Flooring Industry Overview
The global flooring market size was valued at USD 388.24 billion in 2020 and is expected to reach USD 621.54 billion by 2028, registering a CAGR of 6.1% over the forecast period.
Increasing government spending on infrastructural development is expected to play an important role in augmenting the demand for flooring. The rising need for comfort and privacy owing to noisier surroundings has spurred the demand for insulation across the flooring market as a well-insulated floor creates an improved sound environment. This has resulted in the growing demand for insulation, thereby supporting market growth. Moreover, consumer preferences for aesthetically improved designs, textures, & colors and low-maintenance & easy-to-install floorings are anticipated to ascend the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Flooring Market
Strong industrial and economic development coupled with population expansion is likely to have a positive impact on the product demand over the forecast period. In addition, the development of private-sector construction companies in India, China, and the UAE is anticipated to aid the construction spending, thereby benefiting the overall market growth.
The development of hassle-free installation techniques, availability of innovative construction solutions, and the rising demand for environmentally sustainable products are anticipated to fuel the industry growth. The presence of a stringent regulatory framework on the production, usage, implementation, and recycling is also likely to have a positive impact on the market growth.
Increasing investments and continuous R&D in flooring products have led to the introduction of flooring materials with enhanced durability and strength. Moreover, customization options, in terms of color, texture, and finishing, offered by the manufacturers have contributed to higher product demand, thereby augmenting the market growth.
Flooring Market Segmentation
Based on the Product Insights, the market is segmented into Soft Covering, Resilient, Non-resilient and Seamless.
Based on the Application Insights, the market is segmented into Residential, Commercial and Industrial.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Market Share Insights
Key Companies Profile:
Several manufacturers are engaged in research & development activities to introduce sustainable flooring materials. Moreover, companies are focusing on extending their geographical presence and product portfolios to sustain the competitive environment. Some prominent players in the global flooring market include,
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