Flooring Market worth $510.7 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 15, 2023 /PRNewswire/ -- The report "Flooring Market by Material (Resilient, Non-Resilient (Ceramic tiles, Wood, Laminate, Stone), Soft-floor covering), End-use Industry (Residential, Non-residential), & Region (North America, Europe , APAC, MEA, South America) - Global Forecast to 2028", The market for flooring is approximated to be USD 331.9 billion in 2023, and it is projected to reach USD 510.7 billion by 2028, at a CAGR of 9.0%. Increasing population and rapid urbanization, increasing investments in the construction sector, and rising number of renovation and remodeling activities are key drivers promoting the market growth. The volatile raw material prices is a major restraint in the flooring market as it affects the overall pricing of the product. A rapidly progressing organized retail sector is a major opportunity in the flooring market. The flooring industry also faces the challenge of extreme competition in the market.

Browse in-depth TOC on "Flooring Market"

146 – Tables
36 – Figures
200 – Pages

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By material, non-resilient segment accounted for the largest share in 2022

Resilient flooring possesses a specific characteristic i.e., when given a slight press on it, it quickly springs back into place. This provides greater grip, and a decreased chance of slip-and-fall incidents. The term non-resilient flooring refers to solid flooring which is not flexible. Terrazzo, marble, stone, ceramic tile, and concrete all fall under the category of non-resilient flooring. In general, non-resilient flooring can outlive resilient flooring and are more durable. In areas with heavy foot traffic, non-resilient flooring is frequently used by architects and designers. In general, non-resilient floors require less upkeep and maintenance than resilient ones. Owing to these properties the non -resilient segment dominated the market.

By End-Use Industry, the Non-Residential Segment accounted for the second largest share in 2022.

In the non-residential end use industry segment the demand for flooring is expected to be driven by increasing spending on office spaces and other commercial & institutional constructions where flooring is used extensively. These buildings can be classified as commercial, institutional & healthcare, and public facilities. The commercial and institutional spaces like malls, hospitals, colleges, schools, gyms are subjected to heavy foot traffic and heavy furniture loads. Hnece the flooring durability and aesthetic aspect both are important factors when choosing a suitable flooring material.

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Europe accounted for the second largest market share of the Flooring Market in 2022

The rising demand of housing in urban areas, increased infrastructure development activities, and increased modernization and renovation of buildings are the major key factors for the expansion of the European construction market. With the region's robust economic growth, commercial infrastructure construction, such as offices, schools, hotels, restaurants, and leisure facilities, is on the rise. Initiatives and investments by the government are aiding the growth of the European infrastructure.

Market Players :

The key players profiled in the Flooring Market report are Mohawk Industries, Inc. (US), Tarkett (France), Forbo (Switzerland), Shaw Industries Group Inc. (Georgia), Interface, Inc. (US), and others.

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