(EMAILWIRE.COM, September 15, 2022 ) 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. 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.
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The residential segment is estimated to dominate the market, in terms of value, through 2027.
The residential segment dominated the market in 2017 and this trend is projected to continue through 2027, as a result of the demand for aesthetic flooring materials and growing trend toward interior decoration. Housing renovation and maintenance have increased steadily in the recent past and are expected to further increase in the coming years, owing to the increasing disposable income of people. These factors are expected to fuel the demand for flooring in the residential sector.
The Asia Pacific market for flooring is projected to grow at the highest CAGR from 2018 to 2027.
Asia Pacific is projected to be the fastest-growing market for flooring during the forecast period. The growth in the region can be attributed to the growing construction industry, supportive government policies & plans, and rapid urbanization. China is projected to grow at the highest CAGR in the Asia Pacific flooring market during the forecast period. The Middle Eastern & African market is projected to grow at the second-highest CAGR between 2018 and 2027.
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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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