Pune, India, 08 Feb. 2022 (GLOBE NEWSWIRE) — The world flooring market the size was $342.88 billion in 2020. The market is expected to grow from $359.20 billion in 2021 for $517.74 billion by 2028 at a CAGR of 5.4% during the period 2021-2028.
This information is presented by Fortune Business Insight™in its report, entitled, “Floor Coatings Market, 2021-2028.”
According to our expert analysts, the ramp-up of new construction projects is likely to provide upside prospects for market growth. Moreover, the products used for the application of flooring offer features such as protection against scratches, nicks, moisture, as well as can be cleaned effortlessly, which further contributes to the growing demand.
Impact of COVID-19
Construction companies stopped during the pandemic to hinder the market
The pandemic has had a negative impact on the construction industry across the world. Limitations in resource transportation have led to the scarcity of raw materials. Additionally, lockdown standards and guidelines have prevented suppliers and manufacturers from dealing with their construction achievements. This resulted in interruptions to the novel and prevailing building developments.
This decreased the use of flooring products over the same period. Nonetheless, government investment guidelines for building and refining healthcare services are likely to act as the main trend for market recovery after the impact of COVID-19.
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List of key players covered by the Flooring market Reporting
- Mohawk Industries, Inc. (USA)
- Shaw Industries Group, Inc. (USA)
- TARKETT SA (France)
- Armstrong Flooring, Inc. (USA)
- Forbo Flooring Systems (Netherlands)
- Gerflor (France)
- Interface, Inc. (USA)
- Beaulieu International Group (Belgium)
- Toli Corporation (Japan)
- Milliken & Company (USA)
- Congoleum (United States)
- Flowcrete (UK)
- James Halstead (UK)
- The Dixie Group (USA)
- Victoria PLC (UK)
- Mannington Mills, Inc. (USA)
- Balta Industries (Belgium)
- Swiss krone (Switzerland)
- LG Hausys (South Korea)
- Parador (Germany)
- Invista (USA)
- Boa Franc (Canada)
- Kajaria ceramics (India)
- Engineered floors (US)
We provide our reports which are conducted with a comprehensive review approach that mainly focuses on providing accurate material. Our researchers have applied a data triangulation method which further helps us to come up with reliable estimates and accurately test the overall dynamics of the market. Additionally, our analysts have been admitted to numerous international and regional funded registries to provide up-to-date material so that stakeholders and professionals only invest in critical areas.
Based on type, the flooring market is categorized into non-resilient, resilient, and rugs and carpets.
Based on end use, the market is divided into residential and non-residential. The residential segment is the main contributor to the growth of this market. Growth in the residential segment is attributed to population growth and consumer disposable income.
Geographically, the flooring market is divided into North America, Europe, Asia-Pacific, South America, Middle East & Africa.
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Drivers and Constraints
Rising Demand for Vinyl Flooring in Construction Projects to Fuel Market Growth
Vinyl is used as a versatile component in tile applications, where luxury vinyl tiles are primarily used. It is mold, moisture and fungus resistant, making it a suitable flooring option for use where moisture and infrequent spills are primary concerns.
It can be installed effortlessly, is sturdy and available inexpensively, which further adds to its growing admiration in the variety of residential and non-residential buildings. This is expected to support the growth of the flooring market over the forecast period.
Asia-Pacific was worth USD 180.38 billion in 2020. Asia-Pacific is the largest and fastest growing region and held the maximum flooring market share due to the large-scale funding provided by governments India, China and Southeast Asia for infrastructure expansion.
Europe is likely to be administered by the use of ceramic and vinyl in non-residential structures.
The Middle East and Africa flooring market is in the growth phase of its lifecycle, owing to the growing demand for flooring from numerous large-scale construction developments, and hence is expected to gain a substantial market share over the forecast period.
Purchases initiated by key players to amplify its place in the market
Leading players are launching tactical campaigns to strengthen their position as leading market players. Their effective strategies involve acquisitions, mergers, collaborations as well as product launches among many others.
February 2021: Forbo has created a new hearing assortment that brings together the company’s well-known Sarlon variety of acoustic vinyl and award-winning Modul’up adhesive-free solutions. This newly launched collection is believed to be the benchmark for any development where impact noise needs to be reduced.
Find out before you buy this research report:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Main emerging trends – for main countries
- Main developments Mergers, acquisitions, partnerships, etc.
- Latest technological advancement
- Overview of the regulatory scenario
- Analysis of the five forces of carriers
- Qualitative Insights – Impact of COVID-19 on the Global Flooring Market
- Supply chain challenges
- Measures taken by government/companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
- Global Flooring Market Analysis, Outlook and Forecast, 2017-2028
- Main results/summary
- By type (volume/value)
- Not resilient
- Rugs & Carpets
- Not resilient
- By end use (volume/value)
- By region (volume/value)
- North America
- Asia Pacific
- South America
- Middle East and Africa
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