The Global Flooring Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Global Flooring market is segmented by Product type (Non-resilient Flooring, Resilient Flooring, Soft Covering, Seamless Flooring); End user (Residential, Industrial and Commercial);Region (North America, Europe, APAC, ROW).
Introduction
Flooring is used for a permanent covering of a floor and is applied across a public or private structure. It has considerable influence on the building’s aesthetics, including to enhance the functionality of the home. Flooring is done using several products such as carpets, tiles, laminates, among others.
Factors, such as new construction, renovation, and retrofitting activities for buildings as well as infrastructure influence the market growth, and are expected to drive the market during the forecast period.
Despite the current pandemic situation, the flooring product manufacturers are recovering their operations in full capacities from 2021 beginning. Along with this, the recovering construction activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global flooring market is expected to grow to $538.10 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with 6.52% CAGR.
Rising urbanization and expansion of ultramodern workspaces and offices coupled with evolving consumer lifestyle are expected to drive the market growth.
APAC is dominating the market owing to infrastructure development and rapid urbanization.
Key Trends
The increasing number of renovation and refurbishment projects across the globe is anticipated to boost the demand for materials, thereby propelling the industry growth.
Technological advancements in flooring is expected to increase the market demand
The rising demand for environmentally sustainable products are anticipated to fuel the industry growth.
Key Market Players
Some of the key players in the market are Mohawk Industries, Tarkett, Amstrong Flooring, Barlinek, Interface, Shaw Industries.
The market players offering products with high level of customization, leading to their increasing application in commercial and residential settings. Also, they are promoting their product portfolio with enhanced properties is creating an entry barrier for the new entrants.
Companies are also adopting certain strategic initiatives, M&A activities to increase their production capacity and to enhance their product portfolio to cater to the growing demand.
Growth Drivers and Challenges
Increasing investment in construction activities in residential and hospitality sectors is the key driver of this market.
Increasing demand for aesthetically superior and durable floor covering solutions, and consumer trends in floor design are driving the demand.
Strong industrial and economic development coupled with population expansion is likely to have a positive impact on the product demand
Fluctuating prices of raw materials floorings act as restraints for the industry growth
Government regulations and laws concerning toxic chemicals and volatile residues from flooring products are also posing challenges to the market.