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Flooring Market worth US$ 619.83 billion by 2028 at a CAGR of 6.1% - Exclusive Report by The Insight Partners

11-29-2022 03:36 PM CET | Industry, Real Estate & Construction

Press release from: The Insight Partners

Flooring Market worth US$ 619.83 billion by 2028 at a CAGR of 6.1% -

Increasing Consumer Investments in Renovation and Refurbishing Activities to Escalate Flooring Market Growth

According to our latest market study on "Flooring Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type (Resilient Flooring, Non-Resilient Flooring, and Soft Cover and Others), Material [Carpets and Rugs, Wood, Laminates, Vinyl Sheets and Tiles (Homogeneous and Heterogeneous, LVT and VCT, and Others), Ceramic Tiles, and Stone and Others], and Application (Residential and Non-Residential)," the 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. The report highlights key factors driving the market and prominent players along with their developments in the market.

The floor is an important element in any building. It influences many factors directly and indirectly. Popular flooring options include wood, vinyl, tile, and carpet. Each type has its unique benefits. Wooden flooring is an unbeatable type, and various choices are available with natural hardwood.

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The flooring market is highly competitive with the presence of many regional and global market players. Players operating in the market compete with each other based on prices and product quality.

The vinyl flooring is one of the important segment as it is cost-effective in nature and exhibits numerous features such as durability, flexible handling, and easy design possibilities, which make it suitable to be used in hospitals, schools, offices, and houses. In addition, vinyl flooring is comfortable to walk on and reduces impact noise owing to which it is being frequently used. The necessity for floor protection, coupled with the rise in demand for efficient and visually appealing products, has enhanced the growth of this segment.

Major key players covered in this report:

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. 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 developing high-quality and innovative product offerings to fulfill the customers' requirements.

Impact of COVID-19 Pandemic on Flooring Market

The COVID-19 pandemic negatively impacted the growth of the flooring market. The pandemic disturbed manufacturing processes due to restrictions imposed by government authorities in various countries. The reduced construction activities during the period resulted in a drop in the demand for flooring. Various companies announced delays in the ongoing construction projects. Activities in the renovation and refurbishing market were hampered across the globe due to government-enforced social distancing measures. Hence, the demand for flooring materials from the indoor and outdoor segments was impacted, and overall sales were reduced. However, with the reopening of the construction activities in various countries, the demand for flooring products is increasing.

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The report includes the segmentation of the global flooring market as follows:
Based on product type, the global market is segmented into resilient flooring, non-resilient flooring, and soft cover and others. In terms of material, the global market is segmented into carpets and rugs, wood, laminates, vinyl sheets and tiles, ceramic tiles, and stone and others. Based on application, the global market is segmented into residential and non-residential. By geography, the global market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico.

Reason to Buy:
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the global stainless steel, thereby allowing players to develop effective long term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:
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, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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