Global Flooring Market

Global Flooring Market Size, Share, Growth Analysis, By Product(Ceramic Tiles, Vitrified (Porcelain) Tiles), By Application(Residential, Commercial) - Industry Forecast 2023-2030


Report ID: SQMIG25F2037 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 66 | Figures: 75

Global Flooring Market Insights

Global Flooring Market size was valued at USD 266.48 billion in 2022 and is poised to grow from USD 280.34 billion in 2023 to USD 420.54 billion by 2031, growing at a CAGR of 5.2% during the forecast period (2024-2031).

The global flooring market refers to the industry that provides various types of floor coverings for both residential and commercial buildings. The flooring market includes materials such as carpet, ceramic tiles, hardwood, laminates, vinyl, and other materials. The purpose of the flooring market is to provide durable and aesthetically pleasing flooring solutions for a wide range of applications, including homes, offices, schools, hospitals, hotels, and other public places. The growth of the flooring market is driven by several factors, including increasing urbanization, growth in the construction industry, rising demand for eco-friendly and sustainable flooring materials, and advancements in technology that have led to the development of innovative flooring solutions. The high cost of some flooring materials, such as hardwood and ceramic tiles, and the availability of cheaper alternatives, such as vinyl and laminates, may restrain the growth of the flooring market. In addition, fluctuations in raw material prices, increasing competition, and stringent regulations related to the use of certain materials may also act as restraints. The major challenges facing the flooring market is the increasing awareness among consumers regarding the environmental impact of certain flooring materials. This has led to a growing demand for eco-friendly and sustainable flooring solutions. Another challenge is the high cost of some flooring materials, which may limit their adoption in low-income households and developing countries. The increasing demand for luxury vinyl tiles (LVT) and the growing popularity of carpet tiles present significant opportunities for players in the flooring market. The rising demand for antimicrobial flooring materials, especially in healthcare facilities, presents a significant growth opportunity for the market. The growth of the e-commerce industry is also expected to drive the growth of the flooring market, as more consumers are opting for online purchases of flooring materials.

US Flooring Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 266.48 billion

Largest Segment

Ceramic Tiles

Fastest Growth

Vitrified (Porcelain) Tiles

Growth Rate

5.2% CAGR

Global Flooring Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
Global Flooring Market Size By Product 2022-2030 ($ Bn)
Global Flooring Market Size By Product 2022-2030 (%)

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Global Flooring Market Segmental Analysis

The global flooring market is segmented on the basis of product, application, and region. Based on product, the market is segmented into ceramic tiles, vitrified (porcelain) tiles, carpet, wood & laminate, natural stone, and other flooring materials. By application, the market is segmented into residential, commercial, industrial. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Flooring Market Analysis by Product

In 2022, the vitrified or porcelain tile segment is currently leading the flooring market, accounting for 27.7% of revenue share. This is due to its superior properties, such as extra strength and durability compared to general ceramic tiles. Porcelain tiles are made from ultrafine and denser clays, which allow them to withstand extreme temperatures and offer mold and bacteria resistance, providing long-term value to floor coverings. they do not fade and are easy to maintain. Ceramic tiles, which make up 22.4% of the total revenue share in 2022, come in three primary types: glazed tiles, unglazed tiles, and scratch-resistant tiles. The latter is commonly used in high footfall areas such as landscapes, pathways, parking, and shop floors. The wood and laminate segment was estimated at USD 52.8 million in 2022 and is projected to grow substantially due to the rising demand for wood in luxury construction for both residential and commercial areas. Wood flooring offers numerous advantages such as strength, durability, easy maintenance, aesthetics, high monetary value, steady appearance, the option of refinishing, improved acoustics, and improved air quality. Natural stone, which includes marble, granite, limestone, sandstone, quartzite, and others, is a little more expensive compared to other flooring products. However, it is widely used for its durability, beauty, and lasting value, making it suitable for bathrooms, hallways, living and outdoor areas. Companies are investing in this segment to strengthen their position in the market as the demand for natural stone products surges.

