Flooring Market Is Flourishing With Healthy CAGR By 2028

Flooring Industry Overview

The global flooring market size is expected to reach USD 621.54 billion by 2028 registering a CAGR of 6.1%, according to a new report by Grand View Research Inc. Rising urbanization and expansion of ultramodern workspaces and offices coupled with evolving consumer lifestyle are expected to drive the market growth.

 

Flooring Market Segmentation

Grand View Research has segmented the global flooring market on the basis of product, application, and region:

 

Based on the Application Insights, the market is segmented into Residential, Commercial and Industrial.

• The residential application segment led the market and accounted for more than 54% share of the global revenue in 2020.
• Rising demand for highly durable and cost-efficient flooring for use in high-traffic commercial areas is projected to boost the commercial application segment growth over the forecast period.
• Favorable growth of the housing sector in emerging markets including South Africa, Turkey, India, China, and the Middle Eastern countries, on account of the easy availability of home loans, is expected to have a positive impact on the segment growth over the forecast period.

 

Based on the Product Insights, the market is segmented into Soft Covering, Resilient, Non-resilient and Seamless.

• The non-resilient flooring segment led the market and accounted for more than 61% share of the global revenue in 2020 due to a rise in the number of residential and commercial construction activities across the globe.
• The resilient flooring   segment is estimated to register the fastest CAGR from 2021 to 2028 due to the high demand for these materials in commercial applications, such as offices, gyms, fitness centers, hospitality buildings, and others.
• Ceramic and natural stone are popular materials for construction applications. Seamless flooring is applied in the industrial environment, wherein, a large floor area is covered with resins and concrete materials.

 

Flooring Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Innovations and new trends in floor designs and construction solutions have driven the overall market. The market is highly competitive with numerous companies offering a variety of products for residential, commercial, and industrial applications.

Some prominent players in the global flooring market include:

• Mohawk Industries, Inc.
• Tarkett, S.A.
• AFI Licensing
• Shaw Industries, Inc.
• Interface, Inc.
• Gerflor
• Mannington Mills, Inc.
• Polyflor

 

Order a free sample PDF of the Flooring Market Intelligence Study, published by Grand View Research.