Floor Covering Market Size to Reach USD 93,350 Million by 2030 Fueled by Growing Construction Activities Across Globe Exclusive Report by Acumen Research and Consulting
Acumen Research and Consulting
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Acumen Research and Consulting
Acumen Research and Consulting recently published report titled “Floor Covering Market Size, Share, Analysis Report and Region Forecast, 2022 - 2030”
BERLIN, July 22, 2022 (GLOBE NEWSWIRE) -- The Global Floor Covering Market size accounted for USD 61,365 Million in 2021 and is estimated to reach USD 93,350 Million by 2030.
Floor covering is used to cover the basic ground or sub-flooring construction. Floor coverings generally include carpet, vinyl, tile, laminate, and hardwood. They are attached to or laid on, a room's level base surface to provide durability, comfort, safety, and decoration. Handmade and machine-made rugs and carpets, as well as smooth-surfaced floor coverings, are examples of such materials. The growing demand for floor covering in residential sectors is the prominent trend in the floor covering market. According to a recent floor covering industry analysis, the increasing preference for interior decoration is one of the leading aspects driving the market growth. However, volatility in raw material prices is restricting the floor covering market share.
COVID-19 Impact on Global Floor Covering Market
The COVID-19 pandemic has had a significant impact on retail and distribution in the floor covering market. Raw material supply and demand disruptions caused by lockdowns and rigorous government rules limited production, adversely affecting production facilities globally. Ongoing infrastructure projects suffered as a result of a labor shortage, nationwide lockouts, and an economic slowdown.
Rising demand for aesthetically durable, pleasing, and easy-to-maintain products such as vinyl flooring and ceramic tiles is anticipated to drive the floor covering market growth throughout the forecast timeframe. The worldwide market is competitive and dynamic because of the huge presence of manufacturers and affiliated companies. Diversification, investment, and global coverage are the primary strategies used by major players to enhance their market presence.
The construction industry has grown significantly in recent years as a result of rapid urbanization, industrialization, and an ever-increasing population. Demand for floor covering is expected to rise primarily due to increased commercial construction activity in all developing economies.
A rapid shift in lifestyle creates fierce competition for customized flooring products. Market leaders are continuing to develop new products that outperform existing materials. For example, ultra-modern techniques are used to offer an authentic impression in LVT floorings.
The market is expanding due to technological advancements in floor cover installation. Key players are investing in advanced equipment, which allows companies to install products in less time.
Superior industrial and economic development, combined with the development of private sectors in countries such as India, China, and the United Arab Emirates, is regarded as a favorable environment for the expansion of the flooring industry. Furthermore, advancements in installation techniques and advanced construction-related techniques are among the strategic opportunities for the flooring industry's overall growth over the coming years.
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The global floor covering market has been segmented into product, distribution channel, end-user, and region. The product segment is categorized into textile covering, tiles, wood and laminate, and vinyl and rubber. Among them, the non-resilient segment that covers ceramic tiles, laminate, wood, and stone will contribute to a significant floor covering market value.
Based on distribution channels, the market is divided into flagship stores, home centers, online stores, specialty stores, and other distribution channels. According to our analysis, the home centers market revenue throughout the forecast timeframe, whereas the online stores are expected to attain substantial growth in the coming years. Furthermore, commercial and residential are covered under the end-user segment. Among them, the commercial segment is expected to grow due to the rising trend for highly durable and cost-effective flooring for use in high-traffic commercial zones. The commercial segment is also being driven by the launch of innovative products and simple installation techniques. Expansion of modern offices and office spaces increased commercial space renovation activity, and rapid industrialization in emerging economies are all expected to drive segment growth.
Floor Covering Market Regional Overview
The global floor covering market regional outlook is given as North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. Among all the regions, the Asia-Pacific region is expected to lead the market with considerable shares all through the projected period. The ongoing construction of housing units, combined with the region's growing population, is expected to provide profitable occasions for floor covering market growth throughout the forecast period. Furthermore, government organizations are increasing their investment in the infrastructure sector, which drives up the demand for flooring materials. Furthermore, floor covering is also in high demand in North America and Europe. Tile flooring is in high demand in developed countries such as the United States, the United Kingdom, Germany, and France.
Some floor covering companies covered globally include Armstrong Flooring, Dixie Group, Inc., Forbo Holding, Gerflor Group, Home Depot Inc., Interface, Inc., Mannington Mills Inc., Mohawk Industries, Inc., Shaw Industries Group, Inc., and TOLI Corporation.
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