Floor Covering Market Growth & Trends
The global floor covering market size is expected to reach USD 566.5 billion by 2028, registering a CAGR of 6.5% over the forecast period, according to a new report by Grand View Research, Inc. Increasing investment in R&D by various players to develop innovative products coupled with increasing demand for floor covering in developed and developing nations are likely to drive the market growth over the forecast period. Furthermore, the spike in infrastructure projects in emerging markets has a beneficial influence on market growth.
Floor Covering Market Segmentation
Grand View Research has segmented the global floor covering market based on product, distribution channel, and region:
Based on the Product Insights, the market is segmented into Carpet and Area Rugs, Wood Flooring and Others.
- The carpet and area rugs segment dominated the market for floor covering and accounted for the largest revenue share of around 40.0% in 2021 owing to the rapid construction of the IT sector. This can also be credited to constant innovation in the products. Also, it creates a comfortable seating area and helps in improving the overall appeal of office or home décor. Carpets and rugs offer a protective layer to floors. Carpets and rugs are used for their functional properties and aesthetic look, further improving the overall look and finishing of the décor. The materials utilized to make the carpets and rugs include nylon, polyester, and polypropylene. Nylon carpets have high strength, making them ideal for areas with a lot of foot activity, such as industrial and commercial carpeting.
- The wood flooring segment is expected to register the highest CAGR of 6.8% from 2022 to 2028 due to its significant increasing demand in the commercial industry. These types of products are in high demand mostly in emerging countries. It is one of the most widely used forms of floor covering product. Growing home renovation owing to construction and non-construction activities and increased disposable income are other factors boosting segment growth over the forecast period. The rise of the wooden flooring sector is fueled by greater house renovations as a result of higher disposable income and quicker growth in building and non-construction activities, particularly in emerging nations. The segment's expansion is being fueled by factors such as a growing emphasis on the usage of environmentally friendly materials such as wood.
Based on the Distribution channel Insights, the market is segmented into Offline and Online.
- The offline segment dominated the market for floor covering and accounted for the highest revenue share of more than 75.0% in 2021. The demand for floor covering is growing among customers due to more sustainability offered by these offline stores than any other channel. Hence, the segment is projected to show growth during the assessment period. Additionally, the growth of supermarkets and hypermarkets is expected to open up new revenue opportunities for key market players.
- The online segment is expected to witness high growth over the forecast period. Online platforms may be used to obtain floor covering at a reduced cost. Such channels can give a variety of perks, such as coupons, free delivery, and other special deals. Furthermore, several popular online items from the growing number of app-based vendors are propelling the market forward during the projection period. Additionally, key players are showcasing their product portfolio on online websites and e-commerceportals such as Amazon, Flipkart, and Home Depot to attract new customers and drive revenue. Additionally, the availability of stable internet connection, consumer awareness regarding online purchasing, and government initiatives to boost e-commerce growth are some of the major factors driving the growth of the market.
Floor Covering Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Key Companies Profile & Market Share Insights
Companies are focusing on innovating new products of floor covering to meet the ever-increasing consumer demand. The increasing demand for floor covering offers an opportunity for product development. The influence of products on the environment is being recognized and addressed by manufacturers. The development of green products will be pushed by increasing consumer awareness of the impact of building on global warming.
Some of the prominent players operating in the global floor covering market include,
- Shaw Industries Group Inc.
- Mohawk Industries Inc.
- Armstrong Flooring
- Gerflor Group
- Forbo Holding
- Mannington Mills Inc.
- TOLI Corporation
- Tarkett Group
- Dixie Group Inc.
- Milliken & Company
Order a free sample PDF of the Floor Covering Market Intelligence Study, published by Grand View Research.
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