The global flooring market size is expected to reach USD 584.14 billion by 2027, expanding at a CAGR of 5.9%, according to a new report published by Grand View Research Inc. Increasing construction projects across the globe coupled with a rising number of building renovation activities for old residential and commercial structures are likely to support the growth.
Preferences for flooring vary across the globe. For instance, non-resilient flooring is widely accepted in Asia Pacific and Middle East and Africa. Comparatively cold regions such as North America and Europe, on the other hand, prefer soft covering floors, such as carpets and resilient materials to resist the effect of temperature.
Commercial availability of flooring products coupled with introduction of new design and dimensions in flooring components has propelled the market. Technological advancements have helped the manufacturers introduce innovative products with custom colors, designs, and dimensions. This factor is likely to propel the demand in the forthcoming years.
Leading players in the flooring market engage in providing optimum solutions for building structures. Specialized flooring components are introduced by the players to cater to specific buildings structures in residential, commercial, and industrial application. A few market players have introduce products made of recycled materials, taking environmental concerns into consideration.
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Further key findings from the report suggest:
Resilient flooring is expected to ascend at the fastest CAGR 5.4% over the forecast period, on account of the wide acceptance of performance floorings including luxury vinyl tiles and vinyl floor tiles
In Asia Pacific, the revenue for non-resilient flooring stood at USD 17.02 billion in 2019 and is projected to upscale in the estimated period owing to the wide acceptance of ceramic and natural stone flooring
In North America, soft covering accounted for the largest market share of 36.4% in 2019, owing to the high thermal resistance, easy maintenance, and superior comfort offered by the product
In 2019, the commercial segment accounted for 35.7% of market share and is likely to expand at CAGR of 6.0% over the forecast period, owing to a rise in construction of commercial building structures globally
The demand for flooring in the U.S. residential construction sector is expected to grow on account of increasing single-family constructions and renovation activities
Prominent market players including Tarkett S.A. and Mohawk are targeting the acquisitions of smaller players to enhance their product portfolio and to gain greater market share on global scale
Grand View Research has segmented the global flooring market on the basis of product, application, and region:
Flooring Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
Flooring Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
Flooring Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
Central & South America (CSA)
Middle East & Africa (MEA)
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