Flooring Market

Flooring Market By Product (Ceramic Tiles, Vitrified (Porcelain) Tiles, Luxury Vinyl Tiles, Linoleum/Rubber, Wood & Laminate, Natural stone, Carpet, Vinyl, Other Flooring Materials) By Type (Resilient Flooring, Soft Coverings, Non-Resilient Floorings, Seamless Flooring) By Application (Residential, Commercial, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, and Forecast 2023-2031

Chemical & Material | April 2023 | Report ID: EMR0071 | Pages: 254

The global flooring market in 2022 was valued at USD 270.12 billion and is predicted to reach roughly USD 454.9 billion in 2031, rising at a CAGR of 5.50% between 2023 and 2031. 

Flooring is an important part of any building or construction project, as it provides a durable and safe surface for people to walk on. The type of flooring used depends on the specific requirements of the space, such as the level of foot traffic, moisture levels, and aesthetic preferences. In addition to the products you mentioned, other popular flooring materials include hardwood, concrete, and natural stone.

Market Growth Factors:

Below are the market growth factors.

  • Growth of the construction industry:
  • Technological advancements in flooring products: 
  • Growing urbanization: 
  • Increasing demand for luxury flooring products:

The growth of the construction industry is a major factor driving the flooring market. The demand for flooring materials increases as new buildings are constructed, and as existing buildings are renovated or remodeled. The construction of new residential and commercial buildings in particular is a significant driver of the flooring market.

As people's disposable income increases, they are more likely to invest in home renovation and improvement projects, including upgrading their flooring. Updating the flooring can not only improve the aesthetics of a home but can also increase its value. Therefore, as disposable income increases, so does the demand for flooring products.

Flooring Market REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2022)

270.12 Bn

Projected Market Value (2031)

454.9 Bn

Base Year

2022

Forecast Years

2023 - 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Type, By Product, By Application & By Region

Segments Covered

By Type, By Product, By Application & By Region

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

The demand for eco-friendly and sustainable flooring materials is increasing as consumers become more environmentally conscious. They are seeking out flooring products made from renewable resources, such as bamboo or cork, and are also interested in products that have low VOC emissions and are recyclable. This trend is driving manufacturers to develop more sustainable flooring options and to improve the sustainability of their manufacturing processes.

Advancements in technology have enabled manufacturers to create flooring products that are not only durable and easy to maintain but also offer unique design options. For example, luxury vinyl tiles (LVT) can mimic the appearance of hardwood, stone, or ceramic tiles, while offering the durability and ease of maintenance of vinyl. Similarly, engineered hardwood flooring has become popular due to its lower cost and higher durability compared to traditional hardwood flooring.

Urbanization is a significant driver of the flooring market, particularly in emerging markets. As more people move to urban areas, there is an increased demand for new housing, commercial buildings, and infrastructure. This demand drives the need for flooring products, as these structures require durable and functional flooring. Additionally, urbanization often leads to higher disposable incomes, which can lead to increased spending on home improvement projects and the installation of new flooring.

As disposable income increases, consumers are more willing to invest in high-quality, premium flooring materials to enhance the aesthetics and value of their homes. Luxury flooring options like natural stone, hardwood, and high-end ceramic tiles are gaining popularity, particularly in affluent markets. Homeowners are also willing to spend more on installation and maintenance of these high-end flooring products to ensure their longevity and maintain their appearance over time.


Market Drivers:

  • The market is expected to be driven by the growing demand for vinyl flooring in both residential and non-residential buildings
  • Rising requirements for multi-storey buildings to further drive the demand for flooring products

Vinyl is a synthetic material that has become a popular choice in the flooring industry due to its versatility and durability. Luxury vinyl tile (LVT) is a high-end version of vinyl flooring that has a more realistic look and feel, resembling natural materials such as wood or stone. Vinyl flooring is also resistant to moisture and is easy to clean, making it ideal for areas such as bathrooms and kitchens. In addition, vinyl flooring is affordable and easy to install, which has contributed to its increasing popularity in both residential and commercial buildings.       

It's worth noting that while tiling is a popular flooring option for multistory buildings, other types of flooring materials may also be used depending on the specific needs and preferences of the building owners and occupants. For example, carpeting may be preferred in some commercial spaces for its noise-reducing properties, while hardwood flooring may be preferred in high-end residential buildings for its aesthetic appeal. However, the overall growth in demand for multistory buildings is expected to have a positive impact on the flooring market as a whole.

Market Challenges:

  • Environmental concerns: 
  • Fluctuations in raw material prices:

There has been a growing awareness of the environmental impact of flooring materials, particularly the carbon footprint of their production, transportation, and disposal. As a result, many flooring manufacturers are developing eco-friendly and sustainable flooring materials that are made from renewable resources and have a low environmental impact. However, these materials may be more expensive to produce and purchase, and the availability of such products may be limited in some areas, which can impact market demand.

