Flooring Market | Key players operating in the market include Mohawk Industries, Shaw Industries, Tarkett, Armstrong Flooring

The residential segment is projected to dominate the flooring market through 2023. With the improvement in macroeconomic conditions, globally, the demand for new constructions has increased, owing to which strong growth has been witnessed in new housing projects. Factors such as an increase in renovation & remodeling activities rise in population, and rapid urbanization are expected to drive the growth of the flooring market in the coming years. MarketsandMarkets projects that the global flooring market size will grow from USD 339.29 billion in 2018 to USD 447.74 billion by 2023, at a CAGR of 5.7%. Rapid industrialization and increase in investments in the construction industry are expected to be the major drivers of the flooring market.

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On the basis of type, by material, the market for flooring is segmented into carpets & rugs; resilient flooring which includes vinyl and others (cork, linoleum, rubber, and resin); and non-resilient flooring which includes ceramic tiles, wood, laminate, stone, and others (bamboo and terrazzo). Vinyl is expected to be the fastest-growing segment of the flooring market from 2018 to 2023. Its resistance to mold, mildew, and moisture make it one of the most suitable flooring options for kitchens, bathrooms, and laundry rooms where occasional spills and moisture are the major concerns. Its low cost and easy installation also contribute to its growing popularity in a range of residential and commercial applications.

On the basis of end-use industry, the non-residential is projected to be the faster-growing segment from 2018 to 2023. In this industry, the demand for flooring is expected to be driven by higher spending on office spaces and other commercial & institutional constructions and growing focus toward employee comfort. The floors of non-residential buildings need to withstand heavy foot traffic and heavy furniture load. The application of appropriate flooring materials in non-residential structures not only helps in reducing noise impact caused by footsteps but also adds to the aesthetic value of the interior space.

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Asia Pacific is projected to be the fastest-growing market in the global flooring industry, with China accounting for the largest market share in this region, followed by India. In terms of growth rate, Asia Pacific was followed by the Middle East & Africa, North America, South America, and Europe. Increase in population, the rise in disposable income, growth in renovation & remodeling activities, and increase in investments in the residential and commercial sectors are expected to drive flooring market in Asia Pacific.

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The key players operating in the flooring market include Mohawk Industries (US), Shaw Industries (US), Tarkett (France), Armstrong Flooring (US), Forbo (Switzerland), Gerflor (France), Interface (US), Beaulieu International (Belgium), TOLI Corporation (Japan), and Milliken & Company (US). These players have an extensive product portfolio and a wide geographical presence. New product launches, expansions, investments, acquisitions, and partnerships are some of the major strategies adopted by key players operating in the flooring market.

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