The global flooring market is set to grow by $84.98 billion from 2024 to 2028, driven by increasing demand for waterproof flooring. This represents a compound annual growth rate (CAGR) of 5.9% during the forecast period, according to a new report from Technavio. The market encompasses a wide range of sectors, including construction, residential and commercial buildings, infrastructure projects, and transportation systems. Flooring materials such as vinyl, linoleum, and rubber are particularly popular due to their durability and long lifespan.
The growth in the global flooring market is being fueled by urbanization in emerging economies, with a particular emphasis on renovation and modernization by the middle class. Consumer awareness, as well as growth in the tourism and hospitality industries, are also playing a significant role in driving demand for flooring materials. However, the market also faces challenges related to waste disposal, installation, renovation, and demolition, as well as the use of adhesives and resilient flooring materials.
Within the market, the construction of residential, commercial, and industrial buildings, as well as infrastructure projects like transportation systems and airports, is driving demand for flooring materials. In particular, the middle class in emerging economies is seeking out durable and long-lasting flooring options, spurring growth in renovation and modernization projects. The tourism and hospitality industries are also contributing to increased demand, with a focus on high-traffic areas that require resilient flooring materials.
In order to capitalize on the growing market, flooring manufacturers and suppliers will need to address challenges related to waste disposal, installation, renovation, and demolition. This includes developing adhesives that can support efficient and effective flooring installations. The market also presents opportunities for companies to cater to the specific needs of commercial buildings, offices, hotels, hospitals, and government and private investments in infrastructure development.
The global flooring market is highly fragmented, with companies competing to gain greater market share. This competitive landscape has also led to an increase in product launches and a focus on sustainability. Key players in the market include Armstrong World Industries, Forbo Management, Gerflor Group, Interface, Mohawk Industries, Shaw Industries, and Tarkett.
