Flooring Market to grow by USD 158.82 billion from 2022 to 2027 | Rising demand for eco-friendly and sustainable flooring drives the market - Technavio

NEW YORK, Aug. 21, 2023 /PRNewswire/ -- The flooring market size is set to grow by USD 158.82 billion from 2022 to 2027, according to Technavio. As per the latest report, the market will progress at a CAGR of 6.14% during the forecast period. Rising demand for eco-friendly and sustainable flooring is notably driving market growth. This trend is particularly pronounced in the United States where the trend towards green homes is poised to command substantial market share. Heightened awareness of the ecological impact of construction materials has catalyzed a surging demand for sustainable flooring alternatives. Prominent industry leaders such as Armstrong Floorings and Mohawk Industries are actively championing eco-conscious flooring solutions and embracing sustainable practices to curtail their environmental imprint. For instance, Armstrong offers bio-based tiles as a PVC-free substitute, along with recyclable Premium Excelon ChromaSpin VCT. Meanwhile, Mohawk Industries' Zero Landfill (ZLF) Program, initiated in 2010, has already led to a remarkable 26% reduction in waste intensity. In tandem with consumers' considerations of energy efficiency and ecological soundness in floor upkeep, the trajectory of eco-friendly flooring demand is poised to wield substantial influence over the market's expansion during the forecast period. View the new Sample Report within minutes! 

Flooring Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our flooring market report covers the following areas:

• Flooring Market size
• Flooring Market trends
• Flooring Market industry analysis
• Flooring Market five forces analysis
• Flooring Market competitive landscape

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Armstrong Flooring Inc., Beaulieu International Group, Classen Floor Systems Sp. z o.o., Congoleum Corp., Forbo Management SA, Gerflor Group, Interface Inc., James Halstead plc, Kajaria Ceramics Ltd., Kingspan Group Plc, Kronospan Ltd., LX Hausys Ltd., Mannington Mills Inc., Milliken and Co., Responsive Industries Ltd., Tarkett Group, Toli Corp., Mohawk Industries Inc., ITOCHU Corp., and Shaw Industries Group Inc. are some of the major market participants. Although the Rapid growth in the global construction industry will offer immense growth opportunities, Rising prices of raw materials will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Flooring Market 2023-2027: Trends 

The growing adoption of VR technology is an emerging market trend. Prominent players within the flooring market, notably Mohawk Industries and Armstrong Flooring, are harnessing the potential of virtual reality (VR) and augmented reality (AR) to elevate the customer experience. Technological strides and innovative breakthroughs have paved the way for these enterprises to furnish virtual encounters with their flooring offerings. This evolution empowers customers to explore, configure, and tailor virtual spaces adorned with a diverse array of flooring alternatives, empowering them to render more astute and well-informed purchase decisions. As an illustration, Armstrong Flooring introduces the DesignVisualizer, a VR tool that grants users the ability to select preferred room layouts and embellish them using the company's comprehensive product range. This tool features four distinct room layout options catered to retail, office, healthcare, and education environments. By enabling customers to virtually envision and immerse themselves in a spectrum of flooring products and design permutations, the burgeoning adoption of VR technology is poised to materialize in the foreseeable future. This phenomenon presents substantial prospects within the market landscape, anticipated to grow during the forecast period.

Flooring Market 2023-2027: Segmentation
Flooring Market is segmented as below:

• End-user 
• Residential
• Non-residential
• Type 
• Non-resilient Flooring
• Resilient Flooring
• Soft Cover Flooring
• Geography 
• APAC
• North America
• Europe
• Middle East And Africa
• South America

The residential segment is estimated to witness significant growth during the forecast period. The global population is poised for rapid expansion in the upcoming years, fueling a surge in residential construction endeavours. Urbanization stands as a pivotal catalyst, notably in densely populated regions such as APAC, MEA, and South America. The phenomenon of rural-to-urban migration provides additional impetus to the requisition for novel residential units, particularly within urban locales. Notably, the rising popularity of multifamily housing initiatives in developing economies contributes to the emergence of new residential projects.

Flooring Market 2023-2027: Challenges 

The prices of raw materials used in the manufacturing of flooring products, including wood, ceramics, and vinyl, have been steadily rising due to a demand-supply imbalance and this is a major challenge hindering market growth.

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Flooring Market 2023-2027: Company Analysis

We provide a detailed analysis of around 20 vendors operating in the Flooring Market, including some of the vendors such as vendors Backed with competitive intelligence and benchmarking, our research reports on the Flooring Market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

Company Offerings 

• Armstrong Flooring Inc. - The company offers flooring such as Natralis, Morning Dove, Lost Empire Engineered Tile Amber Sagebrush, Amber Sagebrush, West Wood Engineered Tile Putty, and Artisan Forge Engineered Tile White Vague.
• Beaulieu International Group - The company offers flooring for residential and commercial purposes, including laminate, vinyl planks and tiles, parquet, high pressure floors, and wall panels.
• Classen Floor Systems Sp. z o.o. - The company offers flooring such as Laredo Oak, Bogota Oak, Medelin Oak, and Kartagina Oak.

Flooring Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist flooring market growth during the next five years
• Estimation of the flooring market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the flooring market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of flooring market vendors

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Table Of Contents :

Executive Summary

Market Landscape

Market Sizing

Historic Market Size

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio