Flooring Market - Forecast(2021 - 2026)

 Overview

Flooring Market is forecast to reach $506.8 billion by 2025, after growing at a CAGR of 5.9% during 2020-2025. Due to the rise in renovation and remodeling activities resulting from rapid industrialization and urbanization, the market is projected to witness steady growth in the upcoming years. Rising expenditure in the construction industry, increasing population and raising emphasis on interior decoration are also key factors driving the flooring industry globally.

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Report Coverage

The report: “Flooring Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Flooring Market.

Key Takeaways

• Globally, the floor-covering industry's development rates are close to those of other construction industry segments. Increasing focus on performance and sticking to strict deadlines, while at the same time adhering to the plan, are factors that drive the flooring industry trends.
• The increasing number of DIY projects would fuel market growth due to reduced price of home improvement, the availability of necessary technical skills, and the expansion of supply of DIY products. Adoption of premium products to enhance the overall building structure's esthetic appearance will support the expansion of the flooring business. Increasing disposable incomes and increased socialization are also prompting consumers to spend more on improving their homes.

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By Material - Segment Analysis

The non-resilient flooring segment will account for the highest market share across various segments. Non-resilient flooring is a hard surface flooring consisting of inflexible, organic and hard surface flooring materials including ceramic tile, porcelain tile and natural stone. Over the forecast period, excellent water resistance and durability offered by these products are expected to boost their demand in both commercial and residential buildings. Rising residential and commercial construction activities across the globe are expected to propel the demand for non-resilient products such as ceramic tiles and stone flooring over the projected period. Continuous development for manufacturing versatile and innovative flooring products on account of enhancements in digital printing technologies is expected to show a positive influence on overall industry growth. Product variation in terms of design and sizes offered by the manufacturers is expected to have a positive impact on the market.

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By Application - Segment Analysis

In 2019, the residential segment dominated the market and this pattern is projected to continue until 2027 as a result of demand for esthetic flooring materials and a growing trend towards interior decoration. Housing rehabilitation and improvement has steadily increased in the recent past and is expected to increase further in the coming years due to people's rising disposable income. As the residential market has seen growth in recent years, suppliers of ceramic and stone products have increased their reliance on home centers and online retail channels strategically. Developed countries like the U.S. import large volumes of ceramic tiles from China, Mexico, and Italy. The non-resilient requirements of commercial and industrial flooring, however, lagged behind in terms of demands owing to the lack of replacements and the overall decline in the construction activity in public buildings.

Geography - Segment Analysis

Due to the increasing number of construction projects in developing regions, Asia Pacific dominates the global flooring market with a market share of 39% in 2019. North America and Europe are experiencing high growth in the global market. In order to achieve rapid economic growth, the U.K, Germany , the U.S, China, India, Australia, Japan, Malaysia, Canada, Spain, Indonesia, Brazil, and Italy are investing a huge amount of money in the construction industry to develop infrastructure such as hospitals, health care and transport. In the international flooring industry, developing economies like China and India play an important role. Due to increased urbanization and strong residential usage, the rapid rate of growth in the construction industry is further anticipated to raise the global market.

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