The Flooring Market is forecast to reach USD 536.52 billion by 2027, according to the new report by Reports and Data. Rapid urbanization has created a trend of remodelling and renovation activities, boosting the flooring market demand. Along with the increasing investments in the construction industry, the increase in infrastructure to keep up with changes in the lifestyle leads to raising the requirements. Product innovation and customization are a few parameters that drive the growth of the market and increases demand in public. But with the upgraded lifestyle, the importance of health and environment has risen, damping the market’s demand.
The volatile cost of the raw material represents a near headache. With another recession looming and growing global trade war, the fluctuating pricing of the raw material has become a challenge for the market, making the manufacturing and supply unpredictable. This not only hinders the manufacturers but the whole market due to the rise in the final product pricing.
Developing nations across the globe have made their focus on increasing investments in the construction business and also develop infrastructure, growing the scope for the flooring market. Asia-pacific region accounts for the drastic development in the market, followed by North America. The major developing countries in the region, owing to the rapid urbanization and industrialization, influences the demand to a great extent.
The COVID-19 Impact: The pandemic has shed light on the importance of healthy anti-bacterial flooring, increasing the market for Resilient flooring. Over the weeks, the market has been facing a trough, which might be continuing for the following months. But the demand for resilient flooring will pick up after this crisis. Asia Pacific region has been impacted the most by this pandemic, with China being the centre of the cause. Many projects in various countries have come to a temporary stop affected by the disease. Countries all over are facing operational issues and disruption in supply impacting businesses and hence the market.
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Key participants include Mohawk Industries, Inc., Tarkett S.A., AFI Licencing, Burke Flooring Products Inc., Forbo Flooring, Shaw Industries, Inc., Interface Inc., Gerflor, Polyflor, Mannington Mills, Inc.
Further Key Findings from the Report Suggests:
- The Government in the developing nations has encouraged and invested in infrastructural growth and innovative constructions of I.T. Parks, SEZs, etc. This has resulted in the upscaling of the commercial flooring to 5.5% CAGR and growing more with the focus on urbanization and industrialization.
- Non-Resilient flooring demand has escalated with the improving standard of living and an increasing knack for aesthetics. Materials like ceramic tiles, wood, laminate, stone, marble, bamboo, and terrazzo have created their place in the market because of their higher durability, reliability, water resistivity, and low maintenance.
- Over the years, the demand for Non-Resilient flooring has boomed to 34.3% in 2019 and is expected to rise further during the forecast period.
- Asia Pacific region dominates the flooring market with an expenditure of USD 153.43 billion in 2019. The countries in this region drive the market with low manufacturing costs and favourable policies. The National New-Type Urbanization Plan in China increases the growth of the market.
- Non-Resilient flooring demand seems to be escalating in the following months and is estimated to peak to USD 186.17 billion by 2027.
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Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Flooring market.
For the purpose of this report, Reports and Data have segmented into the Flooring Market based on the product, application, distribution channel, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Soft Covering Flooring
- Resilient Flooring
- Non-Resilient Flooring
- Seamless Flooring
Application Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Retail Distribution Channel
- Wholesale and Distributor Business Trend
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Detailed Regional Analysis Covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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