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, 2017 – 2024

Industry Trends

Flooring Market size was valued at over USD 280 billion in 2016 and is anticipated to witness over 6.5% CAGR up to 2024.
 

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Development of innovative flooring designs & materials coupled with rapid urbanization is propelling the flooring market growth. For instance, innovations in luxury vinyl tiles (LVT) has provided aesthetics similar to that of wood, stone, or ceramic tiles. Moreover, the surge in renovation & remodeling activities supported by lower lending rates and changing green building regulations will fuel the business expansion from residential applications. Rise in internal migration and increasing count of expatriates accompanied by growing private construction investments will augment product demand. Growth in government expenditure for the development of infrastructure projects will support the market expansion.
 

An increasing number of DIY activities owing to reduced home improvement costs, presence of required technical skills, and expansion of DIY material distribution will propel the market growth. The global DIY market is projected to cross USD 650 billion by 2017, with North America and Europe holding around 85% of the industry share. Adoption of premium products to improve the aesthetic appearance of the overall building structure will support the flooring business expansion. Further, growing disposable incomes and increased socialization is prompting consumers to spend higher on home improvement.
 

Economic development accompanied by globalization has resulted in the growth of manufacturing and service sectors, providing lucrative opportunities for the manufacturers over a period. Government initiatives such as providing subsidies and financial support for building construction will boost the demand for the product. Moreover, increasing FDI investments in the commercial and industrial sector is escalating the industry share.
 

Higher price competitiveness in Asia Pacific along with a large share of the unorganized sector can limit the technology upgradation. Further, developing regulatory compliance related to VOC emission during the installation process may hamper business expansion. However, the prevalence of eco-friendly materials such as wood and cement will foster the product usage in the forecast time period. in an innovative and technologically advanced product such as 3D printed ceramic tiles is expected to drive the product demand.
 

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Flooring Market, By Product

Resilient segment accounts for over 25% share in the global flooring market in 2016. LVT and vinyl sheet are among the highly preferred resilient products. Resilient flooring is easy to maintain, and provide a smooth surface, excellent durability, liquid resistance, and thermal insulation. The rising cost of energy and concerns pertaining to energy conservation will surge the product demand in the forecasted time frame. Moreover, substantial growth in food & beverage and healthcare sector has resulted in growth in demand for slip-resistant and antibacterial flooring materials.
 

Seamless product segment is expected to grow over 6% CAGR by 2024. Increasing demand for protective coverings in several commercial spaces including healthcare, pharmaceutical, and schools is due to superior chemical, abrasion, and impact resistance along with greater aesthetic appearance owing to its reflective, glossy and spotless characteristics. New product development with innovative designs accompanied by the increasing count of new office spaces, showrooms, and warehouses will surge the segment growth.
 

By Application

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Residential flooring application holds over 50% share of the overall market in 2016. Segmental growth can be attributed to increasing number of renovation activities in several countries accompanied by increasing government spending on new residential construction projects. Growth in the number of nuclear families and the number of rooms for a specific purpose has resulted in a rise in the total residential area in the housing space particularly in developing economies of Asia Pacific, Latin America, and Middle East & Africa. Expansion in residential construction owing to the increasing demand for new homes coupled with rising disposable incomes will augment the demand for various floorings in the application.
 

Commercial flooring market application is expected to grow over 4.5% CAGR up to 2024. Positive outlook for soft, seamless and non-resilient segments in commercial applications including retail, hospitals, hotels, office, etc. will propel the industry share. Increasing tourism activities worldwide has resulted in growth in hospitality, retail, and hotel, propelling the product demand. Rising demand for carpets and rugs owing to easy installation will surge the commercial segment share.
 

Flooring Market, By Region

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Asia Pacific is expected to generate over USD 200 billion up to 2024. Infrastructure developments in the commercial and industrial application in the region are expected to boost the flooring demand. The upsurge in residential building owing to rapid urbanization will further support the market expansion. Several policy reforms and government expenditure to uplift the economic growth in several countries in the region will promulgate the business advancement.
 

North America is expected to witness over 6% CAGR up to 2024. Rising focus on smart cities and projects infused with advanced technologies will propel the flooring market. The necessity to upgrade existing infrastructure in the U.S. owing to its deteriorating levels will upsurge the construction industry. Moreover, rising demand from home dwellers owing to the increasing urban population will augment the product demand. Further, the presence of leading flooring manufacturers in the region accompanied by the capability to spend higher on premium designs is fueling the business revenue.
 

Competitive Market Share

The global flooring market share is highly fragmented in nature owing to the presence of several regional and local manufacturers. Key industry participants include Shaw Floors, Mohawk Industries, Armstrong Flooring, Beaulieu, Marazzi Group, Tarkett, and Mannington Mills. Other notable players in the industry are Interface Inc., Gerflor, IVC Group, Polyfor, Pergo, Flowcrete and Delconca. Major strategies observed in the industry include product innovations, enhancing geographic foothold through strategic mergers and acquisitions, and expanding the distribution network. For instance, in April 2017, Armstrong Floors company introduced new Luxe Plank Rigid Core Technology, Striation BBT a bio-based product, and Performance Plus a more durable wood innovation to increase its segment revenue.
 

Industry Background

Flooring is used for the temporary or permanent floor covering with a variety of raw materials including vinyl sheets, ceramics, polyester, rubber, woo, and stones which provides with the walking surface. Product innovations that are easy to install, highly durable, cost-effective, and provide improved aesthetic appearance are augmenting the market size. Development of solutions aligning to the requirements for diverse end-use sectors including residential, commercial, and industrial will support the market growth.