The flooring market was valued at USD 324.26 billion in 2017 and is projected to reach USD 447.74 billion by 2023, at a CAGR of 5.7% during the forecast period. The base year considered for the study is 2017 and the forecast period is from 2018 to 2023. Flooring is crucial for the construction industry. It plays a vital role in enhancing the overall atmosphere of a residential or commercial landscape. Foot traffic plays an important role in the selection of the flooring type. For instance, government offices generally demand solid, highly durable floors due to high human traffic; whereas hospitals would require flooring with anti-slippery functionality.

Market Dynamics

Drivers

Rise in population & rapid urbanization

Increase in investments in the construction industry

Rise in the number of renovation & remodeling activities

Rapid industrialization

Restraints

Volatile raw material prices

Rise in health & environmental concerns

Opportunities

Growth of the organized retail sector

Rise in demand from emerging economies

Challenges

Disposal of waste

Rise in the number of renovation & remodeling activities

Renovation and home remodeling activities are increasing across countries, as these activities are supported by programs run by various governments. For instance, in Europe, the National Energy Efficiency Action Plans (NEEAPs) aims to foster investments in the renovation of residential and commercial buildings. According to the Leading Indicator of Remodeling Activity (LIRA), released by Remodeling Futures Program, annual gains in home repair & renovation spending in the US is expected to increase from 6% in the first quarter of 2018 to 6.3% by the end of second quarter of 2018. Furthermore, in the US, owners are expected to spend over USD 330 billion on home replacements, upgrades, and routine maintenance, in 2018. This, in turn, creates growth prospects for the overall flooring market.

The rising focus toward home decor and the improving lifestyles of consumers are also boosting the renovation & remodeling activities in the current scenario. Presently, the growing trend of spending on the styling and interiors of the living spaces among consumers has led them to expend on home furnishings such as carpets, rugs, and other floor coverings that add to the aesthetic appeal of interiors. This shift is supported by the rise in consumer income levels, changes lifestyles, and adoption of different cultures, in terms of interior decor, which has further resulted in the growing interest of consumers in the interior decoration of their houses and workspaces.

The following are the major objectives of the study.

To define, analyze, and project the size of the global flooring market in terms of value and volume

To provide detailed information about the key factors, such as drivers, restraints, opportunities, and industry-specific challenges, influencing market growth

To analyze and forecast the market size based on type, by material; end-use industry; and region

To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and their contribution to the total market

To analyze opportunities in the market for stakeholders and provide details of a competitive landscape of the market leaders

To forecast the market size of the five main regions�North America, Asia Pacific, Europe, South America, and the Middle East & Africa

To strategically profile key players and comprehensively analyze their market share and core competencies2.

To analyze competitive developments such as product launches, investments, acquisitions, and expansions in the flooring market

During this research study, major players operating in the flooring market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as ACIMAC (Association of Italian Manufacturers of Machinery and Equipment for Ceramics), ANPM (National Hardwood Flooring Association Brazil), EPLF (Association of European Producers of Laminate Flooring), European Commission, companies� annual reports, Bloomberg, and Factiva, along with primary respondents. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region considered during the research study.

To know about the assumptions considered for the study, download the pdf brochure

The market ecosystem includes various stakeholders involved in the supply chain of the flooring market starting from the procurement of raw materials to final product manufacturing. Post this, the marketing and sales of products take place, which is possible if an efficient distribution channel is developed. Finally, end products are made available to potential consumers. The market for flooring is led by major players such as Mohawk Industries (US), Shaw Industries (US), Tarkett (France), Armstrong Flooring (US), Forbo (Switzerland), Gerflor (France), Interface (US), Beaulieu International (Belgium), TOLI Corporation (Japan), and Milliken & Company (US).

Major Market Developments

In January 2018, Tarkett expanded its LVT (Luxury Vinyl Tiles) production capacity in Europe and North America by investing USD 85.9 million over the next 3 years for addressing the growing demand for vinyl modular flooring. The investment will further enhance sustainable and efficient manufacturing. In the US, about USD 60 million will be invested in two manufacturing facilities based in Florence, AL, US, and in Europe, the investment will be made in Poland and Luxembourg.

In November 2017, Mohawk Industries agreed to acquire Godfrey Hirst Group (Australia), i.e. Australia�s largest carpet manufacturer, with the aim to expand its global operations. The manufacturing, marketing, and distribution leadership of Godfrey Hirst will complement Mohawk�s current hard surface distribution and strengthen its product portfolio. This acquisition is projected to be completed in 2018.

In December 2016, Shaw Industries acquired US Floors, Inc. (US), to expand its position in the hard surface and luxury vinyl tile markets. This acquisition further enhances the product offering of Shaw Industries by including composite core flooring as well as bamboo, cork, and hardwood products.

