Published by Uma Rajagopal
Posted on February 21, 2022
The global flooring market is at the brink of attracting unprecedented revenues. The emergence and subsequent popularity of novel flooring materials such as vitrified tiles, vinyl, and hardwood are contributing to the growth of the global flooring market. The construction industry is a handsome consumer of flooring materials, and the latter roughly account for 10% of the total building and construction cost of a project. Furthermore, the construction industry has expanded and diversified to engulf new areas of expertise such as interior designing, modern architecture, and space optimization. These new domains focus on aesthetics and utility of spaces, emerging as strong advocates of elite flooring materials.
Fairfield Market Research forecasts the total value of the global flooring market to be US$285.5 Bn by 2025, rising from a total worth of US$208.8 Bn in 2017, and expanding at a respectable CAGR of 6.9% over the forecast term. The general propensity of the construction industry towards enhancing the appeal of housing, commercial, and industrial establishments has boded well for the market.
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Residential Sector to Exhibit Towering Demand for Flooring Materials and Technologies
The entire world has witnessed general growth in urbanization which is dominated by the development of new housing projects. Premium housing solutions have become an explicit offering of real estate companies as new housing landscapes emerge across the urban space. Therefore, it is safe to say that the residential sector has richly contributed towards amplifying demand within the flooring market. This sector is expected to be the largest consumer of flooring materials, leaving behind the other two important sectors – commercial and industrial. In addition to the demand flowing in from new housing projects, the trend of refurbishment and remodeling of houses has also aided market growth.
Luxury Vinyl Tiles (LVT) to Outdo Demand for Ceramic Tiles in the Forthcoming Years
In 2019, ceramic tiles were found to hold a dominant share of the flooring market. However, with growing inclination of the masses towards premium, elite, and more aesthetic flooring solutions, demand for vinyl tiles has increased. Over the period between 2021 and 2025, the vinyl, linoleum, and rubber flooring segment is expected to outdo the growth of other segments, expanding at a CAGR of 7.3% over this period. The popularity of green, clean, and ecofriendly housing and commercial development has also brought several flooring technologies under the radar of attention.
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Asia Pacific to Emerge as a Prominent Market for Flooring Materials
The high density of ongoing and pipeline construction projects in India and China has impelled demand within the Asia Pacific flooring market. China emerged as the leading regional segment in Asia Pacific in 2019. Over the course of the next term between 2021 and 2025, India is slated to outdo China in terms of volume of flooring materials. The US market witnessed a decline in sales in the aftermath of the pandemic, but has lately seen a recovery rebound.
Some of the key manufacturers operating in the flooring market are Shaw Industries Group Inc., Armstrong Flooring, Tarkett S.A., Interface Inc., Welspun Flooring Limited, and Gerflor Flooring.
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