Flooring Market Analysis by Application

In 2022, the flooring market, the residential application segment dominated the market accounting for 49.4% of the revenue share. This segment includes residential buildings, apartments, complexes, and small houses, and has been positively affected by subsidies from governments for first-time homebuyers in both developing and developed economies. The Asia Pacific region, in particular, has announced various schemes to support the development of the real estate sector, which has ultimately benefited the demand for flooring products. The commercial application segment, which accounted for 43.0% of the revenue share in 2022, often involves high-traffic areas and requires durable flooring such as resilient and wooden products. These products are widely used in commercial building applications, including offices, convenience stores, shopping malls, and other retail stores.

The demand for high-quality flooring products is expected to grow over the coming years, as the construction of commercial buildings, such as drugstores, grocery stores, and big-box stores, has increased in recent years. Additionally, there is a robust demand for office spaces, especially in urban areas of emerging economies, which is expected to propel the growth of the commercial application segment.

Global Flooring Market Size By Product 2022(%), 2022 (%)

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Global Flooring Market Regional Insights

In 2022, Asia Pacific region dominated the market and accounted for 45.8% of the total revenue share. The regional market is expected to grow more at a CAGR of 5.7% over the forecast period. Factors such as increasing investment in affordable housing, smart city construction, upgradation & construction of infrastructure, and investment in the tourism sector are expected to boost the demand for flooring products over the forecast period. The construction industry in the Asia Pacific is expected to grow on account of the rising per capita income, rapid urbanization, and expanding population. The expansion of residential, commercial, and industrial sectors on account of sustainable economic growth in the region is expected to boost construction activities, thereby, driving the market for flooring over the forecast period.

North America is a significant market for flooring products, owing to the high disposable income of consumers and the demand for luxurious flooring products. These regions have a mature construction industry, and there is a growing trend towards sustainable and eco-friendly products, which is expected to drive the demand for flooring products.

Global Flooring Market Size By Geography, 2022-2030, 2024-2031
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Global Flooring Market Dynamics

Flooring Market Drivers

Increasing Demand for Vinyl Flooring in Residential and Non-residential Buildings to Drive Market

  • The vinyl is utilized as a multipurpose material in tiling applications, wherein luxury vinyl tile is majorly used. It is preferred in applications where accidental spills are the main issues, as it offers moisture and mold resistance. In addition, this finishing material is increasingly gaining popularity in both residential and non-residential buildings owing to its lower cost, easy installation, and durability. Hence, the rising use of vinyl in residential and non-residential buildings will surge this market.

Rising Need for Multistory Buildings to Drive the Demand for Flooring Products

  • There is a growing preference for multistory buildings in both residential and commercial sectors. The demand for multistory residential buildings is driven by the increasing population and consumer spending. Similarly, the growth of commercial multistory buildings can be attributed to the ongoing industrialization and urbanization in developing economies. Moreover, government initiatives aimed at developing smart cities are anticipated to boost the market demand for multistory buildings. Furthermore, the rapid expansion of the real estate sector has also played a significant role in the increased demand for multistory buildings. Consequently, these favorable factors contribute to the rise in the demand for tiling in this projected period.

Flooring Market Restraints

Environmental Concerns Surrounding the Product’s Waste Management to Restrict Market Growth

  • The improper management of disposing and recycling of waste generated during the production or after-use of finishing materials is anticipated to hinder the market growth. Improper waste management can cause serious negative environmental impacts such as harmful infectious diseases, obstruction of drains, land and water pollution, and loss of biodiversity. The aforementioned factors could hamper the market development to some extent.

Volatile Raw Material Prices

  • The prices of raw materials used in flooring products, such as wood, ceramic, and natural stone, are often subject to fluctuations, which can impact the profitability of manufacturers and suppliers. the prices of natural stone products, such as marble and granite, are often affected by supply chain disruptions, geopolitical tensions, and fluctuations in demand. Similarly, the prices of wood products are affected by factors such as logging restrictions, environmental regulations, and changes in market demand. The volatility in raw material prices can have a ripple effect on the entire flooring industry, from manufacturers to suppliers and end-users.

