Fairfield Market Research, a leading market research firm, has released a comprehensive report on the global flooring market, highlighting its current trends, growth prospects, and key players. The report reveals that the flooring market is poised for significant expansion, driven by factors such as increasing construction activities, evolving consumer preferences, and the need for sustainable flooring materials.
With flooring accounting for 10% of the total project cost in building and construction activities, the global flooring market is estimated to have reached approximately 14 billion sqm. in 2018. The market is categorized into resilient (including vinyl flooring) and non-resilient (including ceramic tiles, wooden flooring, and concrete) segments. Resilient flooring, particularly luxury vinyl tiles (LVT), has gained substantial popularity due to its durability, waterproof properties, and design flexibility. Non-resilient flooring, especially ceramic tiles, remains the most preferred choice, comprising over 50% of the total flooring market in terms of volume in 2019.
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The global flooring market is anticipated to increase an annual compound growth rate (CAGR) of 6.9% from 2021 to 2025, reaching a value of US$285.5 billion, according to Fairfield's research analysis. Residential buildings currently dominate the market, accounting for over 55% of the total market value in 2019. The demand for flooring in emerging nations is anticipated to be driven by an increase in disposable income and an increase in the number of single-family residences. Additionally, renovation, replacement, and refurbishment activities in residential spaces will further fuel the market for vinyl flooring, carpets and rugs, wood flooring, and ceramic tiles.
The flooring market's geographical landscape is diverse. Asia Pacific leads the market, with China and India emerging as dominant forces. Rapid industrialization, urbanization, and housing projects are key factors driving the flooring market in the region. The Middle East and Africa are expected to experience the fastest growth due to urban development and construction projects, boosting demand for various flooring materials such as ceramic tiles, vinyl, and concrete floorings. In North America, carpets and rugs have traditionally held the largest market share; however, competition from other flooring materials has slowed its growth in recent years.
The global flooring market is highly competitive, with both global and regional players vying for market share. Technological innovation is crucial for sustainable business, leading to the development of flooring materials with unique designs and formats. Manufacturers are utilizing advanced technologies to create flooring options that mimic natural materials like stone, marble, and wood, offering raised textures and intricate designs for enhanced aesthetic appeal.
To capitalize on the growing market opportunities, industry leaders are investing in expanding their manufacturing capabilities and product portfolios. Welspun Flooring Limited, a flooring vertical of Welspun Group, recently launched a state-of-the-art manufacturing facility in Telangana, India, offering a wide range of innovative flooring materials such as carpet tiles, broadloom carpets, and patented Click N Lock® tiles manufactured from stone and polymer composites.
The report provides a comprehensive analysis of the global flooring market, including market outlooks for different regions and segments. It offers valuable insights for industry stakeholders, investors, and market players to make informed business decisions.
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