Stone Plastic Composite Flooring Market Outlook: Analyzing Market Size, Share, and Growth Factors By 2023-2030 | Shaw Industries Group Inc., Mohawk Industries Inc.

Global Stone Plastic Composite Flooring Market size is expected to reach US$ 10.91 Bn by 2030, from an estimated US$ 3.64 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 17% during 2023 and 2030. - as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Stone plastic composite flooring includes floor tiles made from recycled plastics and crushed stones or marble. They offer an aesthetic look of natural stone at lower costs and are increasingly used in residential and commercial buildings.

Market Dynamics:

The stone plastic composite flooring market is expected to witness significant growth owing to growing construction sector around the world. Rapid urbanization has resulted in increased residential, commercial and infrastructure development projects. Additionally, rising disposable income has boosted renovations and remodeling of homes, thereby propelling the demand for appealing and durable flooring options such as stone plastic composite flooring. Furthermore, ban on asbestos floor tiles in many countries has shifted the preference towards stone plastic composite flooring due to their eco-friendly nature.

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Top Companies Covered In This Report:

★ Shaw Industries Group Inc.
★ Mohawk Industries Inc.
★ Mannington Mills Inc.
★ Armstrong Flooring Inc.
★ Tarkett S.A.
★ Novalis Innovative Flooring
★ Zhejiang Oufei New Material Co., Ltd.,
★ Jiangsu Zhongxin Desai Wood Product Co., Ltd.,
★ Zhejiang Yili Decoration Material Co., Ltd.,
★ Changzhou Anyway Floor Co.
★ Ltd

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

By Product Type:

★ SPC Tiles
★ SPC Planks

By Applications:

★ Residential
★ Commercial
★ Industrial

By End User:

★ Residential
★ Commercial
★ Industrial

By Thickness:

★ Standard Thickness
★ Enhanced Thickness

Key Region/Countries are Classified as Follows:

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ South America (Brazil, Argentina, Colombia, etc.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Rising Demand from Residential Sectors is Driving the Stone Plastic Composite Flooring Market:

The stone plastic composite flooring market has been witnessing significant growth driven by increasing demand from residential sectors across the globe. Stone plastic composite flooring is becoming a popular choice for homeowners as it offers the look and feel of natural stone at a much more affordable price point. It is durable, water resistant and easy to maintain. Furthermore, stone plastic composite floors are available in a wide variety of colors, textures and designs allowing consumers to choose the flooring that best matches their home décor and style. The low maintenance needs as stone plastic composite flooring does not require sealing or waxing like real stone slabs has further fueled its adoption in houses. The pandemic has also positively impacted the residential construction industry globally as people are spending more on home renovations and improvements which has boosted demand for stone plastic flooring from the residential segment.

Rising Commercial Construction is Another Key Growth Driver:

Along with housing, commercial construction activities have also recovered strongly post pandemic in many countries and emerged as an important growth driver for the stone plastic composite flooring market. Stone plastic composite flooring is increasingly used in public places like office buildings, hotels, malls, hospitals etc. due to its durability and low maintenance needs. It can withstand heavy foot traffic and looks elegant making it a suitable choice for commercial spaces. Furthermore, its water resistance property prevents damage from occasional cleaning mishaps or water leakages. This has led to rising preference of stone plastic composite flooring over other commercial flooring options in recent years. The steady growth of the service sector across regions has augmented construction of various commercial buildings thereby supplementing sales of stone plastic composite flooring globally.

Fluctuating Raw Material Prices Pose a Challenge:

One of the key challenges restraining the growth of the stone plastic composite flooring market is fluctuations in prices of major raw materials used in manufacturing like plastics, stone powder and pigments. Being a commodity, prices of plastics which account for a significant share of total input costs, experience volatility depending on supply-demand forces and international trends. Unexpected hikes in prices of plastics negatively impact the margins and profits of stone plastic composite flooring manufacturers. Similarly, instability in costs of other key inputs like stone powder and pigments poses downward pressure on the overall operations of market players. Fluctuating raw material costs forces companies to frequently change product pricing, affecting demand from value-conscious consumers. Furthermore, rising environmental regulations around the usage of certain plastics also pose supply-side constraints. This uncertainty in raw material procurement is a major restrain for the stable growth of the stone plastic composite flooring market.

Green Building Trend Presents Attractive Opportunities:

With growing environmental awareness, sustainable green construction has emerged as a major trend worldwide which creates new opportunities for the stone plastic composite flooring market. Compared to other traditional flooring materials, stone plastic composite flooring has lower embodied energy and carbon footprint as it contains around 80% recycled materials. Most products are also recyclable at the end of their lifecycle. This environmental-friendly attribute is attracting attention of developers involved in green building projects which adhere to strict sustainability certifications. Moreover, stone plastic composite undergoes minimal site fabrication leading to less wastage. With its unique recycling and low maintenance attributes, stone plastic composite flooring is well-positioned to capitalize on the rapidly expanding green building construction sector worldwide in the coming years.

Personalization is an Ongoing Market Trend:

A noteworthy trend being witnessed in the global stone plastic composite flooring market is the growing consumer demand for personalized and customized flooring options. Earlier manufacturers mostly offered limited stock designs and textures. However, with advancements in manufacturing technologies, companies are now able to develop unique and bespoke flooring collections as per customer preferences. This includes offering a wide variety of color, pattern, size and thickness combinations. Furthermore, digital printing on stone plastic surfaces allows replicating the look of several rare and exotic stones. The option to create one-of-a-kind personalized flooring designs is attracting consumers looking to showcase their individual style. This trend towards higher personalization and customization of flooring solutions based on evolving consumer needs and preferences is expected to continue in the market.

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Key Questions Answered in This Report on Stone Plastic Composite Flooring Market

• How much revenue will the global Stone Plastic Composite Flooring Market generate by the end of the forecast period?

• What regions currently contribute the maximum share to the overall global market?

• What are the indicators expected to drive the global Stone Plastic Composite Flooring Market?

• Which region is likely to be a lucrative market during the forecast period?

• What are the essential strategies incorporated by key stakeholders in the global Market to expand their geographical presence?

• What are the major advancements witnessed in the global Stone Plastic Composite Flooring Market?

• This report answers these questions and more about the global Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Stone Plastic Composite Flooring Market Insights

3.1 Market fragmentation
3.2 Market landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Stone Plastic Composite Flooring Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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This release was published on openPR.