Flooring Market Size By Product (Soft Coverings, Resilient Flooring [LVT, VCT, Vinyl Sheet, Fiberglass, Linoleum], Non-resilient Flooring [Ceramic, Stone, Wood & Laminate], Seamless Flooring), By Application (Residential, Commercial, Industrial), COVID19 Impat Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

Flooring Market size surpassed USD 312.71 billion in 2020 and is estimated to exhibit over 6.3% CAGR from 2021 to 2027. The growing industrial sector and rising construction of commercial centers will propel the industry growth.
 

An increase in refurbishment & renovation activities and a rising do-it-yourself trend is likely to support the market demand. Increasing construction growth is also a key driver in the flooring industry. Increasing FDIs in Asian infrastructures along with industries will increase product demand in the coming years. Demand for the product is highly witnessed among residential construction activities in developed countries such as Germany, the U.S., and the UK, among others.
 

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The construction industry is witnessing significant growth over the past few years on account of rapid urbanization, industrialization, and the ever-increasing population. Primarily, demand for the flooring market is predicted to rise due to increasing commercial construction activities in all the developing economies.
 

Commercial construction activities are increasing led by the growing urban population. According to the World Bank Data, the global urban population is growing at a high rate. The growing urban population is triggering new commercial construction projects such as commercial complexes, hospitals, lodging facilities, and shopping malls. Flooring activities are growing as consumers are investing their hard-earned money in high-quality residential complexes with elegant flooring finishes.
 

A rapid lifestyle change creates intense competition for customized flooring products. Market leaders are continuing their product development for better performance than the existing materials. For instance, the use of ultra-modern techniques to provide an authentic appearance in LVT floorings.
 

The construction industry is witnessing rapid growth in the Middle Eastern and Asian countries owing to ongoing mega projects. The increasing number of public-private partnerships in the region will influence the product demand. Expanding population is expected to drive the demand for civil infrastructure globally. Increasing needs for houses along with investments in infrastructure development will fuel the flooring market revenue. The rising demand for smart cities and increased construction expenditure in developing countries are fostering the market size.
 

Aging infrastructure in North America and Western Europe coupled with growing restricting & maintaining activities will spur the market growth. The improving quality of life in developing economies is positively impacting the demand for atheistically appealing flooring products.
 

In Asia Pacific, the construction market is driven by rapidly developing countries including China, India, and Vietnam. China, the country with the largest regional economy, will have a steady growth until 2021. India to boost construction spending and is anticipated to overtake China, in terms of growth rate, by the end of the studied timeframe.
 

The COVID-19 pandemic has largely affected retail and distribution in the flooring market. E-commerce sales of flooring products soared in the first quarter of 2020 as consumers shifted their focus to online retail channels to cater to their demand. For instance, e-commerce sales of Home Depot and Lowe’s increased by 80% in the first quarter of 2020. Social distancing measures, lockdowns, and the closing of trade activity have affected the global flooring industry.
 

Better aesthetics and growing popularity of carpets will augment soft coverings

The soft covering market is anticipated to exceed USD 100 billion by 2027, depicting a CAGR of around 5.5%. A softcover flooring has flexibility, which differentiates it from hard flooring products. It has become the preferred option among masses in western economies such as the U.S., the UK, Germany, etc. Soft coverings are comfortable and offer a wide range of textures & colors. 
 

Increasing demand for residential dwellings will fuel the flooring market demand

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Residential new construction and remodeling is the largest end-use segment with around 55% of the flooring market share. Rising home renovation and remodeling activities is set to influence the market growth through 2027. Numerous renovation and home enhancement activities coupled with changing consumer trends have led to a considerable increase in product demand from decoration & flooring applications.
 

Increasing demand for residential units will push the market statistics

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North America flooring market held more than 10% demand share in 2020. North America is a developed region with millions of job opportunities. A high standard of living and better opportunities attract a highly-skilled workforce from around the world. Rising immigration increases the number of expats living in the region. Thus, the demand for residential units and single houses & apartments is on the rise. Moreover, growing construction projects will fuel the demand.
 

Green products will pave the path for a new era of flooring

Product manufacturers are acknowledging and addressing the impact of product on the environment. In June 2017, Interface Inc. researched and developed a carbon negative carpet tile prototype, which has the potential to reverse global warming. Increasing consumer awareness regarding the impact of construction on global warming will push the development of green products. Major players involved in the flooring market are Amtico, Armstrong Floor, Mohawk Industries, Tarkett, Marazzi Group, etc.
 

This flooring market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in billion square feet and revenue in USD million from 2017 to 2027 for the following segments:

Market, By Product

• Soft Coverings
• Resilient Flooring
  • LVT
  • VCT
  • Vinyl sheet
  • Fiberglass
  • Linoleum
  • Others
• Non-Resilient Flooring
  • Ceramic
  • Stone
  • wood and laminate
• Seamless floorings

Market, By Application

• Residential
• Commercial
• Industrial

The above information is provided on a regional and country basis for the following:

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