According to a research report titled "Flooring Market Type by Material (Carpets & Rugs, Resilient (Vinyl, Cork, Linoleum, Rubber, Resin), Non-resilient (Ceramic, Stone, Wood, Laminate)), End-use (Residential, Non-residential), and Region - Global Forecast to 2027", published by MarketsandMarkets, the global flooring market size is expected to grow to USD 542.5 billion, up from USD 339.3 billion, as of 2018, at a CAGR (Compound Annual Growth Rate ) of 5.7%.
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One of the most significant factors for the (expected) steady growth is the rise in renovation and remodeling activities (in households, as well as commercial buildings), as an effect of rapid industrialization and urbanization throughout the world. Some of the other factors contributing to the expected growth are an increase in investments in the construction industry, rise in population, and a growing focus and interest toward interior decoration in households.
Vinyl Segment to Grow Fastest During the Forecast Period
The reason why vinyl is considered one of the most versatile materials in flooring is manifold.
Vinyl’s resistance to mold, mildew, and moisture makes it easier to clean and maintain a kitchen, making it one of the most suitable flooring options. Its low cost and easy installation also contribute to its growing popularity in both residential and commercial applications alike.
LVT (Luxury Vinyl Tile) is a type of vinyl flooring that is gaining popularity as a versatile flooring solution since it offers durability along with a myriad of design options. Due to its minimal maintenance and high strength, it is also considered a more economical option than its other premium material counterparts. All such factors have led to an increasing application and usage of vinyl flooring in a variety of sectors, including the corporate, hospitality, healthcare, residential, and other commercial sectors.
The Residential Sector Expected to Dominate the Flooring Market
As of 2017, the residential segment comprises the largest share of the flooring market. This trend is expected to continue and rise steadily until 2027. One of the most compelling factors for this is the increasing demand for aesthetically pleasing flooring materials, which also reflects a growing interest in interior decoration as a trend. With the rise of economies globally, and the rise of income in households in both developed and emerging economies, housing renovation and maintenance (often as a reflection and/or symbol of lifestyle, culture and status), as trends, have increased steadily in the recent past, and are expected to grow even more in the foreseeable future.
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The Asia-Pacific Region Projected to Grow at the Fastest CAGR
The Asia-Pacific region is slated to be the fastest-growing market for flooring plans during the forecast period. Some of the attributes resulting in the high demand for flooring plans in this region are rapid urbanization and the growing construction industry. What also helps is that the governments of this region have implemented policies and plans that support the growth of the flooring market. Within the Asia-Pacific region itself, China is projected to grow at the highest CAGR during the forecast period. The Middle Eastern and African markets are expected to follow China with the second-highest CAGR by 2027.
Some of the key players, from around the world, in the business of flooring plans include 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).
With an extensive product portfolio and a wide geographical presence, these key players have adopted a diverse range of major strategies to remain at the top of the flooring market. New product launches, expansions, investments, acquisitions, and partnerships are some of them.
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