The global flooring market size was valued at USD 376.44 billion in 2022 and is projected to grow from USD 395.19 billion in 2023 to USD 579.40 billion by 2030, exhibiting a CAGR of 5.6% during the forecast period.

This information is presented by Fortune Business Insights™, in its report, titled, “Flooring Market, 2021-2028.”

According to our expert analysts, surging novel construction projects is likely to offer growth prospects for the market growth. Furthermore, the products utilized for flooring application, offer characteristics such as protection against scratches, indents, dampness, as well as can be effortlessly cleaned, which further contribute to the bulging demand.

COVID-19 Impact

Terminated Construction Ventures during Pandemic to Obstruct Market

The pandemic has adversely influenced the construction industry across the globe. The limitations in transportation of resources led to the scarcity of raw materials. Additionally, the lockdown norms and guidelines restrained the suppliers and manufacturers to process their construction accomplishments. This resulted in the interruptions in the novel and prevailing construction developments.

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.

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.

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.

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/flooring-market-102740