The global flooring market size was $342.88 billion in 2020. The market is projected to grow from $359.20 billion in 2021 to $517.74 billion by 2028 at a CAGR of 5.4% during the 2021-2028 period. This information is presented by Fortune Business Insights™, in its report, titled, “Flooring Market, 2021-2028.”
Russia-Ukraine War Implication
The Russia-Ukraine war could change the Flooring Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Flooring Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
According to our expert analysts, surging novel construction projects is likely to offer growth prospects for market growth. Furthermore, the products utilized for a flooring application, offer characteristics such as protection against scratches, indents, and dampness, as well as can be effortlessly cleaned, which further contribute to the bulging demand.
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List of Key Players Covered in the Flooring Market Report
- Mohawk Industries, Inc. (U.S.)
- Shaw Industries Group, Inc. (U.S.)
- TARKETT S.A. (France)
- Armstrong Flooring, Inc. (U.S.)
- Forbo Flooring Systems (Netherlands)
- Gerflor (France)
- Interface, Inc. (U.S.)
- Beaulieu International Group (Belgium)
- Toli Corporation (Japan)
- Milliken & Company (U.S.)
- Congoleum (U.S.)
- Flowcrete (U.K.)
- James Halstead (U.K.)
- The Dixie Group (U.S.)
- Victoria PLC (U.K.)
- Mannington Mills, Inc. (U.S.)
- Balta Industries (Belgium)
- Swiss Krono (Switzerland)
- LG Hausys (South Korea)
- Parador (Germany)
- Invista (U.S.)
- Boa-Franc (Canada)
- Kajaria Ceramics (India)
- Engineered Floors (U.S.)
Report Coverage
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones
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.
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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.
The Flooring Market in the Middle East & Africa is in the growth phase of its life cycle, owing to growing demand for floor casings from numerous large-sized construction developments, and therefore, is expected to gain substantial market share during the forecast period.
Competitive Landscape
Procurements Initiated by Key Players to Amplify its Spot in Market
Prominent players initiate tactical campaigns to thrust their position as chief players in the market. Their effective strategies involve acquisitions, mergers, collaborations as well as launching products among many others.
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.
Industry Development
February 2021: Forbo created a novel auditory assortment which unites the well-known Sarlon acoustic vinyl variety of the company and award-winning Modul’up adhesive free solutions. This freshly launched collection is estimated to be the point of reference for any development where impact-sound is required to be diminished.
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