The global flooring market size is expected to reach USD 411.56 Billion by 2030, according to a new study by Polaris Market Research. The report “Flooring Market Share, Size, Trends, Industry Analysis Report, By Product (Soft Covering, Resilient, Non-resilient, Carpets and Rugs); By Application (Residential, Commercial, Industrial); By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The industry for the product is anticipated to increase because of the rising need for remodeling and renovation in both residential and commercial buildings. Renovation and remodeling techniques are popular alternatives nowadays for interior design and to alter the look and construction of buildings.
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The demand for remodeling and renovation will increase in response to rising consumer spending on interior design. Because of their durable and economic qualities that keep structures updated, the usage of these goods for remodeling and renovation is growing. Consumption of these products will also increase as government spending increases on enhancing public parks, hospitals, schools, and transportation services.
For instance, as per the Australian Government, reoccurring spending on Australian hospitals was $66.4 billion in 2019–20. In 2019–20, 93 percent of public hospital expenses were paid for by the state, district, and Australian government funding.
Increased spending and ongoing R&D have resulted in the development of such materials with improved strength and durability. Additionally, the producers’ ability to provide customers with a variety of customization options in terms of color, texture, and finishing has increased consumer demand for their products and boosted industry expansion.
Further, the rising urban population is driving an increase in commercial construction activities. New commercial construction initiatives, including those for office buildings, hospitals, lodging facilities, and shopping malls, are being driven by the expanding urban people. As consumers spend their difficult money on luxurious flooring treatments in elevated residential complexes, the flooring industry is expanding.
Rapid lifestyle change fuels fierce competition for items with customizable flooring. Market leaders are working to create new products that outperform current materials. Consider the use of cutting-edge methods to give LVT flooring a realistic appearance.
Flooring Market Report Highlights
- Commercial industry segment growing with a lucrative CAGR over the forecast period as a result of the expanding need for office properties, such as hospitals, businesses, and institutions. Additionally, the expanding desire for seamless floor coverings from commercial and industrial workplaces, such as concrete floors, resin, and polyurethane, will spur market expansion.
- Non-Resilient accounted for a significant revenue share in 2021. Non-resilient floors have supplanted resilient carpeting as the best flooring option for high-traffic areas like corporate buildings and retail malls because of their superior durability, waterproofing, low maintenance requirements, and dependability.
- The European region is growing with the fastest CAGR over the forecast period. The expanding usage of ceramics and vinyl in non-residential constructions will support market expansion in Europe. This region’s growth could also be fueled by growing consumer spending and a preference for extravagant housing attributes.
- The global market is highly competitive owing to the existence of large market players with a global presence including Armstrong Flooring, Inc., Gerflor GmbH, Interface Inc., Mannington Mills, Inc., Shaw Industries Group Inc., Toli Corporation, The Dixie Group, and Victoria PLC
Polaris Market Research has segmented the flooring market report based on product, application, and region:
Flooring, Product Outlook (Revenue – USD Billion, 2018 – 2030)
- Soft Covering
- Carpets and Rugs
Flooring, Application Outlook (Revenue – USD Billion, 2018 – 2030)
Flooring, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa