Flooring Market is Predicted to Witness 6.1% CAGR till 2028

The global flooring market size was valued at USD 388.24 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2021 to 2028.

The global Flooring Market size is expected to reach USD 621.54 billion by 2028 registering a CAGR of 6.1%, according to a new report by Grand View Research Inc. Rising urbanization and expansion of ultramodern workspaces and offices coupled with evolving consumer lifestyle are expected to drive the market growth.

The rapidly growing global construction industry and the resultant demand for insulation are expected to boost the market growth. The increased availability of innovative construction solutions with attributes, such as low maintenance and high durability, is anticipated to have a positive impact on the market.

The development of innovative floor covering solutions and changing consumer trends in construction solutions and floor designs have been critical in the industry development over the last few years. A high degree of integration is observed between the prominent players to achieve optimum business growth in the market. Mergers & acquisitions and joint ventures are undertaken by companies to extend their business portfolio and geographical reach.

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Flooring Market Report Highlights

• The resilient product segment is expected to ascend at the fastest CAGR of 6.8% from 2021 to 2028 on account of the wide acceptance of performance floorings including rubber, vinyl, carpet, linoleum, cork, and others
• In 2020, the residential application segment dominated the market with a share of 54.3% and is likely to expand further at a steady CAGR from 2021 to 2028
• The segment growth is attributed to the rising residential building construction activities across the globe
• On the other hand, the industrial application segment is expected to record the maximum growth rate during the forecast period
• Asia Pacific is estimated to be the largest regional market by 2028; however, MEA is projected to register the fastest CAGR over the forecast period
• Prominent players in the market are focusing on the acquisitions of smaller companies to enhance their product portfolio and strengthen their presence in the global market