Archives for March 2021

Global Flooring Market Expected to Grow From 2021 – 2028

A global flooring market 2021 research report shows the market will continue to expand due technological advancements in materials and application, coupled with increased government spending on infrastructure.

In February, Grand View Research Inc. , headquartered in San Francisco, CA, released its global flooring market analysis report. The report states that the global flooring market size was valued at USD $388.24 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2021 to 2028.

global flooring market 2021 research

The report looks at the global flooring market size from 2016-2019, with expected growth to 2028. This includes forecasts of how market drivers, restrains and future opportunities will affect market dynamics. Also provided are segments and regions along with reasons for growth. Grand View Research has also provided an in-depth analysis of sustainability strategies adopted by leading market players.

Report Insights

The rising need for privacy and reduced noise has spurred the demand for insulation across the flooring market as a well-insulated floor improves acoustics. For more information on our recent article regarding flooring and acoustics click here. This has resulted in the growing demand for insulation, thereby supporting market growth.

Moreover, consumer preferences for aesthetically improved designs, textures, & colors and low-maintenance & easy-to-install floorings are anticipated to ascend the market growth. For more information on some of the leading types of commercial products click here.

Strong industrial and economic development coupled with population expansion is likely to have a positive impact on the product demand over the forecast period. The report also states that the development of hassle-free installation techniques, availability of innovative construction solutions, and the rising demand for environmentally sustainable products are anticipated to fuel the industry growth. The presence of a stringent regulatory framework on the production, usage, implementation, and recycling is also likely to have a positive impact on the market growth.

Increased R&D in flooring products in addition to customization options, in terms of color, texture, and finishing, offered by the manufacturers have contributed to higher product demand, also augmenting the market growth.

Product Insights

The report further states, 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 segment will retain its leading position throughout the forecast period on account of the high demand for these products due to their excellent water resistance and durability.

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 and hospitality buildings. These products are cost-efficient and durable and are the right fit for use in high-traffic residential and commercial areas on account of their ease of maintenance and noise-reduction capabilities. Moreover, resilient floorings are dense, non-absorbent in nature, and comfortable to walk on.

Ceramic and natural stone were cited as 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.

Application Insights

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. The development of new products and easy installation techniques are also driving the commercial segment. Expansion of modern offices and workspaces, growing renovation activities in commercial spaces, and rapid industrialization in developing economies are further expected to propel the segment growth.

global flooring market 2021 research

Regional Insights

The report states that demand for flooring in North America is anticipated to increase over the forecast period. The construction industry in the U.S. and Canada coupled with rising demand for single-family houses in the region is likely to provide growth opportunities to the market.

Key Companies & Market Share Insights

Technological advancements, R+D, coupled with new trends in floor designs and construction solutions have driven the overall market. There are a variety of market players and each of these companies offer a variety of products for residential, commercial, and industrial applications. Several manufacturers are engaged in research & development activities to introduce sustainable flooring materials.

Some of the prominent players cited in the global flooring market include:

 

For  more information regarding Grand View Research’s methodology please click here.

To see related articles regarding commercial flooring trends please click here.

For more information about flooring installation solutions please contact us here.