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Global Flooring Market Competitive Landscape

The global flooring market is highly competitive, with several key players operating in the market. These companies are constantly striving to develop new and innovative flooring products to meet the changing demands of consumers and maintain their competitive edge in the market. The competitive landscape of the global flooring market is also influenced by factors such as pricing strategies, distribution channels, and marketing efforts. Companies that can effectively manage these factors are likely to have a competitive advantage in the market. Companies that can develop innovative products, expand into new markets, and effectively manage their pricing and marketing strategies are likely to remain competitive in the market.

Flooring Market Top Player’s Company Profiles

  • Armstrong World Industries, Inc. [US]
  • Interface, Inc. [US]
  • Forbo Holding AG [Switzerland]
  • Gerflor Group [France]
  • Beaulieu International Group [Belgium]
  • Mannington Mills, Inc. [US]
  • Boral Limited [Australia]
  • Congoleum Corporation [US]
  • Crossville, Inc. [US]
  • Faus Group [Spain]
  • Kährs Holding AB [Sweden]
  • LG Hausys, Ltd. [South Korea]
  • Milliken & Company [US]
  • Nora Systems, Inc. [Germany]
  • Roppe Corporation [US]
  • TOLI Corporation [Japan]
  • Wicanders [Portugal]

Flooring Market Recent Developments

  • In June 2022, Mohawk Industries, Inc. entered into an agreement to purchase the Vitromex ceramic tile business from Grupo Industrial Saltillo for approximately US$ 293 Mn in cash
  • In April 2022, Blanchon Group acquired RIGO, a company specializing in design and manufacturing of finishing products for wood and paints for heritage buildings
  • In February 2022, Paceline Equity Partners, LLC, the U.S.-based private equity manager, acquired AHF Products, a leading hard surface flooring manufacturer
  • In February 2021, Armstrong Flooring, a pioneer in the design and production of cutting-edge flooring solutions, announced the launch of Exchange and Theorem, two new luxury flooring lines. The proprietary Diamond 10 Technology and 2.5 mm construction of both collections, which are both authentically made in the USA, provide classification scratch, stain, and abrasion performance.

Global Flooring Key Market Trends

  • Growing Demand for Sustainable Flooring Products: Sustainability has become a major concern for consumers across various industries, including the flooring industry. In response, several flooring companies have started offering eco-friendly and sustainable flooring products that have a lower impact on the environment. The company has focused on producing sustainable flooring products made from recycled materials, such as discarded fishing nets, and has also introduced a carbon-negative flooring product that absorbs more carbon than it emits during production.
  • Increasing Adoption of Digital Technologies: The flooring industry has also seen a significant increase in the adoption of digital technologies in recent years. One of the key benefits of digital technologies in the flooring industry is the ability to provide more personalized and customized flooring options to consumers. The platform uses augmented reality and 3D visualization technologies to provide customers with a realistic view of how their customized flooring product will look in their space.

Global Flooring Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global flooring market analyses, the increasing demand for modern flooring solutions across residential, commercial, and industrial sectors. The key factors driving the market is the growing construction industry worldwide. This growth is particularly evident in developing countries, where governments are investing in infrastructure projects, and there is a surge in demand for affordable housing. The increasing demand for green building materials and energy-efficient flooring solutions is also driving the growth of the market.

The rising population in countries like India and China has led to an increase in residential construction, further driving the demand for flooring products. The market is divided into different segments based on product type, end-use, and application. The vitrified (porcelain) tile segment is expected to lead the market during the forecast period, owing to the properties of porcelain tiles such as additional strength, durability, and resistance to extreme temperatures. The high initial cost of some flooring products and the lack of skilled labor in some regions pose significant challenges to the market's growth. The global flooring market is expected to continue growing rapidly, driven by the increasing demand for modern flooring solutions across residential, commercial, and industrial sectors. The market players will need to focus on product innovation, partnerships, and mergers and acquisitions to gain a competitive advantage in the market.

