Outlook on the Flooring Global Market to 2028 - High Demand for Luxury Vinyl Tiles Presents Opportunities
Dublin, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The "Flooring Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global flooring market is expected to grow at a CAGR of 5.77% during 2022-2028. The flooring demand is mainly concentrated in countries such as the US, Japan, China, the UK, Germany, and France.
However, developing Asian economies such as India is witnessing increased adoption of flooring products owing to developing industrial or non-residential sector.
Further, developing countries are expected to witness the highest CAGR of over 5% in 2030 due to increasing construction and infrastructure activities.
China is projected to be the largest contributor to the global flooring market in terms of revenue during the forecast period. Increased investments in residential and commercial construction sectors will drive the demand for flooring products in China.
Further, the growing penetration of prefabricated building manufacturers and the rising disposable income to invest in decorative buildings expect to fuel flooring sales.
Moreover, increasing demand for LVT due to the ease of its availability, installation, and durability in a cost-effective manner, especially in the residential sector, is expected to drive the LVT market growth. Thus, during the forecast period, LVT flooring is expected to be a vital part of the flooring in the market.
Market Trends and Opportunities
High Demand for Luxury Vinyl Tiles
Luxury vinyl tiles are one of the most preferred flooring materials as they are the most durable and high-quality, with low maintenance at affordable prices.
With factors such as stains, scratches, mildew, or mold, LVT is highly preferred in entry zones and heavy traffic areas. Luxury vinyl is available in a wooden look form with a soft underfoot feeling, available in a tile and plank form. LVT is mainly preferred for bedrooms, fancy areas, and living rooms of residence for a perfect finishing and classy look.
Hence, the residential sector is expected to create considerable demand for the LVT flooring industry during the forecast period. Moreover, the cost of LVT is low compared to carpet and hardwood floors in the market.
Emerging New Technologies In Flooring Market
With the advent of modernization, the flooring industry is adapting emerging technologies in the market. Many companies are focusing on manufacturing engineered wood flooring products in the industry. Engineered wood flooring is one of the classic, timeless, modern floor coverings with improved material quality.
Technology and manufacturing advancements have helped manufacturers create technologically superior and modified versions of hardwood flooring or engineered wood floors. With dimensional stability and superior moisture resistance features, engineered wood flooring is highly preferred for residential and commercial flooring. Some benefits of engineered wood flooring include a wide range of design and color options, easy to install and durable, and budget-friendly.
Lack of Skilled Labor
Most global building constructors, associations, and construction firms estimate that the lack of skilled labor will significantly impact construction activities' productivity during the forecast period. Construction firms are looking for ways to cope with the skilled labor shortage.
Such factors challenge the global construction industry, restraining the flooring market growth. Various laborers being deployed in flooring work at construction sites lack skills for carrying out their job. However, in most growing economies, flooring contractors provide dedicated training for employers in handling chemicals used for flooring and equipment used for flooring tiles applications.
The global flooring market is highly fragmented, with several top vendors operating. However, the industry is witnessing consolidation, albeit at a slow pace. Over the past couple of years, the industry has witnessed the entry of many external players with new product innovation, quality, price, service, and technology to drive up their share in the flooring market.
Further, mergers and acquisitions are common within the industry as players look to expand and become more comprehensive in their offerings. This trend is witnessed among vendors in a landscape where new business models and focus on developing the portfolio of their establishments are expected to drive growth.
Some of the key leading vendors in the global flooring market are MOHAWK INDUSTRIES, BERKSHIRE HATHAWAY (Shaw Industries), Tarkett, Beaulieu International Group (B.I.G), Interface, and more. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades in flooring. The present scenario forces vendors to alter and refine their unique value proposition to achieve a strong industry presence.
Many international players are expected to expand their business globally during the forecast period, especially in the fast-developing APAC and Latin American countries. In addition, improving global economic conditions would fuel the overall market's growth, making it an attractive time for vendors to launch new units. The leading vendors can expect an intensely competitive environment during the forecast period because of the increased demand for infrastructural development in the commercial sector.
Key Company Profiles
Mohawk Industries, Inc.
Beaulieu International Group (B.I.G.)
LL Flooring Holdings
Shaw Industries Group (Berkshire Hathaway)
Other Prominent Vendors
Burke Flooring (Mannington Commercial, Mannington Mills)
Pamesa Ceramica Compactto
Key Questions Answered:
How big is the flooring market?
What is the growth rate of the flooring market?
Which region dominates the global flooring market?
Who are the key players in the global flooring market?
What are the key driving factors in the flooring market?
No. of Pages
2022 - 2028
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.3.1 Market Segmentation by Product
4.3.2 Market Segmentation by Application
4.3.3 Market Segmentation by Distribution Channel
4.3.4 Market Segmentation by End-user
4.3.5 Market Segmentation by Non-Residential End-user
4.3.6 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Premium Insights
6.1 Market Definition
6.2 Report Overview
6.3 Russia-Ukraine Trade Issues
6.4 Analysis of Opportunities & Challenges
6.5 Segment Analysis
6.6 Regional Analysis
6.7 Competitive Landscape
7 Market at a Glance
8.1.1 Residential Construction
8.1.2 Non-Residential & Industrial Construction
8.1.3 Public Infrastructural Constructions
8.2 Overall Construction Industry Outlook
8.3 Global Economic Scenario
8.4 Russia-Ukraine Trade Issues
8.5 Recent Developments
8.6 Risk Factors in Market
8.7 Value Chain Analysis
8.7.1 Material Suppliers
9 Market Opportunities & Trends
9.1 Surge in Digital Marketing Partnerships
9.2 Emerging New Technologies in Flooring Market
9.3 High Demand for Luxury Vinyl Tiles
10 Market Growth Enablers
10.1 Growing Infrastructural Development in Commercial Sector
10.2 Increase in New Construction and Remodeling Projects in Residential Sector
10.3 Rising Demand for Flooring Products in Sports Industry
10.4 Mass Township Projects
11 Market Restraints
11.1 Rise in Environmental & Health Concerns
11.2 Significant Demand for Concrete Flooring in Low- and Middle-Income Countries
11.3 Lack of Skilled Labor
12 Market Landscape
12.1 Market Overview
12.2 Key Insights
12.3 Demand Insights
12.4 Vendor Analysis
12.5 Consumer Buying Behavior
12.6 Market Size & Forecast
12.7.1 Market Size & Forecast
12.8.1 Market Size & Forecast
12.9 Distribution Channel
12.9.1 Market Size & Forecast
12.10.1 Market Size & Forecast
12.11.1 Market Size & Forecast
12.12 Five Forces Analysis
12.12.1 Threat of New Entrants
12.12.2 Bargaining Power of Suppliers
12.12.3 Bargaining Power of Buyers
12.12.4 Threat of Substitutes
12.12.5 Competitive Rivalry
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Non-Resilient Flooring
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market by Geography
13.3.4 Wood & Laminate: Market Size & Forecast
13.3.5 Market by Geography
13.3.6 Ceramic Tiles: Market Size & Forecast
13.3.7 Market by Geography
13.3.8 Carpet: Market Size & Forecast
13.3.9 Market by Geography
13.3.10 Others: Market Size & Forecast
13.3.11 Market by Geography
13.4 Resilient Flooring
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Geography
13.4.6 Vinyl Sheets
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market by Geography
14.4 New Construction
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
15 Distribution Channel
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3.1 Market Overview
15.3.2 Market Size & Forecast
15.3.3 Market by Geography
15.4.1 Market Overview
15.4.2 Market Size & Forecast
15.4.3 Market by Geography
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.3.1 Market Overview
16.3.2 Market Size & Forecast
16.3.3 Market by Geography
16.4.1 Market Overview
16.4.2 Market Size & Forecast
16.4.3 Market by Geography
16.4.4 Medical & Care Centers: Market Size & Forecast
16.4.5 Market by Geography
16.4.6 Retail Stores: Market Size & Forecast
16.4.7 Market by Geography
16.4.8 Educational Facilities: Market Size & Forecast
16.4.9 Market by Geography
16.4.10 Hospitality & Lodging: Market Size & Forecast
16.4.11 Market by Geography
16.4.12 Offices: Market Size & Forecast
16.4.13 Market by Geography
16.4.14 Sports & Entertainment: Market Size & Forecast
16.4.15 Market by Geography
16.4.16 Others: Market Size & Forecast
16.4.17 Market by Geography
19 North America
21 Middle East & Africa
22 Latin America
23 Competitive Landscape
24 Key Company Profiles
25 Other Prominent Vendors
26 Report Summary
27 Quantitative Summary
For more information about this report visit https://www.researchandmarkets.com/r/w35t9k-market?w=12
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