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Step into Innovation: Modular Flooring Market Dominates Trends, Unleashing Growth Strategies, and Market Share Predictions for 2033
Modular Flooring Global Market Report 2024
The Business Research Company offers in-depth market insights through Modular Flooring Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The modular flooring market size has grown strongly in recent years. It will grow from $58.58 billion in 2023 to $62.72 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to rise in commercial construction projects, focus on sustainability and eco-friendly materials, urbanization and interior design trends, ease of installation and maintenance, increase in renovation and remodeling activities.
The modular flooring market size is expected to see strong growth in the next few years. It will grow to $80.13 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to growing adoption of luxury vinyl tiles (lvt), expansion in healthcare and education sectors, focus on resilient and impact-resistant flooring, sustainable and recyclable materials, e-commerce growth in flooring sales. Major trends in the forecast period include digital printing technology, luxury vinyl tiles (lvt), hybrid flooring solutions, modular carpet tiles, smart flooring technologies.
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Market Segmentation:
The modular flooring market covered in this report is segmented -
1) By Product Type: Ceramic, Rubber, Carpet Tile, Rigid LVT, Polyolefin (Non-vinyl), Flexible LVT, Others Product Types
2) By Components: Polyvinyl Chloride Resins, Plasticizers, Trace Stabilizers, Pigments, Other Components
3) By End Users: Retail, Healthcare, Education, Household, Workplace, Other End Users
Major Driver - Renovation Surge Driving Growth In The Modular Flooring Market
Increasing home and commercial renovation activities are expected to boost the growth of the modular flooring market going forward. Renovation is the process of changing the internal layout of existing structures or replacing or repairing worn-out parts. The home renovation includes the replacement of traditional floors with various modular-flooring options. For instance, in April 2022, as per the report published by Houzz, a US-based platform for home remodeling and design, more than half of homeowners (55%), up from 53% in 2020, have remodeled their homes. Therefore, increasing home and commercial renovation activities are driving the growth of the modular flooring market.
Competitive Landscape:
Major companies operating in the modular flooring market report are Mohawk Industries Inc., Shaw Industries Inc., Tarkett S.A., Armstrong Hardwood Flooring LLC, Forbo Holding AG, Gerflor Group, Interface Inc., RK Rose+Kreiger GmbH,, Swisstrax LLC, Duratrac Flooring Ltd., Fab Floorings, Versare Solutions LLC, Mateflex, Balta Group, Milliken & Company, Burmatex Ltd., Mannington Mills Inc., Beaulieu International Group, Congoleum Corporation, Roppe Holding Company, Burke Industries Inc., Flexco Corporation, Altro Limited, Amtico International, Brintons Carpets Limited, Desso Group, Fletco Carpets A/S, Gerbert Limited, Nora Systems Inc., PortaFloor
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Top Trend - Innovative Trends In Modular Flooring With Modular Carpet Planks
Product innovations have emerged as the key trend gaining popularity in the modular flooring market. Major companies operating in the modular flooring market are developing innovative products to strengthen their position in the market. For instance, in May 2021, Mohawk Group, a US-based commercial flooring company launched a Data Tide, an innovative collection of modular carpet planks. Data Tide honors the exceptional estuarine ecosystems, where freshwater and saltwater merge to store Blue Carbon and foster biodiversity. Mohawk Group's design team utilized environmental greenhouse gas data to craft biophilic patterns using a specialized data visualization tool. Through this visual representation, the collection commemorates the beneficial ecological impact of Blue Carbon sequestration.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Modular Flooring Market Characteristics
3. Modular Flooring Market Trends And Strategies
4. Modular Flooring Market - Macro Economic Scenario
5. Modular Flooring Market Size And Growth
…..
27. Modular Flooring Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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