Market Definition:
The global indoor flooring market was valued at US$ 133.3 billion in 2021 and it is anticipated to grow up to US$ 226.3 billion by 2031, at a CAGR of 5.4% during the forecast period.
Flooring is the lower enclosing surface of spaces within buildings. This might be part of the floor structure, such as the upper surface of a concrete slab or floor boards, but typically it is a permanent covering laid over the floor. Further, indoor flooring is used when renovating a new building or an old structure. Indoor flooring is available in various materials, designs, and colors. Secondly, materials required to construct floors in residential and non-residential buildings are known as indoor flooring items.
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Market Outlook:
The increase in urban population increases the residential and non-residential construction activities. The global urban population is rapidly increasing. For instance, according to World Bank statistics, in April 2020, about 56% of the global population (~4.4 billion inhabitants) lived in cities. This trend is expected to increase continuously. Also, by 2045, the world’s urban population will increase by 1.5 times to 6 billion. Thus, new construction projects, such as business complexes, hospitals, housing facilities, and shopping malls, are being prompted by the rise in urban population. For instance, in August 2022, Casagrand unveiled an independent residential construction venture, CASAGRAND PERCH, and announced plans to construct 500 homes over the next 3 years under the new initiative. Therefore, with the rising residential and non-residential construction projects, the demand for indoor flooring is also increasing for a better interior appearance.
Market Restraints and Challenges
As materials, transportation, and labor costs continue to increase, multiple manufacturers in the flooring sector have recently announced price increases, particularly on vinyl and hardwood products. For instance, according to the article published by the Floor Covering Weekly, in March 2021, raw material cost increases have occurred, predominantly increased polyvinyl chloride (PVC) prices fueled by high demand for vinyl-based construction materials. Labor rates in some cases have increased. Also, freight costs have skyrocketed to approximately double levels. This affects the cost of transporting finished goods and raw material shipments. Additionally, in March 2020, Armstrong Flooring, Inc. announced an increase in select commercial and residential products of 3% to 8%. Despite their continued efforts, they continue to experience significant cost increases in transportation and raw materials. Further, hardwood flooring materials face upward pressure from species scarcity (hickory, maple, and European oak), fuel inflation, and lack of truck delivery capacity. The rise in raw material prices will affect indoor flooring prices also. Hence, volatile raw material prices create continuous challenges for the global indoor flooring market.
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Research Objectives:
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Segmental Overview
The report analyses the global indoor flooring market based on type, end user, and region.
Major Players in the Global Indoor Flooring Market
The key players studied in the global indoor flooring market are Armstrong Flooring, Inc. (US), Beaulieu International Group (Belgium), ECORE International (US), Forbo Flooring (The Netherlands), Interface, Inc. (US), Matter Surfaces, Inc. (US), Mohawk Industries, Inc. (US), Tarkett (France), TOLI Corporation (Japan), and Welspun Flooring (India).
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Research Scope:
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2021 – US$ 133.3 Billion
• Market Size in 2031 – US$ 226.3 Billion
• CAGR % – 5.4%
• Historic Period – 2015-2020
• Forecast Period – 2022-2031
• Base Year – 2021
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