Global Flooring Market is anticipated to grow at a CAGR of 4.10% to reach a market size of US$62.578 billion in 2027 from US$47.238 billion in 2020.
Flooring refers to a floor that is permanently covered or to the process of placing a floor covering. Any finishing material that is put over a floor structure to produce a walking surface is referred to as a floor covering. Along with the cost, quality, and design of flooring, other options depend on the home's design and market value as well as on consumer preferences in the area. Good flooring may increase the value of the house and maybe draw in new clients.
During the projected period, rapid urbanization and an increase in residential and commercial construction activities will propel the expansion of the worldwide flooring market.
Increased Construction activities are expected to propel the growth of the Construction plastic market
The market for flooring is expanding steadily. Rapid urbanization, an increase in commercial and residential buildings, and numerous government rules banning the use of hazardous flooring will all contribute to the expansion. These factors will also encourage innovation, which will further the growth. Additionally, the expansion could be attributed to shifting trends in floor designs as well as a rise in the demand for waterproof flooring.
According to the United States Census Bureau, the country's overall value of construction increased from $1,077,350 million in 2008 to $1,293,982 million in 2018. This demonstrates how the building sector has developed over time and how this has indirectly contributed to the expansion of the flooring market as consumers adopt new floor designs and use a less hazardous floor covering. The persistence of growth will also be facilitated by cheap housing policies, new products, and technological advancements.
The global flooring market is divided into three types: softcover, non-resilient, and resilient. Because of its high aesthetic value, adaptability to use in a variety of locations, and simplicity of installation of luxury vinyl tiles, resilient flooring commands a sizeable market share.
The Global flooring market is divided into residential and commercial by end-users. Due to resilient vinyl flooring's great durability, cost-effectiveness, low maintenance requirements, and suitability for high-traffic applications, the commercial sector accounts for a sizeable portion of the industry. The non-residential segment is expected to account for a total construction value of $747,809 million, as compared to the residential segment's $546,173 million, according to the United States Census Bureau.
The flooring market is divided into five geographic regions: North America, South America, the Middle East and Africa, Europe, and Asia Pacific. Due to the rapidly expanding construction industry in South-East Asia's growing economies, the Asia-Pacific region currently occupies a sizeable portion of the global market and is predicted to maintain its dominance over the coming years.
|Market Size Value in 2020||US$47.238 billion|
|Market Size Value in 2027||US$62.578 billion|
|Growth Rate||CAGR of 4.10% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, End User, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Mohawk Industries, AHF, LLC, Kahrs, Kronoplus Limited, Amorim Cork Flooring, Responsive Industries Ltd., Agrofert Group, Boen, Adore Floors, Inc., Artisan Hardwood, Inc.|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global flooring market?
A1. Global Flooring Market was valued at US$47.238 billion in 2020.
Q2. What will be the flooring market size by 2027?
A2. The global flooring market is anticipated to reach a market size of US$62.578 billion by 2027.
Q3. What are the growth prospects for the flooring market?
A3. The flooring market is anticipated to grow at a CAGR of 4.10% over the forecast period.
Q4. What factors are anticipated to drive the flooring market growth?
A4. During the projected period, rapid urbanization and an increase in residential and commercial construction activities will propel the expansion of the global flooring market.
Q5. Which region holds the largest share of the flooring market?
A5. The Asia-Pacific region currently occupies a sizeable portion of the flooring market and is predicted to maintain its dominance over the coming years.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL FLOORING MARKET ANALYSIS, BY TYPE
6. GLOBAL FLOORING MARKET ANALYSIS, BY END-USER
7. GLOBAL FLOORING MARKET ANALYSIS, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Mohawk Industries
9.2. AHF, LLC
9.4. Kronoplus Limited
9.5. Amorim Cork Flooring
9.6. Responsive Industries Ltd.
9.7. Agrofert Group
9.9. Adore Floors, Inc.
9.10. Artisan Hardwood, Inc.
Responsive Industries Ltd.
Adore Floors, Inc.
Artisan Hardwood, Inc.
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