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The flooring market size is estimated to grow by USD 84.98 billion at a CAGR of 5.9% between 2023 and 2028. The market is experiencing notable growth, primarily driven by the growth in sectors such as construction. This growth is supported by increased infrastructure development, urbanization, and the rise of smart cities, especially in developing regions. A significant trend shaping the market is the growing demand for waterproof flooring, as consumers prioritize durable, low-maintenance solutions for both residential and commercial spaces. However, the market faces challenges such as fluctuating raw material costs, which can affect production expenses and profit margins. Manufacturers must manage these cost variations while maintaining product quality and competitiveness. Overall, the market remains positioned for steady growth, supported by the ongoing expansion of the construction industry and shifting consumer preferences.
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The flooring market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The residential segment is estimated to witness significant growth during the forecast period. The global population is projected to increase significantly in the coming years, driving a rise in residential construction activities. Urbanization plays a crucial role, especially in densely populated areas such as the Asia-Pacific, Middle East and Africa, and South America. The trend of rural-to-urban migration is further fueling the demand for new residential units, particularly in urban centers. In developing economies, multifamily housing projects are gaining popularity, which creates a need for new residential developments.
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The residential segment was the largest segment and was valued at USD 140.83 billion in 2018. The demand for flooring is anticipated to increase due to growth in sectors such as residential construction and residential real estate. Single-family housing projects are expected to remain dominant, especially in the Asia-Pacific (APAC) and Middle East and Africa (MEA) regions, where a significant rise in new residential units is forecasted. APAC is projected to represent over 60% of global new housing unit developments, influenced by factors like shrinking average household size and a growing interest in urban residential projects. This enthusiasm for residential developments in urban areas will support the growth of the building and construction industry in developing economies, thereby driving the flooring market forward during the forecast period.
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APAC is estimated to contribute 48% to the growth of the global market during the forecast period.
Technavio's analysts have provided an in-depth analysis of the regional trends and drivers that influence the market during the forecast period. In the Asia-Pacific (APAC) region, although China has experienced an economic slowdown affecting construction activities, other Southeast Asian countries, including Singapore, Hong Kong, Vietnam, and Malaysia, exhibit strong potential for significant growth in the building sector. Initiatives such as China's One Belt One Road and India's Make in India are essential in fostering construction development across the region.
In the APAC market, non-resilient flooring products like wood, stone, and ceramic are prevalent due to their durability and adaptability to various climates. Meanwhile, resilient flooring products and carpets are often viewed as more upscale and niche in several APAC nations. However, there is an increasing interest in alternative flooring solutions, such as laminates and luxury vinyl tiles (LVT), driven by advancements in technology and innovation. Moreover, the growth of performance flooring in sectors such as education and healthcare will further enhance market expansion in the region, contributing to the overall development of the flooring market during the forecast period.
The market includes a variety of flooring materials, such as hardwood, laminate, vinyl flooring, carpet, ceramic tiles, porcelain tiles, engineered wood, bamboo flooring, luxury vinyl tiles (LVT), and others, focusing on supply chain efficiency to cater to diverse consumer preferences. Both residential and commercial sectors contribute to the demand for these flooring solutions. Eco-friendly options, including bamboo and sustainable flooring, are becoming more popular due to growing environmental awareness and advancements in waste management that address the environmental impact of flooring materials. Flooring designs are continually evolving, with technological advancements leading to innovations such as smart and waterproof flooring. Factors like durability and cost significantly affect consumer choices. Leading brands in the market include Mohawk, Armstrong, and Shaw.
Rapid growth in the global construction industry is driving flooring market growth. The construction industry significantly influences the market as a key end-user. Since 2009, this sector has been on a notable growth trajectory, with Europe's construction market reaching its highest growth rate in 2018, a level not seen since 2006, largely driven by the residential sector. Countries such as the Netherlands, Denmark, and Germany are expected to play major roles in expanding the construction industry across Europe. Likewise, the North American construction market is experiencing steady growth, with residential construction being the fastest-growing segment in the region.
In the Asia-Pacific region, China, Indonesia, and India are important players in the expanding construction markets. Indonesia's construction industry recorded a 3% growth in 2018, mainly due to residential projects. In India, the government has committed substantial funding for affordable housing initiatives through the National Housing Bank. The ongoing expansion of the global construction industry is anticipated to positively impact flooring market growth, leading to a significant increase in flooring demand during the forecast period.
Increasing demand for waterproof flooring is a key trend in the flooring market. Waterproof flooring is increasingly popular in the residential construction market, prompting leading companies like Mohawk Industries and Gerflor to enhance their product lines with waterproof features. Vinyl flooring, a favored alternative to traditional wooden floors, is now being combined with wood plastic composite (WPC) technology. This integration provides excellent water resistance along with durability against stains and dents, making it easy to maintain.
