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Arizton Advisory & Intelligence Developing countries such as India and China are important construction markets with significant demand and promising growth potential.” - Robert, Lead Analyst
CHICAGO, ILLINOIS, UNITED STATES, March 28, 2023/einpresswire.com / -- According to Arizton's latest research report, the flooring market will grow at a CAGR of 6% during 2022-2028. Growing partnerships for digital marketing, emerging new technologies in the flooring market, and high demand for luxury vinyl tiles drive market growth.
APAC dominated the global flooring market share and was valued at USD 176.15 billion in 2022. Developing countries such as India and China are important construction markets with significant demand and promising growth potential. Due to the benefit of having a large market share for modern building and construction technologies, APAC is expected to lead the global flooring market.
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HIGH DEMAND FOR LUXURY VINYL TILES
Luxury vinyl tiles are one of the most preferred flooring materials as they are the most durable and high-quality, with low maintenance at affordable prices. With factors such as stains, scratches, mildew, or mold, LVT is highly preferred in entry zones and heavy traffic areas. Luxury vinyl is available in a wooden look form with a soft underfoot feeling, available in a tile and plank form. LVT is mainly preferred for bedrooms, fancy areas, and living rooms of residence for a perfect finishing and classy look. Hence, the residential sector is expected to create considerable demand for the LVT flooring industry during the forecast period. Moreover, the cost of LVT is low compared to carpet and hardwood floors in the market.
SURGE IN DIGITAL MARKETING PARTNERSHIPS CREATING HUGE MARKET OPPORTUNITIES
Vendors in the global flooring market have forged partnerships with digital marketing firms in recent years. Digital marketing has driven a big shift toward advertising with more personal, creative, and targeted content and images. In addition, digital marketing provides significant levels of information and resources that can be accessed at any time from different locations by consumers. This creates an opportunity for retailers to gather data to develop and restructure marketing strategies.
Currently, many manufacturers of flooring products prefer digital marketing to increase their reach in the market. The efficiency and quality associated with the products are driving customers toward flooring products. Customers across the globe are seeking flooring products and services through e-commerce sites and proprietary brand websites. With the help of digital marketing, companies are providing services and sources on various platforms to increase customer reach in the market. The companies are focusing on tie-ups with digital marketing firms for expanding their presence in the market.
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The global flooring market was dominated by residential end-users, accounting for over 55% share in the segment. This higher share can be majorly attributed to the rise in the global base of housing units and the growing demand for modern flooring across various regions. Rising urbanization and growing per capita income have driven the demand for architectural projects for building and construction, thereby increasing the demand for flooring. Further, the rising demand for flooring due to new construction, renovations, and replacements will be a major growth driver for the residential flooring industry. Moreover, urbanization in emerging countries and new housing and home remodeling activities have boosted market growth.
The global non-resilient flooring market dominated the market and was valued at USD 243.22 billion in 2022. Growing urbanization and improving ruralization have increased the demand for carpet and ceramic flooring or non-resilient flooring in the market. This type of flooring is highly preferred for residential construction or remodeling houses. Apart from residential, many commercial spaces prefer non-resilient flooring, mainly carpet, which is highly observed in the hotel industry where flooring appearance mainly attracts customers with a soft- appearance. Apart from non-resilient flooring, the demand for resilient flooring is also anticipated to witness significant growth during the forecast period. Increasing infrastructural activities such as growing demand for single housing or residents, increasing construction of commercial buildings in developing nations, and rising shift towards urban areas fuel the resilient flooring market.
KEY COMPANY PROFILES
Mohawk Industries, Inc.
Beaulieu International Group (B.I.G.)
LL Flooring Holdings
Shaw Industries Group (Berkshire Hathaway)
Burke Flooring (Mannington Commercial, Mannington Mills)
Pamesa Ceramica Compactto
Product: Non-Resilient Flooring (Wood & Laminate, Ceramic Tiles, Carpet, and Others) and Resilient Flooring (LVT, Linoleum, and Vinyl Sheets)
Application: Replacement and New Construction
Distribution Channel: Offline and Online
End-User: Residential and Non-Residential (Medical & Care Centers, Retail Stores, Education Facilities. Hospitality & Lodging, Offices, Sports & Entertainment, and Others)
Geography: North America (the US and Canada), Europe (Germany, the UK, Italy, France, and Spain), APAC (China, Japan, South Korea, India, and Australia,
Latin America (Brazil, Mexico, and Argentina, Middle East & Africa (South Africa, Saudi Arabia, The UAE, and Turkey)
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