Flooring Market

Updated on : October 10, 2024

Flooring Market

The flooring market was valued at USD 331.9 billion in 2023 and is projected to reach USD 510.7 billion by 2028, growing at 9.0% cagr from 2023 to 2028. The flooring market growth is driven by construction and infrastructure development. The demand for flooring materials is closely tied to construction activities and infrastructure development. As new residential, commercial, and industrial buildings are constructed or renovated, there is a need for flooring solutions. Infrastructure projects such as transportation systems, airports, and public spaces also contribute to the demand for flooring materials.

Attractive Opportunities in the Flooring Market

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Flooring Market Dynamics

Driver: Rise in population & rapid urbanization and increase in investment in the construction industry are the major drivers of the flooring market.

As the population grows, the demand for housing also rises. This creates a need for flooring materials in residential construction projects. Whether it's new housing developments or renovations, the flooring market benefits from the increased demand for various types of flooring products. Urbanization leads to the construction of roads, bridges, airports, railway stations, and public spaces, all of which require flooring materials. The flooring market benefits from this increased construction activity in urban areas.

Restraint: Volatile raw material prices

Raw material price fluctuations can be a considerable restraint for the flooring industry, affecting the profitability and competitiveness of flooring companies. Fluctuations in raw material prices directly impact the cost of producing flooring products. If the prices of key raw materials, such as wood, vinyl, carpet fibers, ceramics, or resins, increase, manufacturers may face higher production costs. This can lead to increased prices for finished flooring products, affecting consumer demand and market competitiveness.

Opportunities: Rise in demand from emerging economies

Emerging economies present significant opportunities for the flooring industry due to rapid urbanization, a growing middle class, infrastructure development, renovation and modernization needs, rising consumer awareness, and the growing tourism and hospitality industry. These factors drive the demand for flooring materials and offer a favourable market environment for manufacturers and suppliers. By leveraging these opportunities, flooring businesses can establish a strong presence and drive growth in emerging markets.

Challenges:  Disposal of waste

The flooring industry generates a significant volume of waste during installation, renovation, and demolition processes. This waste includes old flooring materials, scraps, packaging, adhesives, and other related items. Disposing of such large volumes of waste can be costly and time-consuming. Some flooring materials, such as certain adhesives, coatings, or underlays, may contain hazardous substances. Disposing of these materials requires adherence to specific regulations and guidelines to ensure proper handling, containment, and disposal to avoid environmental and health risks.

Flooring Market Ecosystem

By Material, Resilient flooring material accounted for the highest CAGR during the forecast period

Resilient flooring materials, such as vinyl, linoleum, and rubber, are known for their durability and long lifespan. They can withstand high foot traffic, resist scratches, stains, and dents, and maintain their appearance over time. This durability appeals to consumers looking for flooring options that offer longevity and require minimal maintenance or replacement, making resilient materials a popular choice.

By End Use Industry, Non-residential accounted for the highest CAGR during the forecast period

The growth of non-residential flooring market is driven by rapid urbanization and industrialization. Construction of commercial buildings and infrastructure projects, such as offices, hotels, hospitals, airports, and public spaces, create a higher demand for durable and visually appealing flooring solutions. Government and private investments in infrastructure development further contribute to the expansion of the non-residential flooring market.

Asia Pacific is projected to account for the highest CAGR in the flooring market during the forecast period

The Asia Pacific region is undergoing rapid urbanization, with a significant rural-to-urban population shift. This has resulted in a surge in construction projects, encompassing residential, commercial, and industrial sectors. Therefore, there is a rising need for flooring solutions to accommodate the expanding urban areas. Countries like China, India, and Southeast Asian nations are experiencing robust economic growth, leading to increased consumer purchasing power and investments in infrastructure ventures. This economic progress has created a greater demand for high-quality flooring products and materials, driven by improved living standards and disposable income.

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Flooring Market Players

Flooring market comprises key manufacturers such as Mohawk Industries, Inc. (US), Tarkett (France), Forbo (Switzerland), Shaw Industries Group Inc. (Georgia), Interface, Inc. (US), and others. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the flooring market. Major focus was given to the new product development due to the changing requirements of consumers across the world.

Read More: Flooring Companies

Flooring Market Report Scope

This research report categorizes the global flooring market on the basis of Material, End-use industry, and Region.

Flooring Market by Material

• Resilient Flooring
  • Vinyl
  • Others
• Non-Resilient Flooring
  • Ceramic tiles
  • Wood
  • Laminate
  • Stone
  • Others
• Soft floor covering/ Carpets & Rugs

Flooring Market by End-use industry

• Non-residential
• Residential

Flooring Market by Region

• North America
• Europe
• Asia Pacific (APAC)
• Middle East & Africa
• South America

The market has been further analyzed for the key countries in each of these regions.

Recent Developments

• In February 2023, Tarkett has collaborated with Dutch design research firm Studio RENS, to launch DESSO X RENS, a range of carpet tiles that can be recycled into a new raw material.
• In November 2022, Mohawk Industries, Inc. acquired Elizabeth Coatings (Brazil). With this acquisition, the company became the largest producer of ceramic tiles by revenue in Brazil.
• In November 2022, Tarkett has launched the carpet tile collection with the lowest circular carbon footprint.
• In July 2022, Mohawk Industries, Inc. acquired the Foss Manufacturing Company, LLC, a Georgia-based manufacturer known for its expertise in non-woven, needle-punch technology used in products ranging from peel-and-stick carpet tile to artificial turf.
• In June 2022, Forbo has launched a brand-new adhesive-free, Health, and Safety Executive (HSE) compliant safety flooring range: Surestep Fast Fit.

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