Flooring Services

Global Flooring Services Market Outlook

Market Overview (2022E)

Global Market Size: $331 billion

• The global flooring market is set to grow at a CAGR of 6.3 percent from 2022 to 2028, due to gains in to gains in the global construction and housing markets.

• The non-resilient segment is expected to grow at a CAGR of 5.3 percent from 2022 to 2026, owing to increased usage in the industrial and commercial segments

• It is estimated that, the biggest share of more than 40 percent in the global flooring market value was attributed to APAC, followed by North America, Europe, LATAM, Middle East, and Africa

Major Trends Observed

• Sustainability is the focus point in most of the stores today. Hence, various high-end retailers prefer biodegradable products and eco-flooring in their stores

• Hybrid flooring also known as composite hardwood, that is composed of multiple materials, is an emerging sub-category. The product can standup to the concern revolving around moisture and performance.

• Big retailers prefer to engage with a preferred supplier globally, owing to economies of scale, standardization, and quantity discounts

Global Flooring Services Market: Global Scenario 

• The global flooring market is estimated to be $331 billion is 2022 and expected to grow at a CAGR of 5-6 percent during the 2022 and 2028. Due to geopolitical tensions across the globe, the market growth rate is expected to be volatile for short term, with growth between 3-5 percent per year, however on longer run the market is expected to grow at a rate of 6.3 percent CAGR by 2028

Market Outlook 

• The global flooring market is expected to grow up to ~$480 billion by 2028. The growth in demand is expected to increase in 2022, owing to the rise in the construction activities and due to the ease in restrictions imposed by governments of various countries

• Increasing demand for innovative flooring solutions in pharmaceutical, commercial, and industrial spaces and urbanization will be the major growth drivers of the flooring industry in the developed and developing economies in the coming years. The spend on the Home renovation activity have reached the highest rates reported since 2018.

• APAC and MENA will experience the highest growth and will account for approximately 54 percent of the global flooring market by the end of 2022.

Global Flooring Services Market: Key Market Segments

• Non-resilient flooring products are expected to dominate the flooring market in the next five years, with a market share of 40 percent. Vinyl & rubber flooring and laminates are picking up in usage, and these materials will face high demand in the coming years.

Market Outlook 

• The global hardwood flooring market is expected to grow at a CAGR of ~5 percent between 2022 and 2027

• The laminate flooring market is expected to grow at a CAGR of 4.2 percent from 2022 to 2026

• Demand for insulation is expected to provide a boost to the flooring industry in the coming years

• The resilient flooring segment is expected to grow at a rate of ~8–9 percent until 2026, owing to the huge demand in APAC

• The non-resilient segment is expected to grow at a CAGR of 5.3 percent from 2022 to 2026, owing to increased usage in industrial and commercial segments

• Luxury vinyl tile is replacing vinyl sheets in the commercial sector, owing to its advanced properties and high usability. LVT is expected to grow at a CAGR of 7.4 percent until 2026

• Carpets and rugs are expected to see a growth of approx. 3–3.5 percent in the coming years, which comprises of nearly 45 percent volumetric share in US

• Sustainable wooden laminar composite will expand as a market in the near future

Market Overview

According to the flooring industry market research, the global flooring market remains comparatively consolidated with fragmented local and regional markets. The market demand for sustainable flooring will increase the supplier negotiation power in markets, such as U.S., U.K., etc. Flooring market analysis shows that sustainable products, such as bamboo flooring, recycled concrete flooring, etc., are gaining popularity among the buyers. Cost-effective products available in the market are posing a threat to the global players. High penetration of online retail sales has dampened the demand in American, European & Chinese markets. The US and key Asian flooring market are competitive, as several regional wholesale distributors have entered the market. High initial capital investment by new entrants poses a huge barrier to new suppliers.

Why You Should Buy This Report

This flooring industry market research report provides insight into the flooring market trends, size, segmentation, flooring industry outlook and lists out the major drivers and constraints. It gives the Porter’s five force analysis of the major global flooring industry and provides the cost breakup for flooring. The flooring market research report details the supply landscape and gives the SWOT analysis of key suppliers like Armstrong Flooring, Inc., Tarkett, Shaw Industries Group, Inc., etc. This flooring market analysis report lists out the best sourcing practices.