Flooring offers a unique feeling to the consumers and is made from durable materials such as hardwood and ceramic which increases the demand for hardwood and ceramic flooring for residential purposes. The growing urban populace, rapid urbanization, rise in disposable income of consumers, and industrialization resulted in the flooring global market's positive growth. The increased focus on remodeling offered an added stimulus to the market of flooring, particularly sustainable floorings such as reclaimed wood which is growing as retailers are concentrating more on eco-friendly and biodegradable products. Sustainable flooring installations, too, assist in increment of building's LEED or Leadership in Energy and Environmental Design points. Increased investments in interior furnishings and architectural beauty to glamorize the houses and an upsurge in housing units are the factors propelling the flooring market growth. Technological advancements made the flooring materials water- and stain-resistant and with the assistance of technology, raw materials have been designed aesthetically with protection against harmful chemicals and increased temperatures. Advanced materials are being utilized as temperature and noise absorbers to augment user safety.
Amid the COVID-19 crisis, the global market for Flooring estimated at US$369.6 Billion in the year 2022, is projected to reach a revised size of US$474.5 Billion by 2026, growing at a CAGR of 6% over the analysis period. Non-Resilient Flooring, one of the segments analyzed in the report, is projected to grow at a 6.1% CAGR to reach US$303.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Resilient Flooring segment is readjusted to a revised 6.7% CAGR for the next 7-year period. This segment currently accounts for a 15.9% share of the global Flooring market. The non-resilient product segment dominates the flooring market and attributed to more than half of the global revenue share because of an increase in commercial and residential activities worldwide. The resilient segment has been expected to witness rapid growth because of the increased demand for resilient flooring in commercial applications. Resilient flooring is cost-efficient, durable, and perfect for heavy traffic commercial and residential areas due to the noise reduction and easy maintenance capabilities.
The U.S. Market is Estimated at $48 Billion in 2022, While China is Forecast to Reach $90.6 Billion by 2026
The Flooring market in the U.S. is estimated at US$48 Billion in the year 2022. The country currently accounts for a 13.17% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$90.6 Billion in the year 2026 trailing a CAGR of 7.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR while Rest of European market (as defined in the study) will reach US$37.2 Billion by the end of the analysis period.
The Asia-Pacific (including China and Japan) dominates the global flooring market because of increased applications of flooring in industrial and commercial sectors. The reforms of the Indian government for the construction sector's development in India remarkably contributed to the regional flooring market growth. Programs such as Housing for All by the Indian government are estimated to encourage the demand for floorings. Flooring materials' growing demand in different end-use industries in China is estimated to propel the flooring market growth further. The North American region's flooring demand is estimated to increase with consumers' shifting preferences and demand for better designs and product variation. The firmly established construction sector in Canada and the US with growing demand for single-family homes is estimated to offer growth opportunities for the flooring market.
Soft Coverings Segment to Reach $59.2 Billion by 2026
Softs floors have many advantages like flexibility and comfort. Rugs and carpets are common options for soft floors. Carpeting offers wall to wall coverage while rugs are basically used to cover spaces. This kind of flooring is generally used in interior spaces and is suitable for both high and low traffic zones. In the global Soft Coverings segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$29.6 Billion will reach a projected size of US$40.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$11.3 Billion by the year 2026, while Latin America will expand at a 5.5% CAGR through the analysis period.
News Provided by Global Industry Analysts, Inc.