Report Metric Details
Market size value in 2022 USD 266.48 billion
Market size value in 2031 USD 420.54 billion
Growth Rate 5.2%
Base year 2022
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Ceramic Tiles, Vitrified (Porcelain) Tiles, Carpet, Wood & Laminate, Natural Stone, Other Flooring Materials
  • Application
    • Residential, Commercial, and Industrial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Armstrong World Industries, Inc. [US]
  • Interface, Inc. [US]
  • Forbo Holding AG [Switzerland]
  • Gerflor Group [France]
  • Beaulieu International Group [Belgium]
  • Mannington Mills, Inc. [US]
  • Boral Limited [Australia]
  • Congoleum Corporation [US]
  • Crossville, Inc. [US]
  • Faus Group [Spain]
  • Kährs Holding AB [Sweden]
  • LG Hausys, Ltd. [South Korea]
  • Milliken & Company [US]
  • Nora Systems, Inc. [Germany]
  • Roppe Corporation [US]
  • TOLI Corporation [Japan]
  • Wicanders [Portugal]
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Flooring Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Flooring Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Flooring Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Flooring Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Flooring Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Flooring Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Flooring Market size was valued at USD 266.48 billion in 2022 and is poised to grow from USD 280.34 billion in 2023 to USD 420.54 billion by 2031, growing at a CAGR of 5.2% during the forecast period (2024-2031).

The global flooring market is highly competitive, with several key players operating in the market. These companies are constantly striving to develop new and innovative flooring products to meet the changing demands of consumers and maintain their competitive edge in the market. The competitive landscape of the global flooring market is also influenced by factors such as pricing strategies, distribution channels, and marketing efforts. Companies that can effectively manage these factors are likely to have a competitive advantage in the market. Companies that can develop innovative products, expand into new markets, and effectively manage their pricing and marketing strategies are likely to remain competitive in the market. 'Mohawk Industries, Inc. [US]', 'Shaw Industries Group, Inc. [US]', 'Tarkett S.A. [France]', 'Armstrong World Industries, Inc. [US]', 'Interface, Inc. [US]', 'Forbo Holding AG [Switzerland]', 'Gerflor Group [France]', 'Beaulieu International Group [Belgium]', 'Mannington Mills, Inc. [US]', 'Boral Limited [Australia]', 'Congoleum Corporation [US]', 'Crossville, Inc. [US]', 'Faus Group [Spain]', 'Kährs Holding AB [Sweden]', 'LG Hausys, Ltd. [South Korea]', 'Milliken & Company [US]', 'Nora Systems, Inc. [Germany]', 'Roppe Corporation [US]', 'TOLI Corporation [Japan]', 'Wicanders [Portugal]'

The vinyl is utilized as a multipurpose material in tiling applications, wherein luxury vinyl tile is majorly used. It is preferred in applications where accidental spills are the main issues, as it offers moisture and mold resistance. In addition, this finishing material is increasingly gaining popularity in both residential and non-residential buildings owing to its lower cost, easy installation, and durability. Hence, the rising use of vinyl in residential and non-residential buildings will surge this market.

Growing Demand for Sustainable Flooring Products: Sustainability has become a major concern for consumers across various industries, including the flooring industry. In response, several flooring companies have started offering eco-friendly and sustainable flooring products that have a lower impact on the environment. The company has focused on producing sustainable flooring products made from recycled materials, such as discarded fishing nets, and has also introduced a carbon-negative flooring product that absorbs more carbon than it emits during production.

In 2022, Asia Pacific region dominated the market and accounted for 45.8% of the total revenue share. The regional market is expected to grow more at a CAGR of 5.7% over the forecast period. Factors such as increasing investment in affordable housing, smart city construction, upgradation & construction of infrastructure, and investment in the tourism sector are expected to boost the demand for flooring products over the forecast period. The construction industry in the Asia Pacific is expected to grow on account of the rising per capita income, rapid urbanization, and expanding population. The expansion of residential, commercial, and industrial sectors on account of sustainable economic growth in the region is expected to boost construction activities, thereby, driving the market for flooring over the forecast period.

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Global Flooring Market

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