Flooring Market - Forecast(2024 - 2030)

Report Code: CMR 1245 Report Format: PDF + Excel

Flooring Market Overview

Flooring Market size is forecast to reach US$ 252.0 billion by 2026, after growing at a CAGR of 6.1% during 2021-2026. Growth of the flooring market is mainly attributed to its wide-ranging applications across various residential and construction sectors. Growing demand for flooring material in the rising residential sector is anticipated to drive the growth of the market. Additionally, the growing demand for hard flooring, which has alluring properties such as being more useful, easy to use, and install in remodeling and renovation projects, is expected to boost the flooring industry. Furthermore, increasing government investments in the upcoming construction industry growth in the coming years is estimated to upsurge the flooring industry over the forecast period.

Impact of Covid-19

The COVID-19 outbreak led to major economic problems and challenges for the residential and commercial industry. The government of various economies announced strict measures to slow the spread of the coronavirus, owing to which the construction output growth slowed down causing widespread concern and economic hardship for the flooring industry. Owing to the lack of funding, several projects remained in the unfinished stages. The construction industry also faced challenges such as supply chain disruption, shortage of subcontractors and materials, and the termination of contracts to control expenses, which curbed the flooring market growth during the forecast period. Construction operations were temporarily halted in a multitude of regions. For instance, due to the coronavirus pandemic, construction production in the United Kingdom dropped by a record 35.0 percent in Quarter 2 (April to June) 2020, compared to Quarter 1 (January to March) 2020. Thus, with the halt of several construction projects due to the COVID-19 pandemic, the flooring market growth was also affected in the year 2020.

Report Coverage

The report “Flooring Market– Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the flooring market.
By Material: Hard Flooring (Stone, Ceramic, Hardwood, Vinyl Sheet & Tile, and Laminate), Soft Flooring (Carpets, Mats, Rugs, and Others), and Resilient Material Flooring (Asphalt Flooring, Vinyl Composite Tiles, Fiberglass, Linoleum, and Others)
By End-User: Residential (Private Dwellings, Apartments, and Row Houses) and Commercial (Office, Industrial Buildings, Healthcare, Hotels and Restaurants, Concert Halls and Museums, Sports Arena, Educational Institutes, Transport, and Others)
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America),and RoW (Middle East and Africa).

Key Takeaways

  • Asia-Pacific region dominated the flooring market owing to a change in government emphasis on infrastructure growth. The region's favorable laws, along with its growing population, make it very appealing to the flooring industry.
  • Increasing demand for hard flooring such as vinyl sheet & tiles due to added value qualities including scratch and slip resistance, waterproofness, and eco-friendliness, growing at a faster pace than demand for hardwood or manufactured wood products is anticipated to drive the market growth.
  • Rising usage of ceramic tiles due to the durability, stain resistance, water resistance, flexibility, and esthetic design, in the residential and commercial construction sector will raise the demand for hard flooring in the upcoming years.
  • Moreover, the building industry in several countries is expected to continue to rebound after many years of stagnation, boosting demand for flooring goods. The main factors that influence flooring materials market positively are their resistance to high temperatures and hazardous chemicals.

Figure: Flooring Market Revenue Share, by End Users, 2020 (%)

Flooring Market

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Flooring Market Segment Analysis -By Material

Hard flooring held the largest share of 73.6% by revenue in the flooring market in 2020. Hard flooring includes concrete or cement, ceramic tile, glass tiles, and natural stone products that are used primarily in commercial, residential, and institutional applications. Hardwood floorings are available in different natural shades and variety of interior and exterior decor themes. Also, these are more hygienic when compared with carpets. Since hard flooring includes natural and artificial materials, they are not flexible and do not bend when stepped on. With proper installation, hardwood flooring never gives hollow sounds or vibrations at home, which is considered healthy for interior environment. Increasing demand for hard flooring owing to its long-lasting services is estimated to drive the growth of the market.

