Flooring Market Size, Trends
Flooring Market Forecast
According to 2023 statistics, the worldwide flooring market was worth USD 277.67 billion, and a forecast report shows that a compound annual growth rate (CAGR) of 5.4% is expected from 2023 to 2030. In these past few years, the growth of flooring companies has been a result of increasing demand for aesthetic, superior, and durable floor covering solutions and changing consumer trends in floor design.
Furthermore, some other factors that have also contributed to the market growth of these flooring companies are the constant expansion of offices & workspaces, improvements in consumer lifestyles, and rapid urbanization. In addition, another factor that has also contributed to these growths is the rising population, which calls for fast-paced infrastructural development.
Due to these growths, an increase in investment to make room for comfort in residential buildings has surfaced due to the growing disposable income. In addition, market demand is being driven by the constant growth of high-end residential housing structures and the growing preference for single-family.
Due to the all-time rising flooring demand from various companies, both domestic and foreign manufacturers are now stockpiling and investing bountifully in the US regional market. Huge companies’ construction has commenced and ended.
For example, Amazon, the world’s largest retailer and marketplace, commenced the construction of its HQ2 building in 2020 and completed it in 2023 which was estimated to be worth USD 2.5 billion. More large investments in likely projects have been adding prominence and demand to the flooring business, hence increasing the U.S. flooring market size.
Moreover, some factors like the improvement in their easy-to-install methods, their availability, and rising demand for environmentally sustainable products have continuously increased the growth of the industry. The market growth is also expected to be greatly impacted positively by the rigid regulatory framework which is usually during the creation, use, execution, and recycling stages.
Besides, the increase in customer inclinations for aesthetically developed textures, designs, and colors including the easy-to-install floorings and low maintenance are likely expected to increase the market growth. In relation, the demand for insulation for privacy and comfort which are a result of noise pollution, and demands for insulated floors for a nice acoustic environment have also driven the market by an edge. In all actuality, flooring insulation demand has risen which has helped the market growth.
Market Focus and Attributes
While checking the flooring market analysis, the market growth stage remains minimal, but the rate of growth seems to grow and accelerate. Due to the availability of voluminous manufacturers, the market seems to be highly fragmented. That is, these manufacturers compete on the product quality basis, and prices to increase their relevance in residential and commercial use.
A high degree of development has given a new flooring market outlook as well-known players in the market are concentrating on making more profits by investing in product enhancement and waterproofing properties. However, the variety of designs and textiles is a result of the digital printing technologies that ceramic tile manufacturers utilize.
An elevated degree of merger and acquisition (M&A) activity by players has impacted the market. Players here place their concentration on accomplishing ideal business development and a solid market position by embracing different techniques like joint ventures, integration by acquisitions, and mergers. A typical example is seen in the completed several acquisitions over the years by Mohawk to improve its item portfolio and extend its geological reach worldwide.
Increasing regulatory scrutiny has also impacted the market, such that government parastaters support feasible production practices to lessen the destructive environmental influences, which will probably bring sluggishness to market development. Recently, a move by China with the intent to lessen outflows of volatile organic compounds (VOC) Is expected to fundamentally affect the vinyl flooring industry.
However, less impact is expected as substitutes from traditional flooring materials – or luxury flooring – which include carpet, ceramic, natural stone, laminates, woods and others are accessible on the lookout. On the other hand, the threat is opposed to the market due to the development of eco-friendly arrangements which include bamboo, natural linoleum, rubber and cork. Due to this, high threat of internal substitutes is anticipated over the estimated period.
The global demand consists of buyers spanning over from residential, commercial, and industrial businesses. Mostly, in countries like China, Brazil, and India, urbanization and progress in industries are expected to bring about very good quality concentration.
Products Insights
In 2023, the vitrified (Porcelain) tile flooring segment accounted for more than 25% of revenue share after it dominated the market. This is possible due to certain properties of porcelain tiles like their additional strength, a great flooring web design, and greater sturdiness in contrast with general ceramic tiles.
In addition, these tiles can endure outrageous temperatures and are produced using ultrafine and denser clays.
Likewise, an addition to their durability lies in the features, like, mold and resistance to bacteria presented by impenetrable porcelain tiles significantly expanding the drawn-out worth of floor covering. Furthermore, the flooring product remains intact and is not difficult to keep up with.
In 2023, over 20% of the total revenue industry share was as a result of the ceramic tiles segment. They are majorly of three types, which are; specifically glazed tiles, unglazed tiles, and scratch-resistant tiles. These scratch-resistant are feasible for use in high footfall regions, like pathways, landscapes, shop floors, and parking to provide solutions for the gigantic application of pressure.
In 2023, the estimation of the hardwood flooring and laminate flooring segment was about USD 53.6 million, and a further growth of substantial CAGR is expected in the coming years. The cause of the growth lies in the rising significance of wood due to its use in residential and commercial settings. Various advantages such as durability, strength, aesthetics, easy maintenance, steady appearance, easy refinishing, high monetary value, enhanced air quality, and enhanced acoustics are offered.
When compared to other flooring products, natural stone is somewhat costly. Included in these products are limestone, sandstone, quartzite, and others. Durability, lasting value, and beauty are the major reasons for natural stone flooring use. They are suitable for every aspect of the house, like the living room, hallways, outdoor areas, and bathrooms. Due to their rise in demand, organizations are trying to reinforce their position in the market.
Frequently Asked Questions
What is the growth of the flooring market?
The compound annual growth rate (CAGR) of the flooring market growth is 5.6%, which is expected to reach a volume of USD 398.27 billion by 2030
How big is the flooring market?
As of 2022, the global flooring market was estimated at USD 266.48 billion and was expected to reach a scale of USD 277.67 billion in 2023 (update, 2023 statistics show the worldwide flooring market was worth USD 277.67 billion).