The global flooring market continues to flourish, with ceramic tiles, vinyl, and wooden flooring emerging as popular choices for both functional and fashionable interior designs. Flooring accounts for approximately 10% of the total project cost in building and construction activities, making it a substantial contributor to the industrys growth.
Market Overview
As of 2018, the global flooring market encompassed an estimated 14 billion square meters, classified into two major categories: resilient and non-resilient. Resilient flooring, known for its durability and versatility, has seen remarkable growth, especially within the luxury vinyl tiles (LVT) segment. Luxury vinyl tiles are expected to maintain double-digit growth even in well-established markets like North America and Europe.
Non-resilient flooring, composed of rigid materials like ceramic tiles, engineered wood flooring, marble, terrazzo, and concrete, remains a solid choice, with ceramic tiles leading the market, accounting for over 50% of total flooring volume in 2019. Meanwhile, the carpets and rugs category gains popularity in spaces where comfort, noise reduction, and warmth are paramount.
Bright Future Ahead
According to the latest research report from Fairfield, the global flooring market is projected to reach a value of US$285.5 billion by 2025, showing a steady CAGR of 6.9% during the forecast period from 2021 to 2025.
Residential Reigns Supreme
In 2019, residential buildings dominated the global flooring market, contributing to more than 55% of the total market value. The rise in disposable income and the surge in single-family home construction in emerging countries have been key drivers of this trend. Additionally, ongoing construction projects, both residential and commercial, along with urban development initiatives, are expected to fuel demand for various flooring materials, including vinyl, carpets, wood, and ceramic tiles, in the coming years.
Sustainability and Trends
Changing consumer preferences driven by urbanization and sustainability concerns have significantly impacted the flooring industry. Consumers seek low-maintenance options and flatter floors, while commercial and industrial spaces prioritize greener technologies to conserve energy. Flooring plays a substantial role in achieving sustainability goals, as it covers a large surface area and contributes to climate control within buildings.
Regional Leaders
Asia Pacific took the lead in the global flooring market in 2019, accounting for over 44% of the total market share, with China and India at the forefront. Rapid industrialization, urbanization, and housing development projects have propelled the regions flooring market. In the Middle East and Africa, urban development and construction projects have led to increased demand for materials such as ceramic tiles, vinyl, and concrete flooring.
North America, on the other hand, has seen a shift in preferences away from carpets and rugs towards other flooring materials due to increasing competition. High-end carpets and rugs, particularly those made from wool blends, continue to perform well in this market.
Competition and Innovation
The global flooring market is highly competitive, featuring a mix of global and regional players, including many small-sized enterprises and imports from cost-competitive emerging countries. Technological innovation is driving sustainable business practices, with companies developing innovative flooring materials, designs, and formats. Advances in technology have enabled manufacturers to create flooring with raised textures and intricate designs for enhanced aesthetic appeal.
In 2020, Welspun Flooring Limited, a subsidiary of the Welspun Group, launched a state-of-the-art US$145 million manufacturing facility in Telangana, India. This facility offers a wide range of innovative flooring materials, including carpet tiles, broadloom carpets, and greens. Notably, it features the patented and technologically advanced product Click N Lock(R) tiles, manufactured from stone and polymer composites.
The global flooring market shows no signs of slowing down, with diverse preferences, sustainability concerns, and technological advancements shaping the industrys future. As consumers continue to prioritize functionality, aesthetics, and sustainability in their flooring choices, the market is poised for ongoing growth and innovation.
Global Flooring Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2025 – [2023 UPDATE Available – Forecast 2023-2030*] (By Product Coverage, By Application Coverage, By Geography, By Company) https://www.fairfieldmarketresearch.com/report/flooring-market
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COMTEX_440910065/2840/2023-09-25T13:12:25
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