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Indoor Flooring market Expected to Reach $226.3 Billion by 2031
WILMINGTON, DE, UNITED STATES, November 27, 2024 /EINPresswire / -- Indoor Flooring Market: Insights, Trends, and Growth Forecast (2021–2031)
A report by Allied Market Research titled“Indoor Flooring Market” highlights the robust growth trajectory of the indoor flooring industry. In 2021, the market was valued at $133.3 billion, and it is projected to reach $226.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2031.
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Understanding Indoor Flooring
Indoor flooring refers to the application of finishing materials laid over a floor structure to provide permanent covering and aesthetic appeal. Common
indoor flooring materials include:
Vinyl sheets and tiles
Carpets and rugs
Laminates
Natural stone
Wood
Ceramic tiles
Rubber flooring
The demand for such materials is largely driven by the growth of the residential sector, where they are used in both new constructions and remodeling projects. Hard flooring, in particular, is gaining popularity due to its durability, ease of maintenance, and visual appeal, making it a preferred choice in residential and commercial spaces.
Key Growth Drivers
The indoor flooring market's growth is fueled by several factors:
Rising Residential and Commercial Construction
As urbanization continues and the global population grows, demand for housing and commercial spaces is increasing. This has led to a surge in the construction of new buildings as well as renovation and restoration projects, boosting the demand for flooring materials.
Government Investments in Infrastructure
Governments worldwide are investing heavily in infrastructure development to improve citizens' living standards. For example, the Canadian government launched a $30 million rebate scheme in June 2020 to support building and remodeling projects. Such initiatives are expected to drive market growth by creating lucrative opportunities for indoor flooring materials.
Shift Toward Hard Flooring
Hard flooring options, such as ceramic tiles and natural stone, are increasingly favored due to their practical benefits, including durability and ease of installation. These materials are widely used in both residential and commercial applications, contributing significantly to market growth.
Regional Insights
Asia-Pacific emerged as the largest market in 2021, accounting for approximately 47.1% of the global revenue. The region is expected to maintain its dominance during the forecast period, driven by:
Rapid expansion in residential and commercial construction.
Increased R&D investments in developing countries.
Significant government spending on construction and renovation projects.
The region is also projected to register the highest CAGR from 2022 to 2031, solidifying its position as a key player in the global indoor flooring market.
Material and Construction Trends
Material Trends: Ceramic tiles led the market in 2021, generating the highest revenue. This segment is expected to grow significantly during the forecast period due to its affordability, durability, and wide range of design options.
Construction Type: The new construction segment dominated the market in 2021 and continues to be a major contributor to market growth as global construction activities rise.
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Key Players and Competitive Landscape
The indoor flooring market is highly competitive, with major players employing strategies such as product innovation, mergers, and acquisitions to strengthen their market presence. Some prominent players include:
Mohawk Industries, Inc.
Shaw Industries Group, Inc.
Tarkett S.A.
Armstrong Flooring, Inc.
Gerflor Group
Interface, Inc.
Beaulieu International Group
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David Correa
Allied Market Research
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