Flooring Market Growth with Worldwide Industry Analysis to Reach $558.2 Billion2031 | Business Overview
Flooring Market Expected to Reach $558.2 Billion by 2031
PORTLAND, OR, UNITES STATES, March 22, 2023 /EINPresswire.com/ — Flooring Market By Type:
Flooring market includes various types of printed flooring solutions.
According to the printing type, the market is bifurcated into digital and traditional. Among these, the traditional segment accounted for the highest market share in 2021, owing to various small-scale businesses involved in traditional printing.
on the basis of material, the ceramic segment accounted for the highest market share in 2021, owing to its easy availability, inexpensiveness, and low maintenance.
In addition, the market is analyzed among the residential and non-residential building end users. Among them, non-residential segment is expected to grow at a higher CAGR during the forecast period.
AMR Says, Global flooring market size was valued at $320.3 billion in 2021, and is projected to reach $558.2 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
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Drivers:
The market is mainly driven by rise in construction activities due to rapid urbanization and population growth, especially in Asia-Pacific and LAMEA.
Rise in public-private partnerships across the world is anticipated to fuel the growth in number of non-residential buildings (PPPs).
Moreover, increased awareness among public in general regarding environmental protection has fueled the demand for sustainable products. Thus, key market players are introducing products that are relatively more eco-friendly and sustainable.
Covid-19 Analysis:
However, during the pandemic lockdown, various manufacturers in the flooring market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of flooring manufacturing companies. In addition, lack of manpower and raw materials constrained the supply of raw materials for flooring and negatively influenced the growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
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Top Player:
Armstrong Flooring, AZEK Company, Beaulieu International Group, Citadel Floors, Ebaco India Pvt. Ltd., ECORE International, Inc., Fiberon, Forbo Flooring, Gerflor, Interface Inc., Iron Woods, Mats Inc., Milliken and Company, Mohawk Industries Inc., Shaw Industries, Tarkett S.A., and Toli Corporation.
Key Finding of the Study
• The report provides an extensive analysis of the current and emerging flooring market trends and dynamics.
• Depending on printing type, the traditional segment dominated the flooring market, in terms of revenue in 2021. Whereas, digital segment is projected
to grow at a significant CAGR during the forecast period.
• On the basis of material, ceramic accounted for the highest market share in 2021 in terms of revenue.
• By end-user industry, non-residential segment is expected to grow at a higher CAGR during the forecast period.
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David Correa
Allied Analytics LLP
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