Flooring Market Share: Insights and Trends {{ currentPage ? currentPage.title : "" }}

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.

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.

This diminished the utilization of flooring products in the similar time period. Nevertheless, government investment guidelines for constructing and refining healthcare services is probable to act as the chief trend for market retrieval post COVID-19 impact.

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.

Competitive Landscape

Procurements Initiated by Key Players to Amplify its Spot in Market

Prominent players initiate tactical campaigns to thrust their position as chief players in the market. Their effective strategies involve acquisitions, mergers, collaborations as well as launching products among many others.

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