Flooring Market Segment Analysis -By End Users

Commercial segment held the largest revenue share of 74.4% in the flooring market in 2020 and is anticipated to grow at a CAGR of 6.4% during the forecast period 2021-2026. High quality floors improve the interior design of a space which is increasingly important for commercial buildings. Additionally, flooring is extremely necessary in the commercial sectors as commercial buildings such as medical buildings experience a large amount of foot traffic and wear from medical equipment and would have different needs from a law firms office space. Currently, with the rising commercial construction in various regions the need for flooring materials is also anticipated to rise. For instance, Downtown Miami is getting a facelift as the Miami city's multibillion-dollar Worldcenter nears completion by the end of 2021. The 27-acre $5 billion (£4.2bn) ongoing megaproject includes 500,000 square feet of office space, 300,000 square feet for retail stores, and a 255-room hotel. In addition, new parks, cultural institutions, and educational facilities will also be built. Thus, the rising construction of commercial buildings such as skyscrapers, hotels, educational institutes, and others, would drive the flooring market in the forecast period.

Flooring Market Segment Analysis – By Region

Asia-Pacific region dominated the flooring market in terms of revenue with a share of 41% in 2020 and is projected to dominate the market during the forecast period (2021-2026). In this region, flooring is commonly installed in various residential and commercial buildings as they require long-lasting, sanitary flooring in order to meet high-quality, 24-hour requirements. Currently, with the upsurge of new upcoming construction projects, the flooring market is estimated to see substantial growth in the forecast period. For instance, in the month of February 2021, Mahindra Life space Developers announced that it has purchased 7.89 acres of land in Bengaluru, for the development of a new residential project. This new project is planned to be launched in FY 2022. Similarly, increasing government initiatives and investments for the construction of new airport projects in the upcoming years will further drive the flooring market. For instance, Daegu city government and North Gyeongsang Province with an approximate investment of $7 billion has planned to relocate its current Deagu Airport by the year 2028. Thus, growing demand for flooring materials in various end use industries in this region will further drive the market growth in the forecast period.

Flooring Market Driver

Flourishing Residential Construction Sector

Flooring provides a natural feeling to the interiors of the house and is ideal for living areas, bedrooms, kitchens, bathrooms, hallways, and dining rooms. Floorings such as laminate, ceramics, hardwood and vinyl are highly durable and resistant to everyday wear and tear, owing to which they are largely used in residential construction. Floorings such as laminate, ceramics, hardwood, fiberglass, and vinyl also have properties such as good resistance to impact & scratch and can withstand small amounts of spillage that occur in common households. The evolving concept of home decor in the country, backed by the rising discretionary income is positively influencing the overall residential sector market growth. For instance, according to the Australian Bureau of Statistics (ABS), the seasonally adjusted value of new residential building in Australia was worth $4,370.3 Million in July 2019, which then rose to $4,682.5 Million in July 2020, an increase of 11.3%. Such government initiatives are also set to increase the demand for floorings in the residential construction sector, and further drive the flooring market growth during the forecast period. 

Flooring Market Challenges

Environmental Hazards Caused During the Production of Flooring 

Many of the flooring options such as vinyl, carpeting, ceramics, and more contain harmful chemicals. Manufacturing of floors containing toxic chemicals can be a major source of indoor air pollution. According to reports, air pollution is now the world's most serious environmental health threat. According to the World Health Organization (WHO), about 7 million people die each year as a result of breathing dirty air. Vinyl, is a petroleum-based synthetic commodity manufactured from PVC resin and other additives including plasticizers, stabilizers, and other hazardous chemicals. Vinyl flooring processing is detrimental to the environment because these chemicals are poisonous and lead to indoor air pollution. Also, ceramic tile production techniques, from raw materials to finished product, create a variety of environmental hazards for the earth and humans. According to the International Journal for Quality Research, the production of ceramic tiles emits a significant amount of toxic and dangerous gases into the atmosphere. Thus, the production of toxic chemicals during the production of floorings such as vinyl floors, ceramic floors, and carpeting, aids in environmental hazards, which pose as a significant challenge for the flooring market during the forecast period. 

Flooring Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the flooring market. Major players in the flooring market are Mohawk Industries Inc., Shaw Industries Group Inc., Tarkett S.A., Armstrong Flooring, Interface Inc., Gerflor Flooring, Mannington Mills Inc., Forbo Holding AG, Beaulieu International Group, and TOLI Corporation among others.