Additionally, manufacturers are concentrating on improving design quality and offering customization options for their waterproof flooring products. This versatility allows these products to be utilized in various residential spaces, including kitchens, bathrooms, and other areas. The demand for waterproof flooring is anticipated to grow steadily throughout the forecast period.
Rising prices of raw materials are impeding flooring market growth during the forecast period. The rising costs of raw materials for flooring products, such as wood, ceramics, and vinyl, have been driven by a persistent imbalance between supply and demand. The United States, a major exporter of lumber, has faced challenges in meeting the increasing demand for wood from markets like China and Southeast Asia. Additionally, disputes between the U.S. and Canada over lumber imports have contributed to the escalation in lumber prices. This rise in lumber costs has, in turn, led to higher expenses in transportation and labor.
Similarly, the prices of ceramics and vinyl have also increased due to limited availability of essential raw materials used in their production. As the construction industry grows and the demand for flooring products continues to rise, this supply-demand imbalance is expected to remain in the coming years. Consequently, the escalating costs of raw materials and related expenses present significant challenges for the market in the forecast period.
The flooring market research report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the flooring market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Armstrong Flooring Inc: The company offers resilient flooring products for use primarily in the construction and renovation of commercial, residential and institutional buildings primarily in North America and the Pacific Rim.
The flooring market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The flooring market includes a diverse range of materials and solutions, such as hardwood, laminate, vinyl, carpet, ceramic tiles, porcelain tiles, engineered wood, bamboo, and luxury vinyl tiles (LVT). Installation is a vital component of this market, with two main segments: residential and commercial flooring. Sustainable options, including recycled and eco-friendly flooring, are becoming more popular as environmental concerns grow. Current flooring trends emphasize materials that offer enhanced durability, resilience, and performance. Ceramic tiles, porcelain tiles, and engineered wood are known for their combination of strength and elegance. Additionally, LVT and waterproof flooring meet the demand for easy-to-maintain, water-resistant solutions.
Luxury vinyl tile (LVT) has gained popularity for both indoor and outdoor flooring due to its durability, visual appeal, and versatility across different styles. Regular maintenance tasks, such as polishing, buffing, and cleaning, are crucial for maintaining the longevity and performance of the flooring. Proper installation is essential, and professional installation is often recommended to achieve the best results. The demand for LVT is expected to rise alongside ongoing construction and renovation activities. The market is anticipated to achieve significant sales in the coming years, fueled by innovations in flooring solutions, heightened consumer awareness, and the integration of virtual reality (VR) technology for improved visualization and design. Our research team analyzed the data using 2023 as the base year, identifying key drivers, trends, and challenges. A comprehensive assessment of these factors will assist companies in refining their marketing strategies to secure a competitive edge.
Innovations in flooring include smart flooring that can be controlled remotely, as well as designs that provide distinctive patterns and aesthetics. Flooring brands are committed to offering a variety of textures and styles to meet diverse consumer preferences. Floor finishes and underlayment contribute to optimal performance, while wood adhesives and maintenance products ensure durable installation and upkeep. Costs for flooring can vary based on the material type and the area size to be covered. In addition to floor replacement and resurfacing, contractors and suppliers provide specialized accessories to meet a range of needs, including non-slip, acoustic, anti-bacterial, and pet-friendly options. With a focus on traffic-resistant and heavy-duty flooring, the market continues to evolve with innovative solutions for renovations and remodels. Advances in flooring technology are providing improved options for both retailers and end-users. Overall, the flooring market is a dynamic and varied industry, addressing the changing demands of consumers and businesses alike.
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Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.9% |
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Market growth 2024-2028 |
USD 84.98 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.9 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 48% |
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Key countries |
US, China, India, Indonesia, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Armstrong World Industries Inc., Beaulieu International Group, Belysse Group nv, CLASSEN Group, Forbo Management SA, Gerflor Group, Interface Inc., ITOCHU Corp., James Halstead plc, Kahrs, Kajaria Ceramics Ltd., Karndean, Kingspan Group Plc, Kronospan Ltd., LX Holdings Corp., M. KAINDL GMBH, Mannington Mills Inc., Milliken and Co., Mohawk Industries Inc., Nature Flooring, Orient Bell Ltd., PORCELANOSA Grupo AIE, RPM International Inc., Shaw Industries Group Inc., TOLI Corp., Tarkett, The Dixie Group Inc., Responsive Industries Ltd., and Congoleum Corp. |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
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Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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