Flooring Market - Forecast(2025 - 2031)
Flooring Market size is forecast to reach US$ 252.0 billion by 2026, after growing at a CAGR of 6.1% during 2021-2026. Growth of the flooring market is mainly attributed to its wide-ranging applications across various residential and construction sectors. Growing demand for flooring material in the rising residential sector is anticipated to drive the growth of the market. Additionally, the growing demand for hard flooring, which has alluring properties such as being more useful, easy to use, and install in remodeling and renovation projects, is expected to boost the flooring industry. Furthermore, increasing government investments in the upcoming construction industry growth in the coming years is estimated to upsurge the flooring industry over the forecast period.
Impact of Covid-19
The COVID-19 outbreak led to major economic problems and challenges for the residential and commercial industry. The government of various economies announced strict measures to slow the spread of the coronavirus, owing to which the construction output growth slowed down causing widespread concern and economic hardship for the flooring industry. Owing to the lack of funding, several projects remained in the unfinished stages. The construction industry also faced challenges such as supply chain disruption, shortage of subcontractors and materials, and the termination of contracts to control expenses, which curbed the flooring market growth during the forecast period. Construction operations were temporarily halted in a multitude of regions. For instance, due to the coronavirus pandemic, construction production in the United Kingdom dropped by a record 35.0 percent in Quarter 2 (April to June) 2020, compared to Quarter 1 (January to March) 2020. Thus, with the halt of several construction projects due to the COVID-19 pandemic, the flooring market growth was also affected in the year 2020.
Report Coverage
The report “Flooring Market– Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the flooring market.
By Material: Hard Flooring (Stone, Ceramic, Hardwood, Vinyl Sheet & Tile, and Laminate), Soft Flooring (Carpets, Mats, Rugs, and Others), and Resilient Material Flooring (Asphalt Flooring, Vinyl Composite Tiles, Fiberglass, Linoleum, and Others)
By End-User: Residential (Private Dwellings, Apartments, and Row Houses) and Commercial (Office, Industrial Buildings, Healthcare, Hotels and Restaurants, Concert Halls and Museums, Sports Arena, Educational Institutes, Transport, and Others)
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America),and RoW (Middle East and Africa).
Key Takeaways
- Asia-Pacific region dominated the flooring market owing to a change in government emphasis on infrastructure growth. The region's favorable laws, along with its growing population, make it very appealing to the flooring industry.
- Increasing demand for hard flooring such as vinyl sheet & tiles due to added value qualities including scratch and slip resistance, waterproofness, and eco-friendliness, growing at a faster pace than demand for hardwood or manufactured wood products is anticipated to drive the market growth.
- Rising usage of ceramic tiles due to the durability, stain resistance, water resistance, flexibility, and esthetic design, in the residential and commercial construction sector will raise the demand for hard flooring in the upcoming years.
- Moreover, the building industry in several countries is expected to continue to rebound after many years of stagnation, boosting demand for flooring goods. The main factors that influence flooring materials market positively are their resistance to high temperatures and hazardous chemicals.
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