IMARC Group has recently released a new research study titled “Flooring Market Report by Type (Resilient, Non-Resilient, and Others), End User (Residential, Non-residential), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global flooring market size reached US$ 302.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 498.6 Billion by 2032, exhibiting a growth rate (CAGR) of 5.7% during 2024-2032.
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Factors Affecting the Growth of the Flooring Industry:
- Booming Construction Industry:
The construction industry is a significant driver of the global flooring market, particularly in emerging economies. Rapid urbanization and industrialization in regions like Asia-Pacific, Latin America, and the Middle East are leading to increased demand for residential, commercial, and industrial spaces. As cities expand and new infrastructures are developed, there is a substantial need for flooring materials that cater to various needs, including durability, cost-effectiveness, and aesthetic appeal.
Additionally, government investments in infrastructure projects and housing developments further bolster the demand for flooring products. These projects often require large quantities of diverse flooring materials, ranging from basic tiles to high-end hardwood, depending on the type and purpose of the construction.
- Technological Advancements in Flooring Materials:
Technological advancements have revolutionized the global flooring market by enhancing the quality, functionality, and aesthetic appeal of flooring materials. Innovations in materials like luxury vinyl tiles (LVT), engineered wood, and laminate flooring provide consumers with products that are not only visually appealing but also highly durable and easy to maintain.
These materials often mimic natural wood or stone at a fraction of the cost, making them accessible to a broader range of consumers. Moreover, advancements in manufacturing processes have led to the development of scratch-resistant, waterproof, and soundproof flooring solutions, catering to diverse consumer needs and preferences.
- Growing Preference for Eco-Friendly and Sustainable Flooring:
The rising global awareness of environmental sustainability has significantly influenced the flooring market, pushing both manufacturers and consumers towards eco-friendly options. Sustainable flooring materials, such as bamboo, cork, and recycled wood, are gaining popularity due to their lower environmental impact compared to traditional materials like hardwood or carpet. These materials are not only renewable and biodegradable but also often require less energy to produce.
Moreover, eco-conscious consumers are increasingly seeking flooring solutions that contribute to healthier indoor environments, leading to a surge in demand for low-VOC (volatile organic compounds) and hypoallergenic products. Manufacturers are responding to this trend by innovating and offering a wider range of green flooring options that do not compromise on quality or design.
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Flooring Market Report Segmentation:
By Type:
- Resilient
- Non-Resilient
- Others
Non-resilient represented the largest segment because of the high demand for durable and aesthetically pleasing flooring options such as ceramic tiles, hardwood, and stone, which are widely used in both residential and commercial settings.
By End User:
- Residential
- Non-residential
Residential represented the largest segment due to the increasing rate of urbanization and renovation activities, along with the growing trend of home ownership and remodeling for aesthetic and functional improvements.
Regional Insights:
- North America
- United States
- Canada
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Asia Pacific was the largest market because of the rapid urbanization, booming construction industry, and rising disposable incomes in countries like China and India, which drive the demand for various flooring materials.
Global Flooring Market Trends:
The global flooring market is driven by several key factors contributing to its growth and expansion across various regions, such as the booming construction industry, particularly in emerging economies where rapid urbanization and industrialization are increasing the demand for both residential and commercial spaces. In line with this, technological advancements in flooring materials, such as luxury vinyl tiles (LVT) and engineered wood, offer improved durability, aesthetics, and ease of installation, attracting consumers and builders alike. Furthermore, the growing preference for eco-friendly and sustainable flooring solutions, driven by rising environmental consciousness among consumers, has led to the increased adoption of materials like bamboo and recycled wood.
Top Companies Operated in Flooring Industry:
- Armstrong Flooring (Armstrong World Industries)
- Beaulieu International Group
- Citadel Floor Finishing Systems
- Ebaco India Pvt. Ltd.
- Forbo Flooring
- Gerflor SAS
- Interface Inc.
- Mannington Mills Inc.
- Mohawk Industries Inc.
- Polyflor Ltd (James Halstead PLC)
- Shaw Industries Group Inc. (Berkshire Hathaway Inc.)
- Tarkett
Key Highlights of the Report:
- Market Performance (2018–2023)
- Market Outlook (2024–2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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