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Flooring Contractors Market Overview 2024-2033: Size, Share, and Insights
Flooring Contractors Market Overview
According to The Business Research Company's, The flooring contractors market size has grown strongly in recent years. It will grow from $199.32 billion in 2023 to $216.05 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to housing and commercial construction trends, renovation and remodeling activities, design and aesthetics preferences, population growth and urbanization, commercial and retail sector expansion..
The flooring contractors market size is expected to see strong growth in the next few years. It will grow to $302.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to innovation in flooring materials, green and eco-friendly building practices, shift in consumer preferences for luxury flooring, technological integration in flooring solutions, residential and commercial real estate development.. Major trends in the forecast period include digital tools for flooring design and visualization, expansion into resilient and soft flooring, emphasis on quick and efficient installation, e-commerce and online flooring sales, integration of recycled and upcycled materials..
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Market Drivers and Trends:
Growth in renovation and remodeling activities is expected to propel the growth of the flooring contractors market going forward. Renovation and remodeling activities refer to the process of improving or modernizing an old, damaged, or defective building, and they are work that revives the existing structure but doesn't change the layout. The number of homeowners and business organizations are undertaking a wide range of restoration and remodeling projects, including flooring improvements to upgrade aesthetics and provide better insulation, comfort, and durability to the structures. For instance, according to a US-based university, Harvard University's Joint Center for Housing Studies (JCHS), in the USA, the home remodeling market reached $430 billion in 2022, an increase of 17% over last year. Therefore, the growth in renovation and remodeling activities is driving the growth of the flooring contractor market.
The introduction of aqua+ technology in laminate flooring is a key trend gaining popularity in the flooring contractor market. Major market players are concentrating their efforts on introducing innovative technologies to strengthen their position in the market. Aqua+ is more resistant to water swelling because its core is comprised of a specific type of high-density fiberboard. Laminate flooring made with Aqua+ is much more water-resistant and suited for new applications and compared to traditional laminate flooring, the moisture resistance of is increased by five times. For instance, in January 2021, EGGER, an Austria-based supplier of furniture and interior design, structural wood construction, and flooring, launched PRO Laminate Aqua+, which is more resistant to water swelling than standard laminate flooring. The PRO Laminate Aqua+ floorings are perfect for bathrooms, kitchens, hallways, and commercial use with frequent cleaning and steam cleaners.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Mohawk Industries Inc.; Shaw Industries Group Inc.; Empire Today LLC; Beaulieu International Group; Mannington Mills Inc.; AWI Licensing LLC; Koetter Woodworking Inc.; H. J. Martin & Son Inc.; Redi Carpet Sales of Virginia Inc.; Bonitz Company of Carolina Inc.; Spectra Contract Flooring; Burke Industries Inc.; Global Flooring Group; Polyflor Ltd.; Crossville Inc.; Armstrong Flooring Inc.; Interface Inc.; The Dixie Group Inc.; Tarkett S.A.; Forbo Holding AG; TOLI Corporation; Congoleum Corporation; CBC Flooring; National Floors Direct Inc.; Artistic Floors by Design Inc.; Alia's Flooring and Remodeling; Shine Star Hardwood Flooring; Floor Coverings International; IVC Group Ltd.; LG Hausys Ltd.
Flooring Contractors Market 2024 Key Insights:
• The flooring contractors market will grow to $302.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Surge In Renovation And Remodeling Activities Propels Growth In The Flooring Contractors Market
• Revolutionizing Flooring Solutions
• Asia-Pacific was the largest region in the flooring contractors market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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