Flooring Market Expected to Reach USD 558.2 Billion by 2031, Growing at a CAGR of 5.6%

Rising spending on residential and non-residential construction driven by global urbanization and population growth

WILMINGTON, DE, UNITED STATES, November 7, 2024 /EINPresswire.com/ -- The flooring market has experienced considerable growth over the last decade, driven primarily by increased investment in both residential and non-residential construction. This growth is largely attributed to the rise in urbanization and population expansion across many regions worldwide, leading to higher demand for construction materials, including flooring. As a result, many companies in the flooring industry are expanding their operations globally to strengthen their market positions. According to Allied Market Research, the 𝐟𝐥𝐨𝐨𝐫𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 was valued at $320.3 billion in 2021 and is projected to reach $558.2 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

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Within the flooring market, a range of printed flooring solutions are available, primarily categorized into digital and traditional printing types. In 2021, the traditional printing segment led the market in revenue due to the availability of various large- and small-scale industries focused on traditional printing. The use of traditional printing remains popular, as it is often cost-effective and accessible, particularly in regions where small businesses play a significant role in the industry.

When analyzing flooring materials, ceramic emerged as the dominant material type in 2021, capturing the highest revenue share. This popularity can be attributed to ceramic’s affordability, ease of availability, and low maintenance requirements. Ceramic flooring is often favored in high-traffic areas and is widely used in both residential and commercial spaces, contributing to its strong market position. On the other hand, other materials like vinyl and laminate are gaining traction as more consumers seek affordable, durable, and visually appealing options.

In terms of end-user industry, the non-residential segment is expected to witness the highest growth rate during the forecast period. This surge is driven by increased investment in commercial and industrial construction projects, especially in rapidly urbanizing regions where demand for public infrastructure, commercial spaces, and office buildings is rising. The economic growth and higher disposable incomes in emerging markets are also fueling this demand, as these factors encourage new construction and renovation projects.

Geographically, the Asia-Pacific region led the flooring market in 2021, holding the largest revenue share. This growth is spurred by rapid urbanization, economic development, and a strong demand for new construction in countries such as China, India, and Indonesia. Additionally, the flooring market in Latin America, the Middle East, and Africa (LAMEA) is anticipated to grow at a high CAGR, supported by increasing urbanization and infrastructure development in these regions.

The flooring market’s growth is further supported by the rise in public-private partnerships (PPPs) worldwide, which are helping to drive non-residential construction projects. Moreover, a growing awareness of environmental issues is pushing consumers and businesses toward sustainable flooring solutions. In response, key players in the market are introducing eco-friendly products that appeal to environmentally conscious buyers. For example, in November 2021, Lord Parquet introduced a 100% recyclable flooring solution made from degradable polyethylene, appealing to the increasing demand for sustainable products.

The COVID-19 pandemic temporarily disrupted the flooring market as manufacturers worldwide, including in major markets like China, the U.S., and India, were forced to halt production during lockdowns. The shortage of raw materials and labor constraints created supply chain challenges that slowed market growth. However, following the introduction of vaccines and the easing of restrictions, the market has shown signs of recovery, with companies quickly ramping up production to meet the renewed demand.

Key players profiled in the flooring market report include Armstrong Flooring, AZEK Company, Beaulieu International Group, Citadel Floors, Ebaco India Pvt. Ltd., ECORE International, Inc., Fiberon, Forbo Flooring, Gerflor, Interface Inc., Iron Woods, Mats Inc., Milliken and Company, Mohawk Industries Inc., Shaw Industries, Tarkett S.A., and Toli Corporation. These companies are using various strategies to stay competitive, including product innovation, expansion into new regions, and sustainability initiatives.

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In summary, the flooring market is benefiting from increased urbanization, investments in construction, and a shift toward eco-friendly products. The traditional printing segment currently leads in revenue, while ceramic remains the most popular material due to its affordability and ease of maintenance. With significant growth expected in non-residential applications and continued expansion in regions like Asia-Pacific and LAMEA, the flooring market is well-positioned for steady growth through 2031. This growth will be further supported by ongoing trends in sustainability and innovations by key industry players.

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David Correa
Allied Market Research
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