Flooring Market Report

In recent days, there is significant growth in the flooring market due to several factors, one of which is urbanization, particularly in emerging regions where population growth leads to construction activities. As of 2024, 56% of the world’s population resides in urban areas and by 2030, it is estimated that the number will go up to 60%, leading to an increase in investment in residential and commercial properties. Due to the rise in disposable incomes, there is a shift in living habits, which gives rise to renovation activities. As income level increases, the consumer tends to invest in experiences, such as home improvement by modernizing their housing spaces including flooring upgrades.

For instance, in emerging countries, such as India and China, the growing middle class looks to enhance their housing experiences, with home renovation expenditures growing significantly. Similarly, it is reported that 70% of homeowners in the United States engage in some form of renovation activities, which is a trend for both aesthetic appeal and functionality in living spaces, driving demand for stylish and durable flooring options. These construction and renovation activities are significant drivers of flooring solutions, as these activities require high-quality flooring materials. 

Additionally, many government initiatives support start-up ecosystems in their countries, which leads to the expansion of commercial construction sectors. With the proliferation of retail establishments, office spaces, and hospitality venues, there is an increasing need for flooring solutions that can withstand high traffic while maintaining visual appeal, which encourages manufacturers to develop products specifically tailored to these environments. For instance, in September 2022, the STAIN-PROOF brand of ICP Group announced the launch of Clear Traction, a long-lasting and easy-to-apply clear coating that adds traction to slippery hard surfaces without compromising the appearance of the underlying floorings.

Furthermore, the growth of e-commerce is transforming how consumers shop for flooring. Online platforms provide easier access to a wide range of products, allowing consumers to compare styles and prices from the comfort of their homes. This accessibility is reshaping consumer purchasing behavior and fuelling demand for flooring solutions across various market segments.

Technological and technical innovations are revolutionizing the market of flooring solutions by offering opportunities for manufacturers to improve product quality to meet consumer demands. Advancements in materials and installation types of flooring solutions have made flooring aesthetically enhanced and durable. Innovations in luxury vinyl tiles (LVT) have resulted in products that mimic natural materials like wood and stone while providing superior water resistance and scratch resistance features, that are increasingly appealing to both residential and commercial buyers.

For instance, in March 2023, MSI, a leading North American distributor of flooring, countertop, wall tile, and hardscaping products, launched its Luxury Vinyl Flooring with an innovative CrystaLux Protection Layer which is an MSI exclusive wear layer that provides advanced protection for waterproof vinyl flooring products.
Smart flooring solutions are emerging as a significant trend, with products that integrate sensors to monitor foot traffic, temperature, and even air quality. Such innovations not only enhance the functionality of flooring but also appeal to the growing market for smart home technologies.

For instance, in May 2024, Gruppo Romani, the Italian ceramic group, launched innovative smart ceramic tiles capable of monitoring their own condition and their surroundings and communicating with the latest home automation systems. Moreover, the increasing focus on sustainability is driving innovations in eco-friendly materials. Flooring products made from recycled materials or renewable resources are gaining popularity, with a notable rise in demand for options that contribute to greener living environments.

• Increased demand for sustainable flooring solutions.
• Technological advancements are preferred such as heated flooring and moisture detection.
• Rising preference of luxury vinyl tiles.
• Demand for low-VOC flooring options.
• Customers are looking for unique and customized designs.

The flooring market may face lot of regulatory challenges that can negatively impact the profits and operational ability of the companies. Compliance with safety standards is a must in the industry, which varies widely from country to country, including fire resistance and more. Environmental regulations play a major role as several regions implement stringent guidelines on sourcing, production, and disposal of flooring materials to reduce environmental impact. For instance, the European Union’s REACH regulation restricts the use of hazardous chemicals in flooring products, such as high-VOC products, and phthalates, which makes material selection difficult for the manufacturers.

Similarly, in the United States, the Environmental Protection Agency (EPA) mandates compliance with safety standards that include indoor air quality, mostly affecting the adhesives used in flooring. Manufacturers have to invest in sustainable flooring options which can increase the research and development and operational cost of flooring materials. Furthermore, local building codes create an important scenario, as flooring installation should meet the standards of the local jurisdictions, which becomes important so as to avoid penalties and project delays.

