According to our latest market study on “Flooring Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Resilient Flooring,
According to our latest market study on “Flooring Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Resilient Flooring, Non-Resilient Flooring, and Soft Cover and Others), Material [Carpets and Rugs, Wood, Laminates, Vinyl Sheets and Tiles (Homogeneous and Heterogeneous, LVT and VCT, and Others), Ceramic Tiles, and Stone and Others], and Application (Residential and Non-Residential),” the market was valued at US$ 412.66 billion in 2021 and is projected to reach US$ 619.83 billion by 2028; it is expected to grow at a CAGR of 6.1% from 2022 to 2028. The report highlights key factors driving the market and prominent players along with their developments in the market.
The flooring market is highly competitive with the presence of many regional and global market players. Players operating in the market compete with each other based on prices and product quality.
The vinyl flooring is one of the important segment as it is cost-effective in nature and exhibits numerous features such as durability, flexible handling, and easy design possibilities, which make it suitable to be used in hospitals, schools, offices, and houses. In addition, vinyl flooring is comfortable to walk on and reduces impact noise owing to which it is being frequently used. The necessity for floor protection, coupled with the rise in demand for efficient and visually appealing products, has enhanced the growth of this segment.
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Mohawk Flooring; Shaw Industries Group, Inc.; Tarkett; Armstrong Flooring, Inc.; Forbo International SA; Gerflor; Interface, Inc.; Beaulieu International Group; Toli Corporation; and Milliken are among the major players operating in the global flooring market. Players operating in the global flooring market are constantly focusing on strategies such as investments in research and development activities and new product launches. These market players are highly focused on developing high-quality and innovative product offerings to fulfill the customers’ requirements.
Impact of COVID-19 Pandemic on Flooring Market
The COVID-19 pandemic negatively impacted the growth of the flooring market. The pandemic disturbed manufacturing processes due to restrictions imposed by government authorities in various countries. The reduced construction activities during the period resulted in a drop in the demand for flooring. Various companies announced delays in the ongoing construction projects. Activities in the renovation and refurbishing market were hampered across the globe due to government-enforced social distancing measures. Hence, the demand for flooring materials from the indoor and outdoor segments was impacted, and overall sales were reduced. However, with the reopening of the construction activities in various countries, the demand for flooring products is increasing.
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The report includes the segmentation of the global flooring market as follows:
Based on product type, the global market is segmented into resilient flooring, non-resilient flooring, and soft cover and others. In terms of material, the global market is segmented into carpets and rugs, wood, laminates, vinyl sheets and tiles, ceramic tiles, and stone and others. Based on application, the global market is segmented into residential and non-residential.
The scope of the Report:
The report segments the global Composites Market based on application, type, service, technology, and region. Each chapter under this segmentation allows readers to grasp the nitty-gritty of the market. A magnified look at the segment-based analysis is aimed at giving the readers a closer look at the opportunities and threats in the market. It also addresses political scenarios that are expected to impact the market in both small and big ways. The report on the global Composites Market examines changing regulatory scenarios to make accurate projections about potential investments. It also evaluates the risk for new entrants and the intensity of the competitive rivalry.
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