Modular Flooring Market worth $72.5 billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 24, 2022 /PRNewswire/ -- According to the new market research report "Modular Flooring Market by Product Type (Flexible LVT, Rigid LVT, Carpet Tile, Polyolefin, Rubber, Ceramic), End use (Workplace, Education, Healthcare, Retail, Household) & Region (North America, APAC, MEA, Europe, RoW) - Global Forecast to 2026", published by MarketsandMarkets™, the global Modular Flooring Market is estimated to be USD 54.6 billion in 2021 and is projected to reach USD 72.5 billion by 2026, at a CAGR of 5.8% from 2021 to 2026. The driving factors for the modular flooring market growth in investments in the construction industry, coupled with a rise in the number of renovation & remodeling activities. The rise in demand from emerging economies and the growth of the organized retail sector create growth opportunities for the market.

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Carpet tile segment among the other product types to dominate the modular flooring market during the forecast period

Carpet tile flooring is a type of flooring that can be used as an alternative to the more commonly used broadloom carpet (rolls). They provide warmth and underfoot comfort expected from carpet and is available in its pre-sized squares and planks, patterns, and materials. Modular carpet tiles are four times more efficient as compared to broadloom carpet. Modular tiles are not only easy to fit, but also much easier to store and even easier to replace the same color & design after years of use. Carpet tiles are gaining popularity in commercial environments, such as restaurants, retail stores, and the hospitality sector as well as the residential segment. They are easy to maintain, install and offer unique designs for a comfortable environment. They allow quicker installation along with waste reduction. Acoustic features enable the usage of carpet tiles in areas where sound insulation is needed. This flooring material is gaining popularity due to its cost-effective nature, durability, and aesthetic design range, owing to the integration of new technologies.

Workplace segment to witness higher CAGR during the forecast period.

Workplaces require special attention since busy workplace corridors need durable floors that can withstand heavy foot traffic and are easy to clean and maintain. The factors that need to be considered while choosing modular flooring for workplaces are aesthetics and functionality. Further, budget, traffic, design, and maintenance requirements play a significant role in installing the right flooring at the workplace. Suitable modular flooring for workplaces must be of commercial grade too.

The appropriate floors for workplaces can withstand the daily traffic and movements of chairs and other furniture. Another important thing to consider in the workplace is noise. Depending on the type of work, most workplaces require a quiet environment. A carpet is a suitable option for sound insulation; however, it might not be ideal for workplaces with heavy footfall as they can add to additional cleaning and maintenance. For such a situation, hard surface floors such as laminate or engineered wood and luxury vinyl tile can work if an underlayment is installed for noise reduction.

Considering workplace safety as a major aspect, anti-slip or slip resistance flooring is necessary. According to Consumer Product Safety Commission (CPSC), floors and flooring materials contribute directly to more than 2 million fall injuries a year. Trends such as fitting offices with adequate wayfinding and office zoning measures as per the government guidelines are critical for workplace safety. By embedding signage within the floor, employees have a clear, constant, and visual reminder of navigating the workplace. Modular flooring solutions such as carpet tiles and luxury vinyl tiles (LVT) products offer multiple varieties in terms of colors and patterns, which can be used independently and together.

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APAC is the largest market for modular flooring

Asia Pacific accounted for the largest share of 34.29% of the modular flooring market, in terms of value, in 2020. Asia Pacific is the fastest-growing market for modular flooring. The market in Asia Pacific is led by the growing demand from China and India. Asia Pacific and Europe have well-established markets for modular flooring, owing to which the growth in these regions is slower than that in the Asia Pacific region. The growth in the Asia Pacific region is the result of the growth in population, rise in disposable income, growth in renovation & remodeling activities, and increase in investments in the residential and commercial sectors.

The increasing number of new housing units and huge investments in the infrastructural sector are fueling the demand for modular flooring in this region. The growth in demand for modular flooring in the region is also driven by the increasing demand in countries, such as China, Australia, India, Japan, Thailand, Vietnam, and Indonesia, due to the tremendous growth of the construction opportunities in these countries. China is estimated as the largest manufacturer and consumer of modular flooring in this region, and the market in this country is projected to grow further. According to the World Bank, the Asia Pacific was the fastest-growing region, in terms of both population and economic growth.

The modular flooring market comprises major solution providers, as Mohawk Industries (US), Shaw Industries (US), Tarkett (France), Armstrong Flooring (US), Forbo (Switzerland) and Gerflor (France) among others.

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