Acquisition/Product Launches

  • In February 2021, Armstrong Flooring launched two new luxury flooring collection- Exchange and Theorem. Both the products feature a 2.5 mm structure with a 20 mil wear layer and patented Diamond 10 Technology for category-leading scratch, stain, and scuff performance. 
  • In July 2020, Gerflor Flooring launched a new product in the range of vinyl floorings which helps boast antiviral properties and help fight against bacteria and virus. 
  • In March 2020, TOLI got into a joint venture agreement with a corporate group to which vinyl floor tile manufacturers in Taiwan and China (Shanghai) for the manufacture and sales of vinyl floor tiles in China (Jiangsu Province).

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1. Flooring Market- Market Overview
    1.1 Definitions and Scope 
2. Flooring Market- Executive Summary
    2.1 Key Trends by Material
    2.2 Key Trends by End User
    2.3 Key Trends by Geography
3. Flooring Market– Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Flooring Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Flooring Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Flooring Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Flooring Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Flooring Market– By Material (Market Size - US$ Million/Million Square Meters)
    8.1 Hard Flooring
        8.1.1 Stone
        8.1.2 Ceramic
        8.1.3 Hardwood
   Engineered Wood Flooring
   Solid Wood Flooring
        8.1.4 Vinyl Sheet & Tile
   Luxury Vinyl Tile (LVT)
        8.1.5 Laminate
   High Density Fiberboard (HDF) Laminate Flooring
   Medium Density Fiberboard (MDF) Laminate Flooring
    8.2 Soft Flooring
        8.2.1 Carpets
        8.2.2 Mats
        8.2.3 Rugs
        8.2.4 Others
    8.3 Resilient Material Flooring
        8.3.1 Asphalt Flooring
        8.3.2 Vinyl Composite Tiles
        8.3.3 Fiberglass
        8.3.4 Linoleum
        8.3.5 Others
9. Flooring Market – By End Users (Market Size -US$ Million/Million Square Meters)
    9.1 Residential
        9.1.1 Private Dwellings
        9.1.2 Apartments
        9.1.3 RoW Houses
    9.2 Commercial
        9.2.1 Office
        9.2.2 Industrial Buildings
   Production Space
        9.2.3 Healthcare
   Long Term Care Facilities
   Clinics and Diagnostic Centers
        9.2.4 Hotels and Restaurants
        9.2.5 Concert Halls and Museums
        9.2.6 Sports Arena
   Training and Coaching Centers
   Sports and Recreation Centers
        9.2.7 Educational Institutes
   Universities and Colleges
   Research Center
        9.2.8 Transport
   Railway Stations
        9.2.9 Others
10. Flooring Market -By Geography (Market Size -US$ Million/Million Square Meters)
    10.1 North America
        10.1.1 U.S.
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 Germany 
        10.2.2 UK
        10.2.3 France
        10.2.4 Italy
        10.2.5 Spain
        10.2.6 Netherlands
        10.2.7 Russia
        10.2.8 Belgium
        10.2.9 Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 Japan
        10.3.3 India
        10.3.4 South Korea
        10.3.5 Australia and New Zealand
        10.3.6 Indonesia
        10.3.7 Taiwan
        10.3.8 Malaysia
        10.3.9 Rest of APAC
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Colombia
        10.4.4 Chile
        10.4.5 Rest of South America
    10.5 Rest of World
        10.5.1 Middle East
   Saudi Arabia
   Rest of Middle East
        10.5.2 Africa
   South Africa
   Rest if Africa
11. Flooring Market – Entropy
    11.1 New Product Launches
    11.2 M&As, Collaborations, JVs and Partnerships
12. Flooring Market –Market Share Analysis Premium
    12.1 Market Share at Global Level - Major companies
    12.2 Market Share by Key Region - Major companies
    12.3 Market Share by Key Country - Major companies
    12.4 Market Share by Key End Use Industry - Major companies
    12.5 Market Share by Key Material Type - Major companies
13. Flooring Market – Key Company List by Country Premium Premium
14. Flooring Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    14.1 Mohawk Industries Inc.
    14.2 Shaw Industries Group Inc.
    14.3 Tarkett S.A.
    14.4 Armstrong Flooring
    14.5 Interface Inc.
    14.6 Gerflor Flooring
    14.7 Mannington Mills Inc.
    14.8 Forbo Holding AG 
    14.9 Beaulieu International Group
    14.10 TOLI Corporation 
"*Financials would be provided on a best efforts basis for private companies"