The global flooring market size was valued at USD 395.06 billion in 2023. The market is projected to grow from USD 416.56 billion in 2024 to USD 646.70 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period.
The flooring market is a crucial segment of the construction and interior design industries, offering a wide range of materials and solutions for residential, commercial, and industrial applications. With growing urbanization, rising construction activities, and increasing demand for aesthetically appealing interiors, the global flooring market is experiencing significant growth and innovation.
Flooring is a material that is applied to a subfloor structure to arrange a walking surface. The flooring products utilized are vinyl tiles, ceramic, carpets, and laminates, delivering a clean, smooth, attractive, and hard surface to the floor. The surging new construction facilities propel market growth.
Fortune Business Insights™ mentions this in a report titled, “Flooring Market, 2024-2032.”
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List of Key Players Present in the Report:
- Mohawk Industries, Inc. (U.S.)
- Shaw Industries Group, Inc. (U.S.)
- TARKETT S.A. (France)
- Armstrong Flooring, Inc. (U.S.)
- Forbo Flooring Systems (Netherlands)
- Gerflor (France)
- Interface, Inc. (U.S.)
- Beaulieu International Group (Belgium)
- Toli Corporation (Japan)
- Milliken & Company (U.S.)
- Congoleum (U.S.)
- Flowcrete (U.K.)
- James Halstead (U.K.)
The global flooring market encompasses a variety of materials, including wood, vinyl, laminate, carpet, tiles, and stone.
- Resilient Flooring: Includes vinyl, linoleum, and rubber, which are valued for their durability, water resistance, and low maintenance.
- Non-Resilient Flooring: Includes materials such as ceramic tiles, hardwood, and stone, preferred for their aesthetic appeal and longevity.
- Carpet and Rugs: Popular in residential and commercial spaces for their comfort and insulation properties.
Segments
Growing Need for Easy-to-Install Floor Coverings to Drive Non-Resilient Segment Growth
Based on type, the market is segmented into non-resilient, resilient, and carpets & rugs. The non-resilient segment held the largest flooring market share in 2023. The segment’s growth is attributed to the surging demand for easy-to-install floor coverings.
Increasing Disposable Income of People to Drive Residential Segment Growth
By end-use, the market is segmented into residential, commercial, and industrial. The residential segment is dominating the market. The growth is attributed to the growing population and the growing disposable income of consumers globally.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Augmenting Global Population to Drive Market Expansion
The surging population globally, further generating significant demand for the housing facilities drive the flooring market growth. The increasing focus of many manufacturers on delivering suitable aesthetic surface solutions and maintaining the house’s interior, fulfilling the specifications related to impact resistance, durability, and strength to propel the market growth.
However, the reduced availability and price volatility of the petroleum-based raw materials used to produce products, including vinyl surfaces for floors, may impede market expansion.
Challenges in the Flooring Market
Despite its growth potential, the flooring market faces several challenges:
- Fluctuating Raw Material Costs: Price volatility in raw materials such as wood, ceramics, and chemicals affects production costs and profitability.
- Environmental Concerns: Non-biodegradable materials and emissions during production pose sustainability challenges for the industry.
- High Installation and Maintenance Costs: Premium flooring materials often come with higher installation and maintenance expenses, limiting their adoption in cost-sensitive markets.
Regional Insights
- Asia-Pacific: The Asia-Pacific region leads the flooring market, driven by rapid urbanization, infrastructure development, and rising disposable incomes in countries like China, India, and Southeast Asia.
- North America: The market is fueled by demand for luxury and sustainable flooring products, particularly in residential renovations and commercial spaces.
- Europe: Europe is witnessing increased adoption of eco-friendly flooring solutions due to strict environmental regulations and a focus on sustainability.
- Rest of the World: Regions such as the Middle East, Africa, and Latin America are emerging markets for flooring, driven by growing construction activities and investments in commercial infrastructure.
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Regional Insights
Increasing Planned Investments to Drive Market Expansion in Asia Pacific
Asia Pacific holds the largest market share and accounted for USD 205.76 billion in annual revenue during 2023. The region’s growth is driven by rapid industrialization, rising planned investments, and structure policies for construction activities in Asia Pacific nations, such as India, China, and others.
Europe is witnessing significant growth in the market. The growth is attributed to the increasing consumer preference and expenditure toward luxurious living spaces in the region.
Competitive Landscape
Growing Focus of Major Market Players on Acquisitions to Drive Market Growth
The flooring market consists of many key players globally. The increasing adoption of acquisitions, new product development, and joint ventures to expand their product portfolio and regional presence drives market growth.
Key Industry Development
November 2021 – Beaulieu Flooring Solutions launched a unique latex-free carpet. It is the first recyclable event carpet globally, primarily product for corridors, entrance halls, and fair stands. The carpet launch will help Beaulieu Flooring Solutions expand its product portfolio.
