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.
Rapid industrialization is a leading floor covering market trend that is fueling the demand in the coming years. Our recent floor covering industry analysis suggests that the increased government spending on infrastructural development is likely to create lucrative opportunities for the market. As a result, the worldwide floor covering market forecast that the industry is expected to grow by 5% from 2022 to 2030. Flooring is a permanent covering over the floor structure with a finish material to provide a walking structure. Floor covering is a more specific term than finish floor because the flooring tends to cover additional structural layer of flooring.
Floor Covering Market Dynamics
Floor Covering Market Growth Drivers:
Floor Covering Market Restraints:
Floor Covering Market Opportunities:
|Market||Floor Covering Market|
|Market Size 2021||USD 61,365 Million|
|Market Forecast 2030||USD 93,350 Million|
|CAGR During 2022 - 2030||5%|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Product, By Distribution Channel, By End-User, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||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.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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The increasing number of residential and commercial projects around the world is primarily driving the floor covering market growth. Rising urban and rural residential and commercial construction is expected to drive the sale of floor covering products. The construction industry is rapidly expanding. Construction spending is likely to increase the sale of flooring products. Similarly, the expansion of the housing industry is a positive factor supporting the floor covering market value. The growing urban population is driving an increase in commercial construction activity. According to World Bank data, the global urban population is rapidly increasing. The growing urban population is driving the development of new commercial projects such as hospitals, commercial complexes, shopping malls, and lodging facilities.
Additionally, the growth in the number of renovation activities is considered one of the lucrative opportunities for the floor covering market share. The growing emphasis on home decor and consumers' improving lifestyles are also boosting renovation and remodeling activities in the current environment. Consumers' increasing spending on the styling and interiors of their living spaces has led them to invest in home furnishings such as rugs, carpets, and other floor coverings that enhance the aesthetic appeal of interiors.
However, the rising environmental concerns are one of the roadblocks to the growth of the industry. The improper disposal and recycling of waste generated during the manufacturing or after-use of finishing materials are expected to stymie market growth. Improper waste management can have serious environmental consequences such as harmful contagious diseases, drain obstruction, land and water pollution, and biodiversity loss. To some extent, the aforementioned factors may impede market development.
Furthermore, rising demand from emerging countries is expected to be a profitable aspect for the market throughout the forecast period 2022 – 2030. The growing urban population that leads to rapid urbanization and industrialization among emerging countries such as China and India is positively impacting the floor covering industry.
Floor Covering Market Segmentation
The global floor covering market segmentation is based on product, distribution channel, end-user, and region.
Floor Covering Market By Product
In terms of products, textile covering held a sizable market share in 2021. However, the vinyl and rubber flooring segment is expected to grow significantly in the coming years. Vinyl flooring, also recognized as resilient flooring, is made up of natural and synthetic polymeric material that is arranged in repeating structural units. Vinyl flooring is inexpensive and has many advantages, including flexible handling, sturdiness, and design options, making it suitable for use in offices, healthcare facilities, schools, and homes.
Floor Covering Market By Distribution Channel
In 2021, home centers surpassed all other distribution channels in terms of floor covering market share. The segment's high share is attributed to home centers, which are specifically dedicated to selling home products and providing a variety of options. Meanwhile, online stores have gained significant traction in recent years as a result of consumers' shifting preference to purchase online. In addition to that, the arrival of the COVID-19 pandemic boosted the online sales of maximum home decorative products.
Floor Covering Market By End-User
The residential segment is anticipated to hold a significant market share owing to the growth in the construction of residential buildings. Rising home renovation and remodeling activities are expected to have an impact on market growth through 2027. Numerous renovation and home improvement activities, combined with shifting consumer preferences, have resulted in a significant increase in product demand for decoration and flooring applications.
Floor Covering Market Regional Outlook
The Middle East & Africa (MEA)
Asia-Pacific Region Accumulated The Leading Market Share In 2021
According to our floor covering market regional outlook, the Asia-Pacific region gathered maximum market share in 2021 and is expected to continue its trend throughout the projected years. This can be attributed to increased planned investments and organized policies in China, India, and Southeast Asia for construction activities. Furthermore, rapid industrialization would propel the regional market even further. China is the market's leader and is expected to grow at a faster rate. The growing population and the requirement for infrastructure and new buildings are driving market growth in China.
Floor Covering Market Players
Some of the top floor covering companies offered in the professional report 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.
The global floor covering market size accounted for USD 61,365 Million in 2021.
The projected CAGR of floor covering market during the analysis period of 2022 to 2030is 5%.
The prominent players of the global floor covering market involve 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.
Asia-Pacific held the dominating share floor covering during the analysis period of 2022 to 2030.
North America region exhibited fastest growing CAGR for floor covering during the analysis period of 2022 to 2030.
The global floor covering market is growing due to increased construction activity around the world, rising population and rapid urbanization, and rising preference for interior decoration.
Based on end-user, residential sub-segment held the maximum share for floor covering market in 2021.