Stone Plastic Composite Flooring Market Size, Share, Growth, Industry Analysis, Forecast By 2024-2031 | Shaw Industries Group Inc., Mohawk Industries Inc.

The Stone Plastic Composite Flooring Market is estimated for 2023 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Stone plastic composite (SPC) flooring is a new generation of flooring material that resembles natural stone. It is a mixture of stone powder, plastic, and additives that are pressed together and molded. SPC flooring provides scratch resistance, easy maintenance, and waterproof properties.

Market Dynamics:

The stone plastic composite flooring market is expected to witness significant growth over the forecast period owing to increasing adoption in residential sector. SPC floors are gaining popularity as an affordable alternative to expensive natural stone and ceramic tile flooring options for homes. They offer the look of natural stone at lower maintenance and costs compared to other flooring materials. Furthermore, SPC floors are waterproof, pet-friendly, and can withstand heavy foot traffic, wear and tear from daily use. Their aesthetic appearance along with durability attributes have increased their preference in residential applications like kitchens, bathrooms, and living spaces, thereby supporting growth of the market.

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Top Key Players are 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

Market Segmentation:

★ By Product Type: SPC Tiles and SPC Planks
★ By Application: Residential, Commercial, and Industrial
★ By End User: Residential, Commercial, and Industrial
★ By Thickness: Standard Thickness and Enhanced Thickness
★ By Distribution Channel: Online and Offline

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Stone Plastic Composite Flooring Market Driver: Rising Demand for Low Maintenance and Durable Flooring Solutions

The stone plastic composite flooring market is benefiting from the increased demand for low maintenance and durable flooring options from both residential and commercial sectors. Stone plastic composite flooring does not require sanding, coating or stripping like traditional wood flooring and is highly resilient to stains, dents and cracks. It can withstand heavy foot traffic and damp conditions without getting damaged. The synthetic materials used give it high resistance to wear and weathering. This translates to lower long term maintenance costs for end users. Additionally, it looks very similar tonatural stone but is cheaper to install and maintain. These superior characteristics have made it a popular replacement for traditional flooring materials like ceramic tiles, wooden floors and natural stones in both renovation and new construction projects.

Stone Plastic Composite Flooring Market Driver: Increasing Renovation and Remodeling Activities

Rising disposable incomes and changing consumer preferences have boosted renovation and remodeling spending in both developed and emerging economies. According to recent surveys, homeowners are now spending significantly higher amounts on upgrades and repairs of flooring, kitchens, bathrooms and other areas of their houses. Stone plastic composite flooring is increasingly being used in such renovation projects due to its aesthetic appeal and cost benefits compared to other premium flooring options. It can recreate the look of expensive materials like granite at a fraction of the price. This has increased its popularity among budget-conscious consumers. The booming home renovation market is thus a major driver propelling the demand for stone plastic composite flooring worldwide.

Stone Plastic Composite Flooring Market Restrain: Availability of Substitutes

While demand is growing for stone plastic composite flooring, the market also faces competition from various substitute products. Ceramic tiles continue to be a popular and economical alternative in both residential and commercial construction. Their wide variety of styles, durability and lightweight nature make them suitable for most indoor and some outdoor applications. Additionally, laminate flooring simulates the look of hardwood at much lower costs but is sometimes seen as inferior in durability. Vinyl sheets also function as cost-effective substitutes indoors. The easy availability and widespread acceptance of these alternative flooring solutions poses a challenge to market players trying to increase stone plastic composite flooring adoption. Educating customers about its superior characteristics is important to overcome this restraint.

Stone Plastic Composite Flooring Market Opportunity: Expanding Commercial Sector

The commercial construction industry has been expanding rapidly worldwide driven by the growth in tourism, retail, hospitality and office spaces. Stone plastic composite flooring is increasingly finding opportunities in this sector due to properties like high wear resistance, dimensional stability and waterproof ability making it suitable for heavy foot traffic areas. It is gaining preference in applications such as shopping malls, hotels, restaurants, offices, hospitals and schools. Its anti-slip, anti-static and anti-bacterial qualities further enhance its suitability for commercial use. As more focus shifts towards sustainability in projects, its eco-friendly characteristics without use of tropical hardwoods or other scarce natural resources is an added advantage. Thus, the expected continued infrastructural growth in both developed and emerging nations is opening up substantial untapped market potential for commercial applications of stone plastic composite flooring.

Stone Plastic Composite Flooring Market Trend: Increasing Demand for Waterproof Composite Flooring

One of the key trends gaining momentum in the global stone plastic composite flooring market is the rising popularity of waterproof varieties. While this category is still a small portion of overall sales, it is expected to be the fastest growing segment going forward. This is driven by the growing importance of moisture resistance in flooring especially with changing weather patterns and increasing construction of high moisture areas like bathrooms and kitchens. Stone plastic composite flooring modified with waterproof polymers withstands damp environments without swelling, warping or degradation. These enhanced characteristics along with the ability to recreate the look of natural water-resistant stones expands its use to exterior areas around pools and decks. Manufacturers are actively developing and promoting new waterproof lines to capitalize on this upward trend. This will further strengthen stone plastic composite flooring demand across applications requiring high moisture resistance.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global Stone Plastic Composite Flooring market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the Stone Plastic Composite Flooring market economy globally?

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: Industry Insights

3.1 Industry fragmentation
3.2 Industry 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.