The Surge Of Flooring Market In The Present Era

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The Surge Of Flooring Market In The Present Era
The Surge Of Flooring Market In The Present Era

The concept of flooring is as ancient as time since anything on the floor can account for flooring, even straw and mud flooring used by early human civilizations. Flooring has evolved into a distinct market with the growth of population and increase in infrastructure, whether residential, industrial or commercial, and there is immense competition. The flooring market is classified on the basis of the materials provided for flooring and is divided into two categories – resilient and non-resilient floorings. Within these two categories, the flooring market is further divided into segments of carpets and rugs, tiles, wood, laminates and rubber. 

According to the flooring market research, the global flooring market is expected to reach a value of $450 billion by 2026, growing at a compound annual growth rate (CAGR) of 6.5 percent overall in the same period. At a regional level, the APAC and Europe constitute 65 percent of the global flooring market, while North America has the highest growth at a global level. The growth of the flooring market in Europe and North America is driven by increasing residential construction. Wood flooring and laminates are projected to grow at a CAGR of 7 percent until 2025, while luxury vinyl tiles is estimated to grow at a CAGR of 6 percent by 2024. Overall, the flooring market is projected to be dominated by non-resilient flooring until 2022.

1Present Era Surge Of Flooring Market

Although the flooring market is certainly not new, there has been a surge in the present era, driven by increasing demands, innovations, competition, greater awareness and a rise in disposable income among the masses. A growing global population results in greater needs for infrastructure, due to which there has been significant vertical growth of buildings that require lightweight yet durable flooring.

  • Flooring Types: Resilient flooring uses materials for example vinyl, rubber, and linoleum that are relatively flexible and are placed upon some sort of cushioning on the floor. In contrast, non-resilient flooring, also known as hard flooring, consists of hard and inflexible materials such as tiles, stone, and wood that are directly placed on the floor. There is a significant difference in price and durability of resilient versus non-resilient flooring which has influenced their growth in the market.
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  • Design: Increase in disposable income, globalization and the evolution of the field of interior designing have resulted in a greater focus on the aesthetic appeal of flooring apart from simple functionality. Unlike earlier, when the durability and price of flooring were the main considerations for selection, the design and texture of flooring and its aesthetic appeal are becoming important factors in selecting flooring. There is also a greater variety of flooring styles incorporated in a single project, with different designs in different rooms.
  • Cost Breakdown: In the flooring market, the most significant costs are for the product and installation/labor. The product typically accounts for 35-40 percent of the flooring, installation/labor for 30 to 45 percent, logistics for 5-10 percent, maintenance for 5 percent, extended warranty for 0-5 percent and profit margin for 10 percent. The average warranty period varies based on the material used, with the average warranty for vinyl being 10-20 years, for porcelain tile, marble agglomerate tile, limestone tile, and granite tile the warranty is for 1-5 years, carpet is for 10-15 years and mats and wood is for 5-10 years. The top global service providers are Mohawk Industries, Tarkett, Armstrong Flooring Inc, and Shaw Industries Group Inc.
  • Innovation: The single biggest trend impacting the flooring market is innovation, in terms of products, styles, and features. From the typical flooring options, the market is moving towards a more sustainable, lightweight, eco-friendly and cost-effective option such as bamboo, reclaimed hardwood, cork, and glass. The insulation capability of the flooring is also becoming a factor for consideration for buyers, along with the durability and maintenance requirements. Apart from the environmental impact of the flooring, the health impact is also becoming a factor for consideration, for example, carpets treated with toxic chemicals for mothproofing risk health issues for people who would spend time in the area.  
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2Testing Methods

In the flooring market, it is essential that proper quality standards are maintained, not only so that the flooring has a long life, but also to ensure safety. The quality of the flooring becomes even more important for multi-story buildings, flood-prone, and earthquake-prone regions. Therefore, there are testing methods and standards in place at a global level for all kinds of flooring products to make sure that safety is maintained regardless of the flooring type. The flooring market standards and tests have been set up by the American Society for Testing and Materials (ASTM International), American Association of Textile Chemists and Colorists (AATCC), European Standard Associations, Japan Industrial Standards Committee, and the International Organization for Standardization (ISO).

 The flooring market has been growing at a steady pace but has witnessed a surge in the present era, driven by urbanization, construction and infrastructure development in developing and developed countries. Beyond basic flooring materials, new trends in the market are showing preferences for lightweight, aesthetically appealing and durable flooring materials, driving the growth of the global market.

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