NEW YORK, Nov. 10, 2023 /PRNewswire/ — The flooring market is estimated to grow by USD 158.82 billion between 2022 and 2027 exhibiting a CAGR of 6.14%, according to Technavio. The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market’s competitive landscape and offers information on several market vendors including – Armstrong Flooring Inc., Beaulieu International Group, Classen Floor Systems Sp. z o.o., Congoleum Corp., Forbo Management SA, Gerflor Group, Interface Inc., James Halstead plc, Kajaria Ceramics Ltd., Kingspan Group Plc, Kronospan Ltd., LX Hausys Ltd., Mannington Mills Inc., Milliken and Co., Responsive Industries Ltd., Tarkett Group, Toli Corp., Mohawk Industries Inc., ITOCHU Corp., and Shaw Industries Group Inc.- Download a Sample Report
Flooring Market Insights –
- Vendors: 15+, Including Armstrong Flooring Inc., Beaulieu International Group, Classen Floor Systems Sp. z o.o., Congoleum Corp., Forbo Management SA, Gerflor Group, Interface Inc., James Halstead plc, Kajaria Ceramics Ltd., Kingspan Group Plc, Kronospan Ltd., LX Hausys Ltd., Mannington Mills Inc., Milliken and Co., Responsive Industries Ltd., Tarkett Group, Toli Corp., Mohawk Industries Inc., ITOCHU Corp., and Shaw Industries Group Inc., among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: end-user (residential and non-residential), type (non-resilient flooring, resilient flooring, and soft cover flooring), and geography (APAC, North America, Europe, Middle East and Africa, and South America)
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Flooring Market – Market Dynamics
Key Drivers
The growth in the construction industry is a key factor driving market growth. In Europe, the construction industry, particularly residential, has experienced significant growth, with the Netherlands, Denmark, and Germany being the main contributors. North America also saw strong growth in the construction industry, led by residential construction.
In the APAC region, China, Indonesia, and India are rapidly growing construction markets. Indonesia saw a 3% growth in the construction industry in 2018, driven mainly by residential construction. In addition, significant Indian government investments in affordable housing are driving growth. The overall global growth of the construction industry is expected to have a positive impact on the demand for flooring. Hence, the rapid growth in the construction industry is expected to drive market growth during the forecast period.
Major Trends
Increasing demand for waterproof flooring is a major trend in the market. The demand for waterproof flooring in residential construction is huge, prompting major suppliers such as Mohawk Industries and Gerflor to upgrade their products with waterproofing. Vinyl flooring, a popular alternative to traditional wood flooring, is now combined with WPC to offer excellent resistance to water, stains, and dents as well as ease of cleaning.
Furthermore, companies are also focused on providing superior design quality and customization options for waterproof flooring products. As a result, these flooring solutions are now suitable for many different areas of residential spaces including kitchens, bathrooms, and other parts of the house. Hence, the above-mentioned factors are expected to drive market growth during the forecast period.
Significant Challenges
The rising prices of raw materials are a significant challenge restricting market growth. The prices of raw materials used in flooring products, such as wood, ceramics, and vinyl, have been consistently rising due to an imbalance in supply and demand. The US, a major lumber exporter, is facing challenges in meeting the increasing demand from markets like China and Southeast Asia.
In addition, trade disputes between the US and Canada over lumber imports have further contributed to higher lumber prices, leading to increased transportation and labor costs. Furthermore, tight supplies of key raw materials have affected the prices of ceramics and vinyl. As the construction industry continues to grow and the demand for flooring products rises, the supply-demand imbalance is expected to persist in the coming years. Hence, these factors are expected to restrict market growth during the forecast period.
The flooring market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.
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What are the key data covered in this Flooring Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the flooring market between 2023 and 2027.
- Precise estimation of the size of the flooring market size and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the flooring market across APAC, North America, Europe, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of flooring market vendors.
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Table of Contents
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 Company Landscape
12 Company Analysis
13 Appendix
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