PUBLISHER: The Business Research Company | PRODUCT CODE: 1391112
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391112
“Commercial Flooring Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on commercial flooring market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for commercial flooring? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The commercial flooring market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Commercial flooring is a resilient and durable flooring material crafted from a blend of natural and synthetic polymer materials. Its applications range widely, encompassing areas such as hotel lobbies, office foyers, schools, and hospitals. The increasing adoption of commercial flooring can be attributed to ongoing innovations in design and materials.
The primary product categories within the commercial flooring market include soft covering flooring, resilient flooring, non-resilient flooring, seamless flooring, and wood and laminate. Soft covering flooring serves as a supplementary layer installed over hard flooring surfaces. The distribution channels for commercial flooring include both retail and wholesale and distributor businesses. These flooring solutions find application in diverse sectors such as healthcare, education, hospitality, retail, public buildings, and more.
The commercial flooring market research report is one of a series of new reports from The Business Research Company that provides commercial flooring market statistics, including commercial flooring industry global market size, regional shares, competitors with commercial flooring market share, detailed commercial flooring market segments, market trends, and opportunities, and any further data you may need to thrive in the commercial flooring industry. This commercial flooring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The commercial flooring market size has grown strongly in recent years. It will grow from $62.52 billion in 2023 to $66.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth observed in the historic period of the commercial flooring market can be attributed to several factors, including an upsurge in commercial construction projects, a heightened emphasis on design trends and aesthetics, an increased demand for maintenance and durability, growing concerns about environmental sustainability, and a rising need for renovation and replacement.
The commercial flooring market size is expected to see strong growth in the next few years. It will grow to $84.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period for the commercial flooring market can be attributed to the adoption of circular economy practices, emerging market demand, an increasing need for resilient and low-maintenance flooring solutions, requirements for safety and slip resistance, and the growing real estate sector. Noteworthy trends expected in this period include innovations in flooring materials, advancements in flooring installation methods, technological improvements, innovative solutions, and strategic collaborations.
Rapid urbanization is a driving force behind the expanding commercial flooring market. Urbanization, denoting the migration of populations from rural to urban areas, has led to increased demands for housing and commercial establishments. This surge in construction activities, fueled by urbanization, serves as a catalyst for the growth of the commercial flooring market. A report by Addis Ababa University Ethiopian Institute of Architecture, Building Construction, and City Development projects a global urban population increase to 6.3 billion by 2050. Additionally, the United Nations Human Settlement Programme's World Cities Report 2022 notes that urban areas currently house 55% of the world's population, expected to rise to 68% by 2050. This substantial urbanization trend underpins the promising growth trajectory of the commercial flooring market.
The burgeoning construction industry is anticipated to be a major driver for the commercial flooring market. Embracing a spectrum of activities, the construction sector encompasses planning, design, development, and maintenance of physical structures and infrastructure. Commercial flooring, tailored to meet the unique functional, safety, and aesthetic requirements of commercial spaces, becomes integral to construction projects. Its durability and cost-effectiveness make it a preferred choice for ensuring the longevity and functionality of flooring in high-traffic environments. Reports from the United States Census Bureau reveal an over 8% increase in the overall value of residential and non-residential construction in the US between 2020 and 2021. Additionally, Oxford Economics reports a projected 42% growth in global construction output by 2030, reaching a total of US$15.2 trillion. This upswing in construction activities underscores the pivotal role of the construction industry in propelling the commercial flooring market's growth.
A noteworthy trend in the commercial flooring market is the emphasis on product innovation. Leading companies in the market are actively investing in creating innovative solutions to meet evolving consumer demands. For instance, Welspun Flooring, an India-based flooring manufacturer, introduced an anti-viral range of flooring solutions featuring a special coating of silver ion and titanium oxide. This coating inhibits the growth of viruses by 99.68%, including the COVID-19 virus. The flooring also boasts anti-bacterial, anti-fungal, and anti-microbial qualities, effectively protecting against stains, discoloration, and undesirable odors. This innovative approach addresses the need for hygienic and health-conscious flooring solutions, reflecting the dynamic and evolving nature of the commercial flooring market.
Major companies in the commercial flooring market are actively engaged in the development of innovative products to cater to the increasing demand for Luxury Vinyl Tile (LVT) and to diversify their product portfolios. Luxury Vinyl Tile (LVT) is a targeted offering for architects and specifiers, providing a broad spectrum of design choices, including wood, stone, marble, and mineral effects. These products are manufactured using high-quality ingredients such as real meat, fish, and poultry, and are fortified with essential vitamins and minerals. In October 2022, Gerflor Group, a vinyl flooring manufacturer based in France, launched a new Luxury Vinyl Tile (LVT) range designed specifically for architects and specifiers. The LVT range offers various fitting technologies, including solid click, rigid acoustic, connect, dryback, and looselay, providing flexibility for architects and specifiers to choose the best-fitting solution for their projects. These LVT products are durable, easy to maintain, acoustic, sustainable, and suitable for a variety of commercial applications.
In a strategic move toward achieving growth and enhancing competitiveness in the commercial flooring market, DFS Flooring, a US-based provider of commercial flooring products and services, acquired Dynamic Commercial Flooring in December 2021. Dynamic Commercial Flooring, a US-based manufacturer of commercial flooring, specializes in providing carpets, hardwood, and various other types of flooring. This acquisition aligns with DFS Flooring's strategic objectives, contributing to its growth in the commercial flooring sector. The move signifies the importance of strategic acquisitions in the market as companies seek to expand their capabilities and offerings to meet the evolving needs of customers in the commercial flooring space.
Major companies operating in the commercial flooring market include Mannington Mills Inc., Amtico International Inc., Mohawk Industries Inc., Armstrong Flooring Inc., Flowcrete Group Ltd., Forbo Holding AG, Interface Inc., Gerflor SAS, Hanwha Group, Congoleum Corporation, NOX Corporation, Milliken & Company, LX Hausys, Tarkett S.A., Nora Systems Inc., James Halstead plc., Shaw Industries Group Inc., Beaulieu International Group, J+J Flooring Group, Roppe Holding Company, Burke Industries Inc., Flexible Steel Lacing Company., Altro Limited, Karndean Designflooring, Parterre Flooring Systems, Crossville Inc., American Biltrite Inc., Johnsonite Inc.
North America was the largest region in the commercial flooring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the commercial flooring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the commercial flooring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The commercial flooring market consists of the sale of broadlooms, carpets, and rugs. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.