NEW YORK, March 01, 2023 (GLOBE NEWSWIRE) — Insight Partners publishes a recent research study “Indoor floor market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 by Type (Type (Ceramic Tiles, Carpet, Vinyl Linoleum & Rubber, Wood & Laminate, Others); End User (Residential, Non-Residential), and Geography “; The global indoor flooring market size is expected to grow from USD 146.90 billion in 2020 to USD 210.66 billion by 2028; it is estimated to register at a CAGR of 4.9% from 2022 to 2028.
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Global Indoor Flooring Market Report scope, categories, regional and country coverage:
|Value of market size||USD 146.90 billion in 2021|
|Value of market size||USD 210.66 billion by 2028|
|growth rate||CAGR of 4.9% from 2021-2028|
|Number of pages||142|
|Number of tables||56|
|No. of charts and figures||73|
|Historical information is available||Yes|
|Sections included||Type and end user|
Global Indoor Flooring Market: Competitive Landscape and Key Developments
Mohawk Industries, Inc., Armstrong Flooring, Inc. Tarkett, Forbo International SA and Ecore International are some of the major indoor flooring market players operating across the globe. During this study, several other Indoor Flooring market players are analyzed to get a comprehensive view of the Indoor Flooring market size and its ecosystem.
In 2021, Ecore introduces its new Ecore athletic surface: HydroGrip Motivate. This engineered surface has a slip resistant safety floor surface layer, which is fused to a 5mm vulcanized composite rubber (VCR) base layer (motivation), Ecores has patented its TRU technology.
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Continuous product development initiatives undertaken by market players are accelerating the growth of the indoor flooring market. Some recent developments include:
In January 2018, Tarkett expanded its luxury vinyl tiles (LVT) manufacturing capacity in Europe and North America by announcing plans to invest USD 85.9 million over the next three years to address growing demand for vinyl modular flooring. Investment is likely to support manageable and efficient production. In the US, approx. USD 60 million has been invested in two manufacturing facilities based in Florence, AL, US. Investments made in Poland and Luxembourg.
In November 2017, Mohawk Industries has agreed to acquire Godfrey Hirst Group (Australia), Australia’s largest carpet manufacturer, with the aim of expanding its global presence. Godfrey Hirst’s manufacturing, marketing and distribution leadership complements Mohawks current hard surface offering and strengthens its product portfolio. The acquisition was scheduled to be completed in 2018.
In December 2016, Shaw Industries Floors, Inc. to expand its position in the hard surface and luxury vinyl tile markets. (US) was acquired. The acquisition will enable Shaw Industries to expand its product offering by adding bamboo, cork and hardwood products along with composite core flooring.
Government initiatives like smart city projects are creating huge demand for leak detection systems and smart water meters. India ranks 2nd in terms of population in the Asia Pacific region and globally and the Indian conglomerate has been experiencing steady growth in per capita income. This is helping the group invest in luxury homes, allowing builders to stock up on advanced building materials such as modern kitchen countertops. Factors such as increasing population and rapid growth of urbanization have pushed the construction activities of corporate offices, retail spaces, educational facilities, government buildings, hotels, residential spaces, medical and healthcare facilities, industrial spaces and commercial utilities. This, in turn, will positively influence the demand for wood and laminate and flooring, thereby contributing to the growth of the indoor flooring market.
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Global Indoor Flooring Market: Type Overview
On the basis of type, the indoor flooring market size is segmented into ceramic tiles, carpet, vinyl linoleum & rubber, wood & laminate, and others. In 2021, the ceramic tiles segment accounted for the major share of the indoor flooring market. Ceramic tiles are widely used to enhance the floors of houses, hospital rooms, toilets and others. It is widely available in the market. It is also known as porcelain. Ceramic tiles are used for flooring and walls. It is available in a wide range of varieties based on textures, patterns and sizes. In global and local markets, many players offer various types of related products.
Further, the use of advanced technologies in manufacturing processes will help players to offer competitive product offerings. For example, MOHAWK INDUSTRIES, INC., offers StepWise through its related company Daltile. It is produced under patented technology. It has a tile with more than 50% slip-resistance. It also exhibits waterproof, stain resistance, dent-proof, scratch-resistant, fire-resistant and indoor and outdoor flooring. Thus, the above factors are expected to support segment growth in the global indoor flooring market.