Target Audience:

Raw material suppliers

Flooring manufacturers

Flooring material suppliers and distributors

End users

Associations and industry bodies

Government & regulatory bodies

Scope of the Report:

The flooring market has been segmented into the following submarkets:

Flooring type by material:

Resilient flooring

Vinyl (LVT, VCT, vinyl sheet, and fiberglass)

Others (Cork, linoleum, rubber, and resin)

Non-resilient flooring

Ceramic tiles

Wood

Laminate

Stone

Others (Bamboo and terrazzo)

Carpets & rugs

By end-use industry:

Residential

Non-residential

By Region:

North America

Europe

Asia Pacific

Middle East & Africa

South America

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to client-specific needs. The following customization options are available for the flooring report:

Product Analysis

Product Matrix, which offers a detailed comparison of product portfolio of each company

Geographic Analysis

Further analysis of flooring market for additional countries

Company Information

Detailed analysis and profiling of additional market players

MarketsandMarkets projects that the flooring market will grow from USD 339.29 billion in 2018 to USD 447.74 billion by 2023, at an estimated CAGR of 5.7%. Increase in renovation & remodeling activities, rapid urbanization, and increase in investments in the construction industry drive the growth of the flooring market. The residential segment is projected to account for a larger share through 2023. Growing focus toward interior decoration and comfort, coupled with rising disposable income of people are expected to drive the demand for flooring in the residential industry.

The segmentation for this report is based on type, by material, end-use industry, and region. The non-residential industry is projected to be the faster-growing segment in the flooring market. In this sector, the demand for flooring is expected to be driven by higher spending on office spaces and other commercial & institutional constructions and greater focus toward employee comfort. Floors of non-residential buildings need to withstand heavy foot traffic and heavy furniture load.

On the basis of type, by material, the market has been segmented into carpets & rugs, resilient, and non-resilient. Each flooring type differs from each other on the basis of their material properties. In 2017, the non-resilient flooring segment accounted for the largest market share in the flooring market. Non-resilient flooring includes ceramic tiles, wood, laminate, stone, marble, bamboo, and terrazzo. Due to their high durability, water-resistance, low maintenance, and reliability, non-resilient floors have become the top flooring solution for high traffic areas such as shopping malls and corporate centers. Furthermore, they find applications in healthcare centers, government offices, and sports institutes where expected footfall is high, as well as in residential buildings.

The ceramic tiles segment dominated the market in 2017, in terms of volume, as a result of its cost-effectiveness, water & stain resistance, durability, and environment-friendly properties. The vinyl segment is projected to grow at the highest CAGR during the forecast period; this is attributed to its low cost, low maintenance, and easy installation.

Asia Pacific dominated the market for flooring in 2017, in terms of value. China contributes a major share to the Asia Pacific flooring market. The increasing number of new housing units, increase in population, and significant investments in the infrastructural sector are driving the demand for flooring materials in the region.

Rapid urbanization and inclination toward higher living standards drives the growth of flooring market

Interior design plays an important role in the construction of houses, and consequently, in the overall ambiance of residential as well as non-residential buildings.

Residential

The residential sector is the most important sector for the flooring market. The application of flooring materials in this sector covers the installations in new residential buildings, renovations, and restructuring projects. The use of diversified flooring materials in residential buildings enhances aesthetic appeal and provides comfort. These materials help the user achieve dynamic control over noise & temperature and provide safe and slip-resistant floors.

Flooring for the residential sector includes a wide range of options such as ceramic tile, wood, laminate, carpet & rug, vinyl, and stone flooring. Tiles are widely used in the residential segment for their durability and easy maintenance. The best option for flooring in areas such as entryways, kitchens, and bathrooms is ceramic tile; whereas, for areas such as living rooms, dining spaces, and bedrooms, wood and laminate flooring is used. Housing renovation and maintenance have increased steadily in the recent past and are expected to further increase in the coming years, owing to the increasing disposable income of people. All these factors are expected to fuel the demand for flooring in the residential sector.

Non-Residential

The non-residential sector includes healthcare, education, hospitality, retail, office, and public buildings. In this sector, the demand for flooring is expected to be driven by higher spending on office spaces & other commercial & institutional constructions and greater focus toward employee comfort. Floors of non-residential buildings need to withstand heavy foot traffic and heavy furniture load. Application of appropriate flooring material in non-residential structures not only helps in reducing noise impact caused by footsteps, but also adds to the aesthetic value of the interior space.

In case of hospitals, flooring needs to withstand heavy, continuous foot traffic, medical equipment, carts, beds, and others. Corridors and public spaces are the areas with the highest traffic, for which vinyl composition tile (VCT) and sheet vinyl flooring are generally preferred; luxury vinyl tile (LVT) sheets and linoleum are preferred for emergency and operating rooms, as these materials have a coating that resists chemical staining from medical products and bodily fluids. This type of flooring promotes indoor air quality with low emissions of volatile organic compounds. In case of hotels, flooring needs to be attractive, durable, easy to maintain, and cost-effective. It must be able to withstand heavy foot traffic, without impacting the aesthetic appeal. Carpet, laminate, and vinyl flooring are the most widely used flooring options in hotels.

Critical questions the report answers:

Where will all these developments take the industry in the mid to long term?

What are the potential markets for flooring industry?

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In 2017, Asia Pacific is projected to be the fastest-growing market for flooring from 2018 to 2023. The low manufacturing cost, increasing disposable income of the population, and favorable policies and plans such as National New-type Urbanization Plan in China drive the growth of the flooring market in Asia Pacific. China was the largest country-level market in the region owing to the growing construction industry.

Disposal of waste acts as the main challenge for the growth of the market. The global market is dominated by players such as Mohawk Industries (US), Shaw Industries (US), Tarkett (France), Armstrong Flooring (US), Forbo (Switzerland), Gerflor (France), Interface (US), Beaulieu International (Belgium), TOLI Corporation (Japan), and Milliken & Company (US). These players are increasingly undertaking mergers and acquisitions, expansions & investments, partnerships, and product launches to develop & introduce new products in the market and to expand their market presence.