The global flooring market size was valued at USD 376.44 billion in 2022 and is projected to grow from USD 395.19 billion in 2023 to USD 579.40 billion by 2030, exhibiting a CAGR of 5.6% during the forecast period.
Flooring is a crucial element of interior design and functionality in any space, whether residential, commercial, or industrial. Here’s an overview of different types of flooring and their characteristics:
Types of Flooring
- Hardwood Flooring
- Advantages: Aesthetically pleasing, durable, can be refinished multiple times.
- Disadvantages: Expensive, susceptible to scratches and water damage.
- Popular Uses: Living rooms, bedrooms, dining areas.
- Laminate Flooring
- Advantages: Affordable, easy to install, resistant to scratches and stains.
- Disadvantages: Cannot be refinished, can be slippery, may look less natural than real wood.
- Popular Uses: High-traffic areas, such as hallways and living rooms.
- Vinyl Flooring
- Advantages: Water-resistant, versatile, affordable, easy to maintain.
- Disadvantages: Can dent, may fade with exposure to sunlight.
- Popular Uses: Kitchens, bathrooms, basements.
- Tile Flooring
- Types: Ceramic, porcelain, natural stone (marble, granite, slate).
- Advantages: Durable, water-resistant, available in many styles.
- Disadvantages: Cold underfoot, can be slippery, grout lines require maintenance.
- Popular Uses: Bathrooms, kitchens, entryways.
- Carpet Flooring
- Advantages: Soft and warm, reduces noise, available in various styles and colors.
- Disadvantages: Requires regular cleaning, can stain easily, not suitable for wet areas.
- Popular Uses: Bedrooms, living rooms, offices.
- Engineered Wood Flooring
- Advantages: Looks like real wood, more stable than solid hardwood, easier to install.
- Disadvantages: Limited refinishing options, can be prone to water damage.
- Popular Uses: Living rooms, bedrooms, basements.
- Bamboo Flooring
- Advantages: Eco-friendly, durable, attractive grain.
- Disadvantages: Can be prone to scratches and water damage.
- Popular Uses: Living rooms, bedrooms, offices.
- Cork Flooring
- Advantages: Soft and comfortable, eco-friendly, good insulation.
- Disadvantages: Can be damaged by heavy furniture, requires regular sealing.
- Popular Uses: Bedrooms, living rooms, offices.
Choosing the Right Flooring
When selecting flooring, consider the following factors:
- Durability: How much foot traffic the area receives and the likelihood of spills or scratches.
- Maintenance: The level of upkeep required to keep the floor looking good.
- Cost: Initial installation cost and long-term maintenance expenses.
- Aesthetics: The style and appearance that complements the room’s decor.
- Comfort: How the flooring feels underfoot, especially in areas where you stand or walk frequently.
- Environmental Impact: Sustainability and eco-friendliness of the material.
Installation and Maintenance Tips
- Installation: Professional installation is often recommended for materials like hardwood, tile, and carpet. DIY-friendly options include laminate and some types of vinyl.
- Maintenance: Regular cleaning and proper care are crucial. For instance, use a damp mop for tile, avoid excessive water on hardwood, and vacuum carpets frequently.
This information is presented by Fortune Business Insights™, in its report, titled, “Flooring Market, 2021-2028.”
According to our expert analysts, surging novel construction projects is likely to offer growth prospects for the market growth. Furthermore, the products utilized for flooring application, offer characteristics such as protection against scratches, indents, dampness, as well as can be effortlessly cleaned, which further contribute to the bulging demand.
COVID-19 Impact
Terminated Construction Ventures during Pandemic to Obstruct Market
The pandemic has adversely influenced the construction industry across the globe. The limitations in transportation of resources led to the scarcity of raw materials. Additionally, the lockdown norms and guidelines restrained the suppliers and manufacturers to process their construction accomplishments. This resulted in the interruptions in the novel and prevailing construction developments.
Drivers and Restraints
Surging Demand for Vinyl Flooring in Construction Projects to Fuel Market Growth
Vinyl is used as a versatile component in tiling applications, where, luxury vinyl tile is used majorly. It is resilient to mold, dampness, and fungus, which makes it an appropriate flooring option for utilization where wetness and infrequent spills are the prime concerns.
It can be effortlessly installed, is robust, and obtainable at a cheaper cost, which furthermore adds to its increasing admiration in the variety of residential as well as non-residential buildings. This is expected to bolster the flooring market growth during the forecast period.
Regional Insights
Asia Pacific was worth USD 180.38 billion in 2020. Asia Pacific is the biggest and speediest-surging region and held the maximum flooring market share owing to large scale financing scheduled by governments of India, China, and Southeast Asia on infrastructure expansion.
Europe is likely to be administered by the utilization of ceramics and vinyl in non-residential structures.
Segmentation
On the basis of type, the flooring market is categorized into non-resilient, resilient, and carpets & rugs.
Based on end-use, the market is segregated into residential and non-residential. The residential segment is the dominating contributor for the growth of this market. The growth in residential segment is accredited to the growing population and disposable income of the consumers.
Geographically, the flooring market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/flooring-market-102740
