Flooring Market Size By Product (Soft Coverings, Resilient Flooring [LVT, VCT, Vinyl Sheet, Fiberglass, Linoleum], Non-Resilient Flooring [Ceramic, Stone], Seamless Flooring), By Application (Residential, Commercial, Industrial), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Flooring Market size was valued at around USD 339 billion in 2019 and will showcase growth rate close to 7.7% CAGR from the period of 2020 to 2026. Rising urbanization spending across the globe coupled with easy availability of finance options will boost the product sales over the projected time period.
 

Flooring comprises permanent coving of floor with the usage of several products such as carpets, tiles, laminates, among others. The growing renovation & remodelling activities supported by lower lending rates will fuel the business expansion. Further changing green building regulations and the development of infrastructure projects are driving demand for flooring products.
 

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Technology advancements and product development will propel product penetration

Technological advancements coupled with ongoing product development to enhance the performance will propel market growth by 2026. For instance, in December 2019 BASF launched high-performance flooring systems with excellent resistance to abrasion and impact. Additionally, rising trend towards environment-friendly floor will stimulate market growth. Government are using public and private sector together by PPP supporting the investment even in financially constrained periods.
 

Growing demand of insulation along with improved consumer lifestyles are anticipated to be key drivers of the market. Requirement of less maintenance and development of durable innovative construction solutions will influence the product demand. However, success of these materials is widely dependent on consumer willingness and awareness regarding the product.
 

Advanced trends and innovations in construction solutions and floor designs have widely boosted flooring market. Numerous manufacturers in the market offer an array of solutions for industrial, commercial and residential segments. The covering industry is witnessing styling trends and technology developments. Contractors and developers are switching to eco-friendly and cost-effective materials from conventional flooring solutions. These materials include reclaimed hardwood, rubber, polyester berber, glass, bamboo, linoleum and cork.
 

Population growth, environmental impacts and urbanization has up surged the need for smart and sustainable infrastructure solutions. In the developed regions including North America and Europe, aging infrastructure and the process for restructuring and maintaining this aged infrastructure is unable to match the pace of deterioration. This has increased demand for soft coverings, that offer dust-binding property, good noise-reducing and act as insulators providing comfort, warmth, as well as pleasing aesthetics
 

Flooring waste is key concern affecting profit margins

The major restraint of flooring market is disposal of waste. The market is growing at a rapid pace; however, it generates a lot of extensive waste. This issue becomes more prominent due to lack of proper management of the waste materials. Wate accounts for around 2 to 3% of the construction costs. According to Department for Environment, Food and Rural Affairs (DEFRA) report of 2018, the UK generated around 202.8 million tons of waste in 2014. However, the projects such as Resource Efficiency Action Plan identifies actions required to minimize waste and to improve resource efficiency of flooring industry. Such projects will enable the construction sector to minimize losses and enhance profit margins along with sustainability.
 

Soft coverings are most popular owing to wide range of customization options and antimicrobial properties of carpets

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Soft covings hold dominance in the market and expected to grow at around 7% CAGR from 2020 to 2026. Soft coverings are popular options available in wide range of colours and textures providing comfort and theme as per customization requirement. Carpets, vinyl, cork and linoleum are among most used soft flooring type. In addition, the availability of product providing anti-bacterial surface properties are extensively used in medical and healthcare institutes will offer boost to product sales. Some of antimicrobial textiles manufacturers such as Dow Chemical are launching antimicrobial textiles for carpet, to enhance antimicrobial properties of carpets.
 

Rising disposable income and renovation in housing sector will propel flooring demand for residential applications

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Residential application is expected to dominate the overall market and hold around over 50% of the revenue shares in 2026. Growing demand for renovation in housing sector coupled with increasing construction are among the major factors boosting overall market growth. Rising disposable income, coupled with increasing trends towards nuclear family will further enhance the overall residential sector. Additionally, improving government & state finances, public funding, and the decline in the construction material prices are further supporting residential construction sector hereby, supporting product penetration. Key players in the market are progressively investing in innovative solutions for increased efficiency, cost optimization, and revenue gains.
 

Growing smart infrastructure demand will drive product sales in North America

North America flooring market share is expected to witness considerable growth over the forecast timeframe and expected to generate over USD 50 billion revenue by 2026. Improvement in overall economic stability in the construction sector is expected to support the business growth. Rising smart infrastructure demand along with increasing infrastructure spending in the U.S. will escalate regional demand. Low inflation along with reducing fiscal tightening is expected to fuel construction spending in the region. The U.S. market for flooring is a highly structured sector due to large presence of significant manufacturers including RFCI, Mannington Commercial, Forbo Flooring.
 

Mergers & acquisitions and production facility expansions forms the basis for higher share of key participants

Mergers & acquisitions along with production facility expansion are key strategies applied by manufacturers to enhance its market share. For instance, in June 2018, Mohawk Industries, Inc. acquired Godfrey Hirst Group. This enabled the company to enhance its market position and offer extensive soft coverings products for the U.S. customers. Further in January 2018, Tarkett announced investment of around USD 85.9 million to expand its North America and Europe L VT production capacity. Key manufacturers operating in the flooring industry share include Shaw Floors, Mohawk Industries, Beaulieu, Armstrong Flooring, Marazzi Group, Mannington Mills and Tarkett. Other notable players in the market are Gerflor, Interface Inc., Polyfor, Pergo, IVC Group, Delconca, and Flowcrete.
 

Flooring market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in billion square feet & revenue in USD billion from 2016 to 2026, for the following segments:

By Product

• Soft Coverings
• Resilient Flooring 
• LVT
• VCT
• Vinyl Sheet
• Fiberglass
• Linoleum
• Others
• Non-Resilient Flooring 
• Ceramic
• Stone
• Others
• Seamless Flooring

By Application

• Residential
• Commercial
• Industrial

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Netherlands
  • Sweden
  • Poland
  • Belgium
  • Austria,
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa