inc.
- Shaw Industries Group Inc.
- Swiss Krono Tec AG
- Tarkett S.A.
- TOLI Company
3. MARKET TRENDS AND DRIVERS
- Key trends influencing the growth of the flooring market
- The demand for vinyl flooring is increasing
- Latest Advances in the Flooring Industry
- Select flooring innovations
- Improving living standards and rapid urbanization to drive the growth of the flooring market
- The recovery in the global construction sector will show long-term gains
- Construction Industry Trends Influencing Market Adoption
- Increase in remodeling and renovation activities to propel growth
- Residential Flooring Market Growth Drivers
- Preference for multi-storey buildings to drive demand for flooring products
- Driven by increasing healthcare burden, hospitals are becoming an important end-use sector
- The cautious recovery of the travel, hospitality and hospitality industry in 2022 and beyond bodes well for market growth
- Growth of e-commerce presents opportunities for the flooring market
- Favorable demographic and socio-economic trends bolster the market outlook
- Rapid growth of urban households
- Growing affluence of middle class consumer segment
- Increase in the standard of living
- Smart Home Growth Catalyzes Demand for Flooring Products
- Major challenges restraining the growth of the market
- Environmental concerns
- Flooring retailers see strong demand coming in years to come
4. GLOBAL MARKET OUTLOOK
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/pjlxhx
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