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Commercial Flooring Market size is slated to record commendable gains from 2023 to 2032, due to the rising opportunities for construction across non-residential and infrastructure sectors. Even during the COVID-19 crisis, strict protocols have been adopted to improve the safety of construction clients, workers, and contractors.
The growing population will boost the rate of commercial building construction and consequently create lucrative prospects for commercial flooring installers. Commercial flooring systems are designed to address unique scenarios that commercial spaces face. Over the years, vinyl has become an ideal flooring option for both commercial and residential applications. Commercial vinyl flooring solution popularity is mainly attributed to its affordability and aesthetic appeal. In addition, the commendable increase in passenger car sales will stimulate the need for effective commercial flooring systems to reduce wear and tear and meet the unique demands of the automotive industry.
In terms of material, the resilient flooring segment will hold an appreciable share of commercial flooring market by 2032, on account of the high performance and affordability over other commercial floors. The realistic pattern and graphic choices of vinyl and other resilient flooring solutions can help meet functionality requirements and aesthetic goals. Furthermore, the rising availability of craftsmen that deliver the flawless installation of flooring solutions from resilient and vinyl floor providers will bolster product popularity.
Commercial flooring market from the public building application will grow commendably over the years ahead, given the rising funding for library construction projects. For example, in July 2022, the Massachusetts Board of Library Commissioners awarded Provisional Construction Grants to 7 communities through the Massachusetts Public Library Construction Program. The grants were intended to provide crucial funding to local libraries to ensure equal access to technology, information, resources, and programming. Furthermore, the product application scope in government offices and other public locations will foster industry development over the years ahead.
With regard to the region, Europe commercial flooring industry size is slated to depict strong growth through 2032, considering green building popularity. Citing an instance, in December 2021, the European Commission proposed the introduction of minimum standards for energy performance for 15% worst performing buildings. These trends will escalate building renovation and the construction of green buildings. Likewise, rapid urbanization and economic growth are projected to assert a positive influence on regional market players over the estimated timeline.
Tkflor, Toli Flooring, NOX Corporation, Tajima, Novalis, James Halstead, Milliken Floor Coatings, Flowcrete, China Building Materials Ltd., Hanwha, Nor, and LG Hausys are among the key players operating in the commercial flooring market. Mergers and acquisitions, innovative product launches, and business expansions are some of the key strategies adopted by these market participants to increase their foothold in the global industry.
Impact of skyrocketing raw material costs on industry dynamics
Over recent years, the mounting cost of construction materials has been posing a profound impact on policyholders. As per the Associated Builders and Contractors analysis of the Bureau of Labor Statistics, the prices of lumber have surged by 73% since April 2021. These factors may create a hindrance to the construction of commercial buildings and in consequence, limit the sales of commercial flooring systems over the forthcoming years.
The above information is provided on a regional and country basis for the following: