NEW YORK, US, March 02, 2023 (GLOBE NEWSWIRE) — Hard Surface Flooring Market Overview
MRFR’s research reports suggest Hard Surface Flooring Market Information report, by application, region and product- forecast to 2030, the global hard surface flooring market is projected to grow significantly at a healthy CAGR of approximately 5.12%. The market is expected to reach a value of around USD 51,450 million by the end of 2030.
Flooring represents an important aspect of the construction industry. These are versatile applications of good flooring. Hard flooring consists of several materials.
The catalog of key participants across the global market for hard surface flooring includes players such as:
- ATLAS CONCORD SPA
- Mohawk Industries, Inc.
- Kazaria Ceramics Limited
- Interface, Inc
- Tarkett, SA
- AFI license
- Mannington Mills, Inc.
- Burke Flooring Products, Inc.
- Firbo flooring
- RAK Ceramics
- Shaw Industries, Inc.
- Crossville Inc.
- Porcelanosa group
- Among others.
Scope of Report:
|Market size in 2030||USD 51,450 million|
|Forecast units||Value (USD million)|
|Report Scope||Revenue forecast, competitive landscape, growth factors and trends|
|Sections included||By product, by application|
|Includes geography||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key market drivers||Increase in construction activities|
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Market covered USP
The global market for hard surface flooring has expanded tremendously in recent times, given factors such as increasing consumer preference for such floors, infrastructural developments in emerging economies, and growing population and urbanization.
On the contrary, high initial expenditure restricts the growth of the market.
Impact of COVID-19
The worldwide health crisis in the form of COVID-19 has had a huge impact on most industry sectors. Considering the rapid spread of the pandemic, various governments around the world announced partial or complete lockdowns for a considerable period of time. Accordingly, industry operations were halted and some businesses were closed. The hard surface flooring market faced several unexpected challenges during the pandemic due to the sudden drop in demand for vehicles and travel restrictions.
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Among all products, the vitrified (porcelain) tiles segment is likely to occupy the top position in the global market for hard surface flooring in the coming years. The main factor supporting the development of the segment is its properties that ceramic tiles are more durable and stronger compared to available ceramic tiles because they are fired at extreme temperatures and made from dense clay and ultrafine. However, the ceramic tiles segment is expected to exhibit the highest growth rate in the coming years. These are mainly scratch-resistant, unglazed and glazed tiles.
Among all the application areas, the residential application segment is predicted to ensure the top position in the global market for hard surface flooring in the coming years. The segment includes residential buildings, small houses, complexes and apartments. Subsidies from governments to first-time home buyers across developed and developing countries influenced the development of the housing sector. The commercial segment is projected to exhibit the highest growth rate in the coming years. The growth of this segment has been attributed to factors such as increasing construction of commercial buildings and strong demand for office space.
Among all the types, the non-resilient flooring type is projected to secure a top position in the review era across the global market for robust surface flooring. The expansion of this segment is attributed to factors such as increasing commercial and residential construction activities and increasing population and industrial activities. In contrast, the resilient flooring segment is expected to exhibit the highest growth rate in the coming years, given factors such as growing commercial building applications and low maintenance costs.
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The global market for hard surface flooring is analyzed across five major geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa.
MRFR Research documents that the North American region is predicted to occupy the top position in the global market for hard surface flooring during the critical period. The region has the US as a major growth contributor. Advances in residential and commercial structures across the US are considered key parameters supporting regional market development. The region is driven by the rise in construction activities in the commercial and private sectors, which is another crucial factor driving the expansion of the regional market.
The European regional market for hard surface flooring is likely to exhibit considerable expansion in the coming years.
The Asia-Pacific regional hard surface flooring market is expected to exhibit the highest growth rate in the coming years. Increasing investment in affordable housing, upgradation and construction of infrastructure, investment in the tourism sector and smart city construction are key factors driving regional market performance. The construction sector across the region has witnessed massive expansion in recent years, which is likely to boost regional market development in the coming years. Further, factors such as expanding population, rapid urbanization, expansion of residential, commercial and industrial sectors and rise in per capita income are also expected to positively impact the performance of the regional market during the review time period.
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The hard surface flooring market in Central and South America region will exhibit significant development in the coming years. Construction spending throughout the region experienced a sharp decline during the pandemic. However, spending experienced a sudden spike in 2021.
The Middle East and Africa regional market for hard surface flooring is projected to exhibit significant expansion in the coming years. Enhanced government investments across the region are attributed to the availability of financing options such as private investment funds, domestic capital markets and public-private partnerships. Furthermore, the rapid expansion of the construction industry is likely to accelerate the development of the regional market in the coming years.
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