SAN FRANCISCO, June 27, 2023 /PRNewswire/ — The flooring industry size will witness an appreciable gain in the wake of the growing construction industry and burgeoning urbanization, according to the “Flooring Industry Data Book, 2023 – 2030,” published by Grand View Research. The bullish outlook is mainly attributed to the surging demand for commercial and residential spaces across emerging and advanced economies. Moreover, a renewed focus on renovation & remodeling has reinforced the market growth. Notably, energy efficiency retrofits propelled by the Inflation Reduction Act of 2022 in the U.S. will act as a growth enabler of home remodeling.
Brands have exhibited an increased inclination for cost-effective renovation solutions to meet climate resilience. Amidst energy security concerns, sustainable flooring, including recycled materials, has received traction. Interior designers, commercial flooring contractors, homeowners and other stakeholders are pitching to avoid or limit the use of toxic chemicals in production. Notable consumer trends are likely to drive the industry toward greater sustainability.
Order your copy of the Free Sample of “Flooring Industry Data Book – Ceramic Tiles, Resilient Flooring, Soft Covering Flooring, Wood & Laminate Flooring Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research
Commercial and residential settings have upped focus on ceramic tiles for (including but not limited to) sustainability, durability, water resistance and low maintenance. Prominently, these tiles do not emit VOC and prevent the development of bacteria or germs. Of late, digitally printed ceramic tiles have gained ground to foster aesthetic effects. Printing design on tiles has become the mega-trend spurring the beauty of interiors. Consumers have sought ceramic tiles across commercial areas, living rooms, kitchens, bathrooms, terraces, swimming pool areas, offices, balconies, porches, parking areas and restaurants. Moreover, the real estate sector is poised to bank on porcelain tiles for more moisture resistance, high durability and availability of a wide range of styles.
Manufacturers are slated to explore the upsides of vinyl flooring for immensely low maintenance and increased durability. Brands will likely bank on resilient materials for performance attributes and appealing visuals. In essence, luxury vinyl tile has provided an impetus as an alternative to hardwood flooring, prompting architects and interiors to count on the former material. Accordingly, the resilient flooring market will witness notable growth with technological advancements to boost scratch resistance and noise mitigation. The growth could be partly due to strong demand from healthcare applications, including hospitals, daycare centers and nursing homes. Since hospitals are exposed to high traffic, vinyl flooring is expected to be a favorable choice due to its resiliency, increased durability and comfort.
Forward-looking companies are poised to capitalize on the trends, opportunities and drivers to tap into the global market.
- Soft covering flooring has emerged as a promising portfolio in light of the demand from the tourism and hospitality sector. For instance, demand for carpets will continue to soar with notable penetration across hotels, homes and the retail sector.
- Stakeholders are expected to inject funds into wood and laminate flooring due to easy installation & cleaning, impact resistance and aesthetic appeal.
- The North America market will likely witness notable investments in flooring, partly attributed to the expanding construction industry, along with growing renovation & refurbishment activities. Besides, burgeoning urbanization against the backdrop of migration and infrastructural developments will also undergird the regional market growth.
Stakeholders envisage the Asia Pacific as a happy hunting ground as residential and commercial players seek various flooring options for longevity, durability and timeless style. Renovation, improvement projects and construction activities have become pronounced across China, India, Australia and Japan, prompting industry leaders to infuse funds into the landscape. The growth outlook comes on the heels of the rising footprint of smart city projects and the expansion of the real estate sector. Additionally, the havoc wrecked by the COVID-19 pandemic has compelled consumers to seek germ- and bacterial- resistant tiles, a trend likely to engineer innovations in the Asia Pacific flooring industry.
The competitive nature of the marketplace alludes to an emphasis on geographical expansion, technological advancements, product offerings, innovation, partnerships and mergers & acquisitions. Investments in organic and inorganic strategies will underpin the development of the market. For instance, in June 2022, Mohawk Industries announced the acquisition of the Vitromex ceramic tile business from Grupo Industrial Saltillo for around USD 293 million in cash. The purchase will bolster Mohawk’s position in the Mexican ceramic tile market.
Check out more Industry Data Books, published by Grand View Research
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com/sector-reports-list
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
Read more here: Click Here
