The growth in the number of building construction activities in emerging countries along with the importance of flooring in the serviceability of building drives the growth of the construction flooring market.
WILMINGTON, Del., Nov. 17, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Construction Flooring Market By Printing Technology (Digital and Traditional), Material (Wood, Stone, Ceramic, Laminate, and Others), and End User (Residential and Non-Residential): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the construction flooring market was valued at $100,215.84 million in 2020 and is estimated to reach $189,257.70 million by 2032, exhibiting a CAGR of 5.3% from 2023 to 2032.
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Prime determinants of growth
The growing concern towards the usage of building materials that enhances its serviceability drives the growth of the construction flooring market. However, changes in foreign policies that impacts profit margin restrict the market growth. On the contrary, growing focus towards strategies that promote infrastructural development presents new opportunities in the coming years.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Historic Period |
2022 |
|
Market Size in 2020 |
$100,215.8 million |
|
Market Size in 2032 |
$189,257.7 million |
|
CAGR |
5.3 % |
|
No. of Pages in Report |
188 |
|
Segments covered |
Printing Technology, Material, End User, and Region. |
|
Drivers |
Rise in number of home remodeling projects Importance of flooring in serviceability of a building |
|
Opportunities |
Focus toward public-private partnerships (PPPs) for infrastructure development |
|
Restraints |
Increased emphasis toward utilization of green and eco-friendly materials Changes in foreign policies influence profit margins |
The Traditional segment to maintain its leadership status throughout the forecast period
Based on printing technology, the traditional segment held the highest market share in 2022, accounting for more than four-fifths of the construction flooring market revenue and is estimated to maintain its leadership status throughout the forecast period. Traditional printed tiles and other flooring solutions are considered premium, owing to it being handmade in nature. In addition, among the masses, it is considered that the rawness of the traditionally printed floorings brings character to the floor. Companies, such as Realonda Ceramica, offer a wide range of traditionally printed flooring solutions. Such factors are accepted to drive the demand for traditionally printed flooring solutions. Furthermore, the cost effectiveness of traditional printing positively influences the growth of the market. However, the digital segment is expected to grow at a highest CAGR as digital printing technology is easy to use, readily available, and offers non-contact methods of printing any type of design, pattern, and image on different types of flooring solutions. Moreover, digitally printed flooring solutions are manufactured at a faster rate and features enhanced design precision and quality. In addition, the manufacturing process yields relatively less waste. Such factors are expected to drive the demand for digitally printed flooring solutions.
The Ceramic segment to maintain its leadership status throughout the forecast period
Based on material, the ceramic segment held the highest market share in 2022, accounting for more than three-fifths of the construction flooring market and is estimated to maintain its leadership status throughout the forecast period. Ceramic floorings are in high demand owing to factors such as flexibility, in terms of design, color, and texture of these tiles. Furthermore, ceramic tiles are available in a wide price range and can be effectively used in economical as well as luxurious building construction. Moreover, with the help of technological advancements, ceramic tiles are manufactured with texture and visuals that are identical to wood, concrete, stone, and terrazzo materials. Further, their versatility, high mechanical susceptibility, low maintenance costs, and durability make them an ideal material for outdoor as well as indoor flooring solutions. Moreover, it is widely used in public and privately owned spaces in urban as well as rural areas. Thus, such applications of ceramic flooring solution are expected to drive the market growth during the forecast period. However, the wood segment is expected to grow at a highest CAGR.
Wood flooring is highly elegant, offers natural looks, and blends with any kind of interior. It is highly durable and requires little maintenance; therefore, wood flooring tends to be an inexpensive flooring solution in the long run. In addition, use of wood flooring is often more expensive, owing to scarcity of wood, which in turn increases the curb appeal of the property and hence, propels the resale value of a property. This encourages customers toward adoption of wood as popular flooring material. In addition, factors such as superior insulation, durability, environment-friendliness, parasite resistance, and longer lifespan of thermally treated wood contribute toward the popularity of wood flooring, which fuels the market growth.
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The Residential segment to maintain its lead position during the forecast period
Based on end user, the residential segment accounted for the largest share in 2022, contributing nearly two-thirds of the construction flooring market revenue, and is projected to maintain its lead position during the forecast period. Gradual increase in population and rise in disposable income of majority population in various developing countries, including India and Brazil, boost the growth of the flooring market. Moreover, rise in trend of remodeling and renovations in developed nations, such as the U.S., UK, and Germany is expected to propel the market growth. For instance, Oxford Properties Group announced a plan to construct mixed-use building complex consisting of four towers. This construction is expected to start in 2023, and according to the estimates it will cost around $3.5 billion. It will be one of the largest mixed-use complexes in Toronto’s history. Hence, these kinds of projects are expected to create opportunities for flooring companies and provide lucrative growth in the market. However, the non-residential segment is expected to grow at a highest CAGR during the forecast period. The construction of non-residential buildings for commercial and industrial purposes is in high demand in developed nations of North America and Europe. In addition, new commercial and industrial infrastructures are being built, due to urbanization and industrialization in developing nations of Asia-Pacific and LAMEA. Various governments are taking initiatives to enhance the living standard of citizens.
For example, governments are taking initiatives and investing in quality construction of non-residential sectors, such as schools and health sectors. For instance, in March 2020, DLF, one of the largest construction contractors announced to invest around $2.57 billion, to construct two new shopping malls in Gurugram and Goa. Hence, such investments are expected to create opportunities for flooring manufacturers and therefore provide lucrative market growth during the forecast period.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting to nearly half of the global construction flooring market revenue. Asia-Pacific is one of the fastest growing regions globally, owing to its large population and growing disposable income. China and India are leading in construction of affordable housing. Furthermore, the building construction and tourism sector in countries, such as Indonesia, Singapore, and Malaysia are experiencing growth. These factors boost the demand for flooring as they are extensively used in the construction of residential and non-residential buildings.
The affordable housing schemes of countries, such as India and China have positively influenced the residential construction sector in the region. Furthermore, increased investment in the tourism sector by private as well as public sector has also led to an increase in building construction activities, thereby creating a demand for flooring. Furthermore, increased spending on interior designing of the homes is also increasing the demand for custom made flooring, thus driving the growth of the flooring market in the region. However, LAMEA is expected to grow at a highest CAGR as Latin America and Middle East have a large number of developing countries with a huge potential to grow. Many countries in the Middle East region are focusing on rapid development of infrastructure for boosting the tourism industry. This creates a demand for hotels, resorts, and other guests’ accommodation; thereby increasing the demand for doors and windows. Furthermore, in September 2021, Iran’s government announced the implementation of the one-million housing project. These factors offer lucrative growth opportunities for the construction flooring market.
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Leading Market Players: –
- J&J Industries, Inc.
- Shaw Industries Group, Inc.
- Armstrong
- Mohawk
- Tarkett Group
- Beaulieu International Group NV
- Interface Inc.
- Iron Woods
- Toli Corporation
- Ecore International, Inc.
The report provides a detailed analysis of these key players in the construction flooring market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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