Fairfield Market Research, a leading market research firm, has released a comprehensive report on the global flooring market, highlighting key trends, growth prospects, and competitive landscape. The analysis predicts that the worldwide flooring industry will expand at a strong CAGR of 6.9% from 2021 to 2025, reaching a market value of USD 285.5 billion..
Flooring plays a crucial role in the construction industry, accounting for 10% of the total project cost. It serves both functional and aesthetic purposes, setting the tone for interior spaces. The market is categorized into resilient and non-resilient flooring, with resilient flooring, including vinyl, witnessing significant growth due to its durability, design freedom, and waterproof properties. Luxury vinyl tiles (LVT) have particularly gained popularity in established markets such as North America and Europe.
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Non-resilient flooring, comprising materials like ceramic tiles, engineered wood flooring, and concrete, remains a popular choice. Ceramic tiles dominate the market, accounting for over 50% of the total flooring market in terms of volume in 2019. Carpets and rugs are also in demand, offering comfort, noise reduction, and warmth in residential and commercial spaces.
The report highlights that residential buildings currently dominate the global flooring market, representing more than 55% of the total market value in 2019. Factors such as rising disposable income, the growth of single-family homes, and increased renovation and refurbishment activities are expected to drive the demand for vinyl flooring, carpets and rugs, wood flooring, and ceramic tiles in residential spaces.
Regional analysis reveals that Asia Pacific leads the global flooring market, accounting for over 44% of the total market share in 2019. Driving the region's expansion are China and India, whose increasing industrialization, urbanisation, and housing building initiatives. The Middle East and Africa are also emerging as fast-growing markets, witnessing increased flooring demand due to urban development and construction projects.
While North America has traditionally favored carpets and rugs, the market has experienced sluggish growth in recent years due to competition from other flooring materials. However, high-end carpets and rugs made from sustainable fibers like wool continue to maintain a positive outlook.
The global flooring market is highly competitive, with both global and regional players vying for market share. Technological innovation plays a crucial role, with manufacturers developing flooring materials that mimic various natural surfaces and offer unique designs and formats. Companies are also focusing on sustainability and energy conservation, aligning with the changing preferences of consumers and the need for greener technologies.
Leading companies in the global flooring market include Mohawk Industries, Shaw Industries Group, Tarkett S.A., Beaulieu International Group, Forbo Holding AG, and Interface Inc., among others.
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