(IT-NEWSWIRE.COM, January 17, 2023 ) The Flooring Market is estimated at USD 339.29 billion in 2018 and is projected to reach USD 447.74 billion by 2023, at a CAGR of 5.7%. The rise in population and rapid urbanization is expected to drive the growth of the flooring market. Floor covering is a well-engineered material applied over a floor structure in order to provide a walking surface. It provides a level surface and supports static and dynamic loads. The various materials generally employed for flooring purposes include carpets & rugs, ceramic tiles, wood, laminates, vinyl tiles & sheets, and stones. It plays a vital role in enhancing the aesthetics of residential and commercial construction.
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On the basis of type, by material, the market for flooring is segmented into carpets & rugs; resilient flooring which includes vinyl and others (cork, linoleum, rubber, and resin); and non-resilient flooring which includes ceramic tiles, wood, laminate, stone, and others (bamboo and terrazzo). Vinyl is expected to be the fastest-growing segment of the Flooring Market from 2018 to 2023. Its resistance to mold, mildew, and moisture make it one of the most suitable flooring options for kitchens, bathrooms, and laundry rooms where occasional spills and moisture are the major concerns. Its low cost and easy installation also contribute to its growing popularity in a range of residential and commercial applications.
On the basis of end-use industry, the non-residential is projected to be the faster-growing segment from 2018 to 2023. In this industry, the demand for flooring is expected to be driven by higher spending on office spaces and other commercial & institutional constructions and growing focus toward employee comfort. The floors of non-residential buildings need to withstand heavy foot traffic and heavy furniture load. The application of appropriate flooring materials in non-residential structures not only helps in reducing noise impact caused by footsteps but also adds to the aesthetic value of the interior space.
Asia Pacific is projected to be the fastest-growing market in the global flooring industry, with China accounting for the largest market share in this region, followed by India. In terms of growth rate, Asia Pacific was followed by the Middle East & Africa, North America, South America, and Europe. Increase in population, the rise in disposable income, growth in renovation & remodeling activities, and increase in investments in the residential and commercial sectors are expected to drive flooring market in Asia Pacific.
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The key players operating in the flooring market 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). These players have an extensive product portfolio and a wide geographical presence. New product launches, expansions, investments, acquisitions, and partnerships are some of the major strategies adopted by key players operating in the flooring market.
Mohawk Industries (US) is one of the key manufacturers of flooring materials. Its extensive flooring product portfolio comprising carpet & rugs, ceramic tiles, stone, hardwood, laminate, and luxury vinyl tiles cater to a variety of application areas in the construction industry. The strong global presence and adoption of growth strategies such as acquisitions, expansions, and investments have ensured its leading position in the market. In January 2018, the company announced a USD 10 million investment to expand its manufacturing operations in Glasgow, Virginia, US.
Shaw Industries (US), a subsidiary of Berkshire Hathaway Company, is a full-service flooring company. Its businesses are supported by a wide marketing and distribution network and have established a reputation gaining strong customer support. Over the years, Shaw Industries has expanded its activities into Europe and China. In February 2018, the company acquired Scotland-based carpet tile manufacturer named STS (Sanquhar Tile Services) to expand its presence in the European region.
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