Impact of COVID-19 Pandemic on Global Indoor Flooring Market Growth:
North America is one of the most important regions for adopting and developing new technologies because of favorable government policies for developing new technologies, innovation, the presence of a large industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Therefore, any impact on the growth of industries is expected to have a negative impact on the economic growth of the region. COVID-19 has negatively impacted businesses in the sector in four critical areas such as supply chain/operations, workforce, 2020 investments and product offerings. As of 24 March 2021, 30,774,033 cases have been recorded in the US alone, according to Worldmeter. In the first nine months, overhead costs, including sales, research and development (R&D), and various supplier administration costs, declined unfavorably due to drastic measures taken during the pandemic. Despite the effects of the global outbreak, earnings improved primarily due to continuous optimization of cost structure. Furthermore, due to the increasing number of cases in North America, many ongoing projects deemed essential by government officials were not only halted, but new housing construction permits were suspended.
Adoption of fine interiors is high across the region but due to COVID-19 the development of indoor flooring has been hindered. Moreover, maintenance and renovation of indoor infrastructure was also hampered due to low presence of workers during this epidemic period. These factors have negatively impacted the growth of the global indoor flooring market over the years.
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Go through more research published by Insight Partners:
Modular Flooring Market Forecast to 2028 – Global Analysis by Covid-19 Impact and Type (Flexible LVT, Rigid LVT, Carpet Tile, Polyolefin (Non-Vinyl), Rubber, Ceramic, Others); End User (Workplace, Healthcare, Education, Retail, Home, Other) and Geography
Industrial Concrete Flooring Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Technology (Conventional Concrete Paving, Jointless Concrete Paving); Type (concrete overlay, concrete floor on piles, seamless concrete floor); Application (manufacturing facility, warehouse centers, others) and geography
Luxury Vinyl Flooring Market To 2028 – Global Analysis and Forecasts by Product Type (Luxury Vinyl Tiles, Vinyl Composite Tiles, Vinyl Sheets); End User (Residential, Non-Residential) and Geography
Outdoor floor market Forecast to 2028 – Covid-19 Impact and Global Analysis – Flooring by Type (Wood, Ceramic, Concrete & Others), Type (Tile, Decking & Others), and End User (Residential & Non-Residential)
Sports ground market Forecast to 2028 – Global Analysis by Covid-19 Impact and Type (Wood Flooring, Rubber Flooring, Polymeric Flooring, Artificial Turf Flooring); Application (outdoor, indoor); Type of sport (Track and Field (Running, Jumping and Throwing), Football, Basketball, Volleyball, Badminton, Gym, Dance and Aerobic Studio, Others); End use (residential, commercial) and geography
Automotive Flooring Market Forecast to 2028 – Covid-19 Impact and Global Analysis – By Material Type (Polyurethane, Polypropylene, Nylon, Rubber & Others); vehicle type (passenger car, LCV, and HCV); Distribution Channel (OEMs and Aftermarket)
Luxury Vinyl Tiles (LVT) Flooring Market To 2028 – Global Analysis and Forecasts by Product Type (Rigid, Flexible); End User (Residential, Non-Residential) and Geography
Portable Evaporative Cooler Market Forecast to 2028 – Covid-19 Impact and Global Analysis by Type (Direct Evaporative Cooling & Indirect Evaporative Cooling) and Application (Residential, Commercial & Industrial)
Piling Machines Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Product (Impact Hammer, Piling Rigs, Vibratory Drivers and Others); Method (Vibro Piling, Drilling and Driven Piling)
Overhead Cranes Market Forecast to 2028 – Covid-19 Impact and Global Analysis by Type (Gantry Crane, Bridge Crane, Jib Crane, Monorail Crane and Others), Installation (Mobile Crane and Fixed Crane), Operation Type (Electric, Hybrid, and), and Verticals (Logistics, Automotive, Marine and Others)
Evaporative Cooler Market Forecast to 2028 – Covid-19 Impact and Global Analysis by Type (Direct Evaporative Cooling, Indirect Evaporative Cooling, and Two-Stage Evaporative Cooling) and Application (Residential, Commercial, Industrial, and Confined Agriculture)
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