Flooring Market size was over USD 340 Billion in 2023 and is set to cross USD 723 Billion by the end of 2036, witnessing more than 6.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of flooring is assessed at USD 362 Billion.
The reason behind this boost is impelled by the increasing infrastructure and construction development along with the slated investments in construction globally due to the increase in commercial, renovated, constructed, industrial, and residential activities. According to a report by the Global Infrastructure Hub 2023, about 42% of the G20 government invested in several sectors such as infrastructure, transportation, and many more in 2022.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
6.5% |
Base Year Market Size (2023) |
USD 340 Billion |
Forecast Year Market Size (2036) |
USD 723 Billion |
Regional Scope |
|
Product (Ceramic Tiles, Vitrified (Porcelain) Tiles, Carpet, Vinyl, Luxury Vinyl Tiles (LVT), Linoleum/Rubber, Wood & Laminate, Natural Stone)
Vitrified (porcelain) tiles segment is predicted to dominate flooring market share of around 25% by the end of 2036, driven by its high durability and additional strengths compared to other tiles, such as ceramic tiles. Vitrified tiles don’t have any effect due to temperature as they are made from denser and ultrafine clays.
In addition, vitrified tiles are resistant to bacteria and mold, which makes them more durable and increases the long-term value of these tiles as well as of the floors. Furthermore, ceramic tiles are also scratch-resistant and are highly used in areas such as pathways, parking, landscapes, shop floors, and many more due to the high pressure or stress of their application. In total, the landed value of ceramic floor and wall tile imports is estimated to have risen by 17.9% in 2022 to USD 2.9 billion, while the domestic production value rose 7% to USD 1.46 billion.
Application (Residential, Commercial, Industrial)
The residential segment in flooring market is estimated to gain a robust revenue owing to the increasing demand for small houses, complexes, apartments, residential buildings, and many more. According to a report by the International Energy Agency in 2023, by 2030 it is expected that the global floor is projected to increase by 15%, which is similar to building an entire floor area in North America.
Our in-depth analysis of the market includes the following segments:
Product |
|
Application |
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APAC Market Statistics
Asia Pacific flooring market is projected to dominate revenue share of around 46% by the end of 2036. The landscape's substantial growth in the region is expected to be credited to the surge in investments in residential housing along with the upgradation of construction equipment used in several infrastructures. According to a report in 2023, investments in residential construction would grow by 2.5 times, which is about 12 to 15% of APAC investments in total.
Attributed to the growth in construction the demand for flooring services in Japan is also increasing. According to a report by CIDB in 2020, there has been a rise from USD 594.1 billion in 2018 to USD 628.2 billion by 2023 in Japan’s construction industry.
The Chinese government also contributes by appointing manufacturers to various projects worldwide. According to a report by the National Bureau of Statistics of China, more than 54 million rural migrant workers are assigned to work in the construction industry. The DIY option is also gaining popularity in this region, and therefore the market value is growing rapidly.
North America Market Analysis
The North American region will also encounter a huge influence on the flooring market share during the forecast period, and will account for the second position attributed to the increasing population of this region.
According to a report in 2021, the United States is expected to boost its public infrastructure with a spending of about USD 2.1 trillion by 2024.
There has been an increase in the construction sector in Canada in residential and commercial real estate. According to a report in 2024, the industrial space in Canada increased by 4.3% in 2023, which is about 16 million sq. ft of new space.
Most of these companies are continuously collaborating, expanding, making agreements, and joining ventures for the growth of this revenue share and are estimated to be the major key players in this landscape.
Author Credits: Shweta Patidar
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