Flooring market is expected to grow at a CAGR of 5.8% from 2018 to 2025
The flooring market is estimated to be valued at USD 317.4 billion in 2018 and is expected to grow at a CAGR of 5.8% from 2018 to 2025. The major key factors driving the growth of flooring market are growing investment in the construction industry, increasing home renovation activities, rapid urbanization, and rising consumer preference for eco-friendly products. The major barriers to the growth of flooring market are strict environmental regulations, lack of awareness about material selection and thickness range, and inefficient skilled labor.
The luxury vinyl tiles (LVT) type is expected to grow at the highest CAGR from 2018 to 2025, due to their low maintenance cost, wide range of aesthetic designs, and simple installation. The demand for LVT is growing from the residential and commercial sector. Whereas, ceramic tile dominated the flooring market, in terms of value, in 2017, and is expected to hold the largest share in flooring market by 2025, due to their attractive features such as environment-friendly, high resistance to heat, chemical & water, and cost-effectiveness.
In Asia-Pacific region, India, Vietnam, and Philippines are expected to witness a significant growth in the flooring market during the forecast period, due to growing demand for vinyl and ceramic tiles product from industrial, infrastructural, and educational projects.
The nonresilient flooring segment accounted for the highest share in the flooring market in 2017 and estimated to hold the largest share by 2025. This is due to their high durability, high resistance to chemical and water, low maintenance, and consistency.
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As a result of the demand for nonresilient flooring is growing in the healthcare industry, government offices, sports institutions, and shopping malls, which is fuelling its growth in the flooring market.
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The major key players in the global flooring market include Armstrong Flooring, Beaulieu International, Floorworld LLC, Forbo, Gerflor, Interface, Mannington Mills, Milliken and Company, Mohawk Industries, Polyflor, and Shaw Industries.
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