Raw material prices can have a significant impact on the flooring market, as they can directly affect the cost of production for manufacturers. Fluctuations in raw material prices can result in increased costs, which can be passed on to consumers through higher prices. This can potentially lead to a decrease in demand for the affected flooring products, as consumers may opt for cheaper alternatives. On the other hand, if manufacturers choose to reduce the quality of their products to maintain profitability, this could also lead to a decrease in demand, as consumers may seek out higher-quality options.

The flooring market is indeed highly competitive, with many established players offering similar products at different price points. The lack of differentiation between products can lead to price competition and put pressure on profit margins. As a result, companies may have to invest heavily in marketing and advertising to differentiate their products and build brand recognition. Smaller or newer companies may face challenges in gaining market share due to the dominance of established players.

Market Opportunities:

  • Increasing demand for green flooring:
  • Technological advancements:

As consumers become more aware of the environmental impact of their purchasing decisions, they are seeking out products that align with their values. This has led to a growing demand for eco-friendly and sustainable flooring materials. Manufacturers who can develop and offer green flooring options have an opportunity to tap into this growing segment of environmentally conscious consumers and differentiate themselves from competitors. This can also help companies to build a positive brand image and enhance their reputation in the market.

Technology can provide a significant advantage for manufacturers by allowing them to offer customized and innovative flooring solutions that differentiate them from their competitors. The use of 3D printing technology, for instance, can enable manufacturers to produce intricate designs and patterns, offering a unique and personalized look to their customers. Moreover, digital tools such as virtual and augmented reality can enhance the customer experience by allowing them to visualize and even simulate the installation process before making a purchase decision.

Segments Analysis:

Product Insights:

Vitrified or porcelain tiles are highly durable and have low porosity, making them an ideal choice for high traffic areas and outdoor use. Additionally, their ability to mimic the look of natural materials like stone and wood makes them a popular choice among consumers. Ceramic tiles, on the other hand, are versatile and come in a wide range of colors and designs.

Application Insights:

the rise in disposable income, urbanization, and changing consumer preferences for modern and comfortable interiors have also contributed to the growth of the residential flooring market. As consumers become more aware of the impact of flooring materials on their health and the environment, the demand for eco-friendly and sustainable flooring options in the residential segment is also increasing.

Type Insights:

It's worth noting that while non-resilient flooring may have dominated the market in 2022, the resilient flooring segment is also growing rapidly. Resilient flooring, which includes vinyl, linoleum, and rubber flooring, is increasingly popular due to its easy maintenance, durability, and design versatility. The segment accounted for 38% of the total revenue in 2022, and is expected to continue growing due to the increasing demand for eco-friendly and sustainable flooring options.

Regional Analysis:

The Asia Pacific region is expected to continue leading the global flooring market due to various factors such as increasing investments in construction and infrastructure, rapid urbanization and industrialization, and growing demand for eco-friendly and sustainable flooring materials. China, India, and Southeast Asia are expected to be major contributors to the growth of the market in the region, with China being the largest market due to its large population and increasing need for new buildings and infrastructure.

Key Market Players:

  • Mohawk Industries
  • Shaw Industries
  • Tarkett Group
  • Armstrong Flooring
  • Forbo Holding AG
  • Interface Inc.
  • Mannington Mills
  • Congoleum Corporation
  • Beaulieu International Group
  • Gerflor Group

 

Flooring Market Report Segmentation

ATTRIBUTE

DETAILS

By Product

  • Ceramic Tiles
  • Vitrified (Porcelain) Tiles
  • Carpet
  • Vinyl
  • Luxury Vinyl Tiles (LVT)
  • Linoleum/Rubber
  • Wood & Laminate
  • Natural stone
  • Other Flooring Materials

By Type

  • Resilient Flooring
  • Soft Coverings
  • Non-Resilient Floorings
  • Seamless Flooring

By Application

  • Residential
  • Commercial
  • Industrial

By Geography

  • North America (USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Key Benefits of the Report

  • This study presents an analytical depiction of the Flooring industry along with current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to market key drivers, restraints, and opportunities, along with detailed analysis of the Flooring Market share.
  • The current market is quantitatively analyzed to highlight the Flooring Market's growth scenario.
  • Porter's five forces research demonstrates the market power of suppliers and buyers.
  • The report provides a detailed Flooring market analysis based on competitive intensity and how the competition will take shape in the coming years.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The size of the global flooring market is expected to increase to USD 454.9 billion by 2031 from USD 270.12 billion in 2022.
Global flooring market rising at a CAGR of 5.50% between 2023 and 2031.
Major players of global flooring market are : Mohawk Industries, Shaw Industries, Tarkett Group, Armstrong Flooring, Forbo Holding AG, Interface Inc., Mannington Mills, Congoleum Corporation, Beaulieu International Group, Gerflor Group.
The market-driving factors of the global flooring market are the growing demand for vinyl flooring in both residential and non-residential buildings and the rising requirements for multi-story buildings.
Asia Pacific is the leading region of the global flooring market during the forecast period of 20232031.