Reports and Data's latest report states that the global flooring market size is projected to reach USD 576.47 billion by 2030, with a revenue CAGR of 5.5% during the forecast period. The market growth is attributed to increasing investments in construction and remodeling industries, as well as lifestyle changes caused by the pandemic, which have led to a surge in demand for home interior designs.
The focus on creating aesthetically pleasing spaces within residential and non-residential areas has led to a growing trend of investments in interior designing, particularly during the pandemic. Advancements in technology have also led to improved flooring products with features such as anti-skidding, noise insulation, and resistance to dust and moisture, which have contributed to market growth.
However, delays in construction projects, along with cost re-runs and time lapses, can hamper the market's revenue growth during the forecast period. The volatility of raw material costs also affects procurement, leading to challenges in the timely delivery of products and increased prices, which can restrain market revenue growth.
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Flooring Market Segments:
The global flooring market has been segmented by Reports and Data based on type, application, material, and region.
In terms of type, the market is divided into non-resilient, resilient, soft covering, and other types. The non-resilient segment is projected to have a significant market share, followed by resilient and soft covering segments.
Based on application, the market is segmented into healthcare buildings, education buildings, commercial, residential buildings, and sports complexes. The commercial segment is expected to have the largest market share, owing to the increasing demand for flooring solutions in the retail and hospitality industries.
The material segment is categorized into wooden, vinyl and rubber, tiles, and others. Among these, the vinyl and rubber segment is expected to have the largest market share, due to its superior durability and resistance to moisture and chemicals.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa. In North America, the U.S. is expected to have the largest market share, followed by Canada and Mexico. Europe is expected to have a significant market share, with Germany, the U.K., and France being the major contributors. The Asia-Pacific region is projected to have the largest market share, with China, India, and Japan being the major contributors. In Latin America, Brazil is expected to have the largest market share, while in the Middle East Africa, Saudi Arabia and the UAE are expected to be the major contributors.
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Flooring Market: Strategic Developments
The soft covering segment of the global flooring market is expected to experience a steady revenue growth rate during the forecast period. This segment can be further categorized into foam, soft plastic, and cork laminate. The increase in demand for soft covering flooring can be attributed to the ease and enjoyable experience it provides for users. This is the main factor driving the revenue growth of this segment.
The tiles segment is also expected to register a steady revenue growth rate during the forecast period. Tiles are a preferred product for flooring purposes due to their low cost and ease of availability. Additionally, tiles are scratch and stain-resistant, making them suitable for adoption in low-income households.
The residential buildings segment is expected to account for the largest revenue share in the global flooring market between 2023 and 2030. The rapid growth of new construction works as well as the resumption of old ones is expected to increase demand for flooring materials, which in turn is expected to drive the revenue growth of this segment.
In contrast, the Latin America flooring market is expected to account for a minor revenue share in the global market over the forecast period. However, there is a rapid demand for custom-made flooring in the region, and the rise in requirements for flooring to meet the growing needs of healthcare and educational institutes is also expected to drive revenue growth in this market.
On 29 March 2023, Mikasa Floors, a subsidiary of Greenlam Industries Ltd., unveiled new products for its 2023 collection. The main attraction of this new wooden flooring collection includes products in 11 new aesthetic colors and 24 new products that are inspired by consumer feedback.
Flooring Market: Competitive Landscape
The global market report identifies several major companies operating in the industry. These include Mohawk Industries, Inc., Gerflor Group, Toli Corporation, Congoleum Corporation, The Dixie Group, Inc., Shaw Industries Group, Inc., Mannington Mills, Inc., Forbo Holding AG, Tarkett S.A, and LG Hausys, Ltd. These companies play a significant role in the global flooring market, with their products and services being widely used and recognized by consumers. Their continued presence in the market is expected to contribute to the growth and development of the industry as a whole.
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