Despite Global Declines, Not All Flooring Markets Suffered During COVID-19 Pandemic

CLEVELAND, May 24, 2021 /PRNewswire/ -- In many parts of the world, new housing and commercial building construction fell in 2020, causing demand in the $230 billion global flooring market to fall. However, there were bright spots:

• Countries that had less severe outbreaks or were hardest hit early in the year – e.g., Australia, China, and South Korea – that managed to contain the virus early on were less impacted.
• The residential renovation market registered growth in 2020, due in part to strength in the large US market. Homeowners with plenty of time to consider the deficiencies of their residences undertook a wide of home improvement projects, including, in many cases, the replacement of flooring.

A new Freedonia Group analysis projects most countries that experienced declines in flooring demand in 2020 to recover in 2021, in many cases exceeding pre-pandemic levels. Despite an anticipated rebound in 2021, the global nonresidential flooring market will continue to be affected, as staggered economic reopenings lead to uneven growth prospects.

Global Flooring Market Expected to Top $280 Billion in 2024

Global flooring demand is forecast to rise 2.6% per year to 22.1 billion square meters valued at $282 billion in 2024. Advances will be driven by:

• increased construction of new housing and nonresidential buildings, particularly in the Asia/Pacific region
• higher spending on improvements and repairs to existing buildings in the US and Western Europe, particularly among homeowners, many of whom will continue to spend more time at home
• the increased adoption of higher value wood flooring in the Asia/Pacific
• greater use of finished floor coverings relative to total floor space as standards of living improve worldwide and as the large US market continues to trend toward hard surface floors rather than carpeting

Want to Learn More?

Global Flooring is now available from the Freedonia Group. This study examines global supply and demand for flooring. Historical data (2009, 2014, and 2019) and forecasts for 2024 and 2029 are provided for flooring demand by product and market, net exports, and shipments by product (nonresilient and resilient flooring, and carpets and rugs) on a country-by-country basis.

Flooring is segmented into:

• nonresilient flooring: ceramic (e.g., glazed tiles, unglazed tiles, mosaic tile); wood (solid wood and engineered wood); laminate (e.g., high pressure, direct pressure); and other nonresilient flooring, including bamboo, stone, glass, metal, seamless, and plastic grating
• carpets and rugs: tufted (e.g., broadloom, vehicular carpet, carpet tiles, scatter rugs, artificial grass); woven (e.g., Axminster, Wilton, prayer rugs); and other carpets and rugs, including needlepunched, knotted, knitted, and braided
• resilient flooring: vinyl (e.g., vinyl sheet; vinyl composition tile; luxury vinyl tile; hybrid product such as wood-plastic composite, solid polymer core); and other resilient flooring (e.g., linoleum, cork, rubber, asphalt, leather)

Flooring demand by market is presented for:

• new residential construction
• residential improvement and repair
• new nonresidential construction
• nonresidential improvement and repair
• transportation equipment and other markets (freight vehicles such as trucks ships and rail cars; fleet vehicles such as taxis and police cars; recreational vehicles; recreational boats; aircraft; nonbuilding structures)

About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.

Press Contact:
Corinne Gangloff
+1 440.842.2400
cgangloff@freedoniagroup.com

SOURCE The Freedonia Group