Flooring Market Size, Share, Growth Analysis, By Product(Ceramic Tiles, Vitrified (Porcelain) Tiles, Carpet, Wood & Laminate), By Application(Residential, Commercial, and Industrial), By Region - Industry Forecast 2024-2031

Flooring Market size was valued at USD 266.48 billion in 2022 and is poised to grow from USD 280.34 billion in 2023 to USD 420.54 billion by 2031, growing at a CAGR of 5.2% during the forecast period (2024-2031).

The flooring market is highly competitive, with several key players operating in the market. These companies are constantly striving to develop new and innovative flooring products to meet the changing demands of consumers and maintain their competitive edge in the market. The competitive landscape of the flooring market is also influenced by factors such as pricing strategies, distribution channels, and marketing efforts. Companies that can effectively manage these factors are likely to have a competitive advantage in the market. Companies that can develop innovative products, expand into new markets, and effectively manage their pricing and marketing strategies are likely to remain competitive in the market. 'Mohawk Industries, Inc. [US]', 'Shaw Industries Group, Inc. [US]', 'Tarkett S.A. [France]', 'Armstrong World Industries, Inc. [US]', 'Interface, Inc. [US]', 'Forbo Holding AG [Switzerland]', 'Gerflor Group [France]', 'Beaulieu International Group [Belgium]', 'Mannington Mills, Inc. [US]', 'Boral Limited [Australia]', 'Congoleum Corporation [US]', 'Crossville, Inc. [US]', 'Faus Group [Spain]', 'Kährs Holding AB [Sweden]', 'LG Hausys, Ltd. [South Korea]', 'Milliken & Company [US]', 'Nora Systems, Inc. [Germany]', 'Roppe Corporation [US]', 'TOLI Corporation [Japan]', 'Wicanders [Portugal]'

The vinyl is utilized as a multipurpose material in tiling applications, wherein luxury vinyl tile is majorly used. It is preferred in applications where accidental spills are the main issues, as it offers moisture and mold resistance. In addition, this finishing material is increasingly gaining popularity in both residential and non-residential buildings owing to its lower cost, easy installation, and durability. Hence, the rising use of vinyl in residential and non-residential buildings will surge this market.

Growing Demand for Sustainable Flooring Products: Sustainability has become a major concern for consumers across various industries, including the flooring industry. In response, several flooring companies have started offering eco-friendly and sustainable flooring products that have a lower impact on the environment. The company has focused on producing sustainable flooring products made from recycled materials, such as discarded fishing nets, and has also introduced a carbon-negative flooring product that absorbs more carbon than it emits during production.

In 2022, Asia Pacific region dominated the market and accounted for 45.8% of the total revenue share. The regional market is expected to grow more at a CAGR of 5.7% over the forecast period. Factors such as increasing investment in affordable housing, smart city construction, upgradation & construction of infrastructure, and investment in the tourism sector are expected to boost the demand for flooring products over the forecast period. The construction industry in the Asia Pacific is expected to grow on account of the rising per capita income, rapid urbanization, and expanding population. The expansion of residential, commercial, and industrial sectors on account of sustainable economic growth in the region is expected to boost construction activities, thereby, driving the market for flooring over the forecast period.