Flooring Market is Anticipated to Record a Valuation of USD 619.83 billion by 2028 a Recent Study by The Insight Partners

The flooring market was valued at US$ 412.66 billion in 2021 and is projected to reach US$ 619.83 billion by 2028; it is expected to grow at a CAGR of 6.1% from 2022 to 2028.

There are different types of flooring available in the market, such as resilient flooring, seamless flooring, non-resilient flooring, and soft coverings. The growth in real estate, building, and construction sectors is increasing renovation and refurbishing activities in residential and non-residential segments. This is creating a huge demand for different flooring products.

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Companies Profiled in this report includes: Mohawk Flooring; Shaw Industries Group, Inc.; Tarkett; Armstrong Flooring, Inc.; Forbo International SA; Gerflor; Interface, Inc.; Beaulieu International Group; Toli Corporation; and Milliken

Players operating in the global flooring market are constantly focusing on strategies such as investments in research and development activities and new product launches. These market players are highly focused on the development of high-quality and innovative product offerings to fulfill the customers' requirements.

Based on application, the global flooring market is segmented into residential and non-residential. The residential segment held a larger share of the global flooring market in 2021. Due to rising population and increasing consumer disposable income, there is an increasing demand for flooring products from the residential sector. Additionally, the growing reconstruction and renovation activities in order to enhance the appearance of the building will further fuel the overall demand from the residential sector.

The global flooring market is segmented into five main regions - North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest revenue share of the global market in 2021. In Asia Pacific, the growing demand for aesthetically pleasing, durable, and easy-to-maintain products such as vinyl flooring and ceramic tiles is expected to drive the market over the forecast period.

Impact of COVID-19 Pandemic on Flooring Market

Many economies were affected due to the COVID-19 pandemic. The construction industry was negatively impacted due to the new rules around self-isolation and social distancing, a shortage of manpower, and a limited supply of equipment, machinery, and raw materials. Reduced activities in the construction sector due to the pandemic resulted in a drop in the demand for different flooring products. However, accelerated vaccination programs and investments in the construction & building sector are likely to help the flooring market recover by the end of 2022.

The size of the overall global flooring market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic.

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Q.1. Can you list some of the major players operating in the global flooring market?
Ans. Mohawk Flooring; Shaw Industries Group, Inc.; Tarkett; Armstrong Flooring, Inc.; Forbo International SA; Gerflor; Interface, Inc.; Beaulieu International Group; Toli Corporation; and Milliken are among the major players operating in the global flooring market.
Q.2 Which region held the largest share of the global flooring market?
Ans. In 2021, Asia Pacific held the largest share of the global flooring market. The flooring market in Asia Pacific is mainly driven by an increase in residential projects in various countries such as India, China, Indonesia, Vietnam, and the Philippines.
Q.3. Based on product type, which segment is leading the global flooring market during the forecast period?
Ans. The non-resilient flooring segment held the largest share of the global flooring market in 2021. Non-resilient flooring is made up of inflexible, organic, and hard surface materials. This type of flooring requires less maintenance and is cost-effective in nature.
Q.4. Based on application, which segment is leading the global flooring market during the forecast period?
Ans. The residential segment held a larger share of the global flooring market in 2021. Due to the rising population and increasing consumer disposable income, the demand from the residential segment is anticipated to increase.
Q.5. Which region held the fastest CAGR in the global flooring market?
Ans. Asia Pacific is estimated to register the fastest CAGR in the global flooring market over the forecast period. The flooring market in Asia Pacific is competitive and dynamic because of the significant presence of manufacturers and associated flooring and construction businesses in the region.
Q.6. What are the key factors influencing market growth?
Ans. The global flooring market is primarily driven by increasing investments in renovation and refurbishing activities by consumers.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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