Commercial Flooring Market size is poised to observe significant growth over 2021-2027. The dramatic increase in global construction along with decreasing natural resources is encouraging companies to focus more on sustainability and the environment. Therefore, sustainability is one of the key factors driving the market growth. Rapid growth in APAC due to the presence of industrial cities will lead to industrial and immigrant expansion. The above factor is expected to play an important role in the development of this market over the next few years. It is expected to have an impact on the market owing to the availability of new, robust, and low-cost construction solutions.
An increased government expenditure, home renovation, and remodeling activities are some of the factors that plays a fundamental role in developing the flooring market. The surging automobile sector demands car flooring, which is likely to fuel the commercial flooring market demand.
Commercial floors are designed according to the requirements of a commercial space. For an instance, the floor must be strong and durable to endure more weight than home flooring. In addition, commercial spaces require sound proofing and they are also resistant to moisture, further preventing rotting and bubbling of the floor. Synthetic floorings are taken into consideration for commercial spaces as normal flooring, such as wood or tile, cannot hold well after years of scrubbing.
Technological advancements have changed the entire dynamics in the commercial flooring market. It has replaced common products such as carpet and vinyl with PVC-free vinyl flooring. It contains efficient structures and uses adhesives that protect against the effects of moisture and alkalinity while resisting losses caused by heavy furniture weight. Luxury Vinyl Tile (LVT) and Vinyl Composite Tile (VCT) playing a crucial role in the market.
Based on materials, the market is divided into soft cover flooring, resilient flooring, non-resilient flooring, seamless flooring, wood, and laminate. Resilient floors provide decent amount of cushioning, which flex without cracking when a load is placed upon it while non-resilient floors lack these properties such as marble, slate, and concrete, among others.
In terms of application, the commercial flooring market is segmented into education, healthcare, hospitality, retail, and public buildings. Floors are useful in various areas in the public construction industry including municipal businesses, government offices, and religious venues. Public buildings have the highest foot traffic, resulting in the demand for robust and durable floor coverings and is expected to further increase in the coming years.
Based on end users, the market is divided into residential and non-residential properties. The non-residential segment dominated the commercial flooring market, and the residential segment is expected to grow at a higher CAGR over 2021 to 2027.
Asia Pacific holds significant share in commercial flooring market. The regional economy is heavily influenced by the economic activities of countries such as China and India; however, the situation is changing as foreign direct investment in Southeast Asia's economic development increases. Demand is also expected to increase in the region. Growth in non-residential construction is on account of factors such as population growth and rapid urbanization. Major factors contributing to the market growth in North America & Europe are rapid urbanization, the revival of the construction industry, increased infrastructure spending in developed & developing countries, and per capita income.
Due to a large number of world-class manufacturers, the industry is inherently diverse, and the major trade stakeholders present are LG Hausys, Nor, Hanwha, and China Building Materials Ltd. Ltd., Flowcrete, Milliken Floor Coatings, James Halstead, Novalis, Tajima, NOX Corporation, Toli Flooring, and Tkflor, among others. This trend allows consumers to choose the right product for their online application. Commercial enterprises aim to increase their competitiveness by expanding their customer base.
The above information is provided on a regional and country basis for the following: