The Insight Partners has published its latest research study on “Indoor Flooring Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 – by Type (Type (Ceramic Tiles, Carpet, Vinyl Linoleum and Rubber, Wood and Laminate, Others); End-user (Residential, Non-Residential), and Geography”. The global indoor flooring market size is expected to grow from USD 146.90 billion in 2020 to USD 210.66 billion by 2028; it is estimated to register at a CAGR of 4.9 percent from 2022-28.
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Global Indoor Flooring Market: Competitive Landscape and Key Developments
Mohawk Industries Inc., Armstrong Flooring Inc., Tarkett, Forbo International SA and Ecore International are among a few key indoor flooring market players operating across the world. During this study, several other indoor flooring market players were analyzed to get a holistic view of the indoor flooring market size and its ecosystem.
In 2021, Ecore introduced its newest Ecore Athletic surface: HydroGrip Motivate. This engineered surface features a slip resistant safety floor surface layer that is fusion bonded to a 5mm vulcanized composition rubber (VCR) base layer (Motivate) using Ecore’s patented its TRU technology.
The constant product development initiatives undertaken by the market players is catalysing the indoor flooring market growth. Some of the recent developments include:
In January 2018, Tarkett expanded its Luxury Vinyl Tiles (LVT) production capacity in Europe and North American countries by announcing their plans to invest USD 85.9 million over the next three years for addressing the growing demand for vinyl modular flooring. The investment is likely to support maintainable and efficient manufacturing. In the US, approx. USD 60 million, invested in two manufacturing facilities based in Florence, Ala., US. the investment has made in Poland and Luxembourg.
In November 2017, Mohawk Industries agreed to acquire Godfrey Hirst Group (Australia), i.e., Australia’s largest carpet manufacturer, with the aim to expand its global presence. The manufacturing, marketing, and distribution leadership of Godfrey Hirst would complement Mohawk’s current hard surface distribution and strengthen its product portfolio. This acquisition was scheduled to completion in 2018.
In December 2016, Shaw Industries acquired Floors, Inc. (US) to expand its position in the hard surface and luxury vinyl tile markets. This acquisition further enables Shaw Industries to enhance its product offering by including composite core flooring as well as bamboo, cork, and hardwood products.
The government initiatives such as the Smart City projects is creating huge demand for leak detection system and smart water meters. India ranks 2nd in terms of population in Asia Pacific region as well as globally, and the Indian mass is experiencing constant growth in per capita income. This is helping the mass to invest in luxurious homes, which is enabling the builders to procure increased quantity of advanced building materials such as modern kitchen countertops. Factors, such as rising population and rapid growth of urbanization have propelled construction activities for corporate offices, retail spaces, educational facilities, government buildings, hotels, lodging spaces, medical and healthcare units, industrial spaces, and commercial utilities. This, in turn, is expected to positively influence the demand for wood & laminate and flooring, thereby contributing to the growth of the indoor flooring market.
Global Indoor Flooring Market: Type Overview
Based on type, the indoor flooring market size is segmented into ceramic tiles, carpet, vinyl linoleum and rubber, wood and laminate, and others. In 2021, the ceramic tiles segment acquired a major share of the indoor flooring market. The ceramic tiles are widely used to enhance the floors of houses, hospital rooms, toilets, and others. It is extensively available in the market. It is also known as porcelain. The ceramic tiles are used for flooring and walls. It is available in a broad range of varieties based on textures, patterns, and sizes. In the global and the local markets, many players offer different types of related products.
Moreover, the use of advanced technologies in the manufacturing processes helps the players offer competitive product offerings. For instance, MOHAWK INDUSTRIES, INC., through its associated company Daltile offers StepWise. It is produced under the patented technology. It has a tile with more than 50 percent slip-resistant. It also exhibits waterproof, stain resistance, dent-proof, scratch-resistant, Fire-resistant, and indoor and outdoor flooring. Thus, the above factors are expected to support the growth of the segment in the global indoor flooring market.
Impact of COVID-19 Pandemic on Global Indoor Flooring Market Growth:
North America is one of the most important regions for adopting and developing new technologies due to favorable government policies to boost innovation, the presence of a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the region’s economic growth negatively. COVID-19 has negatively impacted businesses in the region in four critical areas, such as supply chain/operations, workforce, 2020 investments, and product offering. According to Worldometer till 24th March 2021 30,774,033 cases have been registered in the US alone. In the first nine months, overhead costs, including expenses for sales, Research & Development (R&D), and administration of various providers fell adversely, due to severe measures taken during the pandemic. Despite the effects of the global outbreak, earnings were improved, primarily due to continuous optimization of the cost structure. Besides, owing to the rising number of cases in North America, many ongoing projects that were considered essential by the government authorities were not stopped, but new residential construction permits were suspended.
The adoption of good interiors is more across the region but due to COVID-19 the development of indoor flooring got hampered. Furthermore, the maintenance and renovation of indoor infrastructure also got hindered, owing to less presence of labor in this pandemic period. These factors negatively impacted the growth of the global indoor flooring market over the years.
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