Global Flooring Market Grow to USD 510.7 billion by 2028 | Key Players, Size, Sales, Demands, Trends and Forecasts to 2028

The flooring market is projected to grow from USD 331.9 billion in 2023 to USD 510.7 billion by 2028, at a CAGR of 9.0% during the forecast period. The growing population, rising per capita income, rapid industrialization, and infrastructural development have led to the growth of the construction industry, thereby driving the demand for flooring market.

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Companies Covered: Mohawk Industries, Inc. (US), Tarkett (France), Forbo (Switzerland), Shaw Industries Group Inc. (Georgia), Interface, Inc. (US), and others are covered in the flooring market.

The flooring market refers to the industry that involves the production, sale, and installation of various types of floor coverings for residential, commercial, and industrial spaces. It includes a wide range of materials, styles, and technologies used to create durable, aesthetically pleasing, and functional flooring options.

By Material, Resilient flooring material accounted for the highest CAGR during the forecast period

Out of the three flooring material types (Carpets & rugs, Resilient and Non-resilient), resilient flooring is the fastest growing segment during the forecast period. Resilient flooring includes: Vinyl flooring and Others (cork, linoleum, rubber, and resin) flooring. Resilient flooring material is designed to be durable, flexible, and resistant to wear and tear. In resilient material type flooring, vinyl flooring holds the largest market share and is also the fastest growing. Vinyl flooring is popular due to its versatility, low cost, and ease of maintenance. Resilient flooring is growing in popularity due to its durability, easy maintenance, wide range of design options, cost-effectiveness, comfort, safety, and advancements in manufacturing technology.

By End-Use Industry, Non-residential accounted for the highest CAGR during the forecast period

Out of the two end-use industries (residential, and non-residential), non-residential is the fastest growing segment during the forecast period. The non-residential flooring market is experiencing growth due to various factors. These include economic development and infrastructure investments, which create a demand for flooring solutions in commercial buildings. Technological advancements have also led to the development of innovative and sustainable flooring materials. The non-residential sector's focus on design and aesthetics drives the need for a diverse range of flooring options. Additionally, safety, sustainability, and indoor air quality considerations contribute to the market's expansion.

Asia Pacific is projected to account for the highest CAGR in the flooring market during the forecast period

The Asia Pacific flooring market is witnessing growth propelled by factors such as rapid urbanization, robust economic growth, a construction boom, the rising middle class, growing emphasis on design and aesthetics, technological advancements, and government initiatives. These elements drive the demand for flooring materials as urban areas expand, consumer purchasing power rises, and infrastructure projects flourish. The region's focus on quality, aesthetics, and sustainability plays a significant role in driving the growth of the flooring market in Asia Pacific.

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This release was published on openPR.