Waste management becomes another crucial factor for the flooring market, as many countries have implemented regulations regarding reducing landfill waste from flooring materials and promoting the recycling of used flooring materials. Additionally, the need for various certifications, such as those from FloorScore IAQ Certification, complexes the situation, as these certifications usually require going through rigorous tests. All these regulations around flooring materials create a demanding environment for the companies that manufacture flooring solutions, requiring them to stay flexible and informed in ever-evolving legal landscape. 

Due to heavy competition in the market, many major players try to stay ahead by manufacturing innovative products. For instance, in April 2024, SPAN FLOORS, a leading brand of wooden flooring & facades in India for luxury homes, announced the launch of Coswick's Quick-ship Collection, offering high-end homeowners an unprecedented variety of engineered wooden flooring with access to an additional 35 new engineered floors available in 17 different colors beautiful engineered wood floors in straight planks, herringbone, chevron and square patterns amongst the various flooring ideas.

Additionally, in April 2024, Tarkett, a global flooring manufacturer, launched a non-PVC plank and tile flooring collection, Collective Pursuit, which is a high-performance solution that rivals luxury vinyl tile in dimensional stability, impact resistance and ease of maintenance. Similarly, in March 2024, AHF Products, a manufacturer of hard surface flooring for residential and commercial interiors, introduced Unfazed Luxury Vinyl Flooring into its Parterre brand. Made in the USA, in Lancaster, Pennsylvania, Unfazed provides the ultimate flexibility in a durable, minimal maintenance design. 

Similarly, in January 2024, ITOCHU Corporation announced that ITOCHU and CIPS Advance Inc., had launched the recycling business for flooring material together with the launch of DESSO, an eco-friendly flooring material produced by European construction material manufacturer Tarkett S.A., in the Japanese market through Lilycolor CO., LTD., an Interior design and decorating wholesaler. Several companies try to gain upper hand in the market by partnerships, collaboration or mergers and acquisitions. For instance, in September 2024, Unilin Technologies announced that Swiss Krono Group, one of the largest manufacturers of laminate flooring worldwide, will be adopting the Unidrop locking system for their laminate and hybrid resilient flooring products in multiple of their manufacturing facilities around the globe. Additionally, in December 2023, Mohawk Group, a global leader in sustainability and part of the largest flooring manufacturer in the world, and Scanalytics, Inc., a WI-based Smart Flooring company, announced a strategic partnership to reduce emissions from the built world. 

Similarly, in September 2024, InstallerSHOW announced the formation of partnerships with the Flooring Industry Training Association (FITA), The National Institute of Carpet and Floorlayers (NICF), and the Contract Flooring Association (CFA), which are designed to raise the profile of flooring among a variety of audience groups attending InstallerSHOW who the specify, install and distribute flooring products. Similarly, in December 2023, International Flooring Company (IFC) announced that it partnered with Broadlume on a brand called Canopy, at Broadlum’s annual FloorCon meeting in Amelia Island, Florida.

Similarly, in April 2024, July Marine announced a partnership with one of China’s leading manufacturers of anti-static raised floors. Similarly, in July 2024, Spartan Surfaces and Flooring Solutionz, long-time friends, merged together to bring product solutions to Northeast Ohio, Western Pennsylvania and West Virginia. In September 2024, LL Flooring, the flooring company formerly known as Lumber Liquidators, went out of business after the bankrupt company failed to find a buyer. LL Flooring filed for Chapter 11 bankruptcy protection in August and said that it was in negotiations with multiple parties to sell its business. But in September, the company failed to yield an offer and plans to wind down the business.

The Asia-Pacific region is witnessing remarkable growth in the flooring market, driven by several key factors. Rapid urbanization is one of the primary catalysts, with cities across countries like China, India, and Indonesia experiencing significant urbanization. As a result, the flooring market in these countries is expanding rapidly, with heightened investments in infrastructure and real estate. Additionally, the rising middle class in the Asia-Pacific region is contributing to increased disposable income, which encourages spending on home improvement and interior design. Moreover, government initiatives aimed at promoting sustainable building practices are influencing the market. Several countries are incentivizing the use of eco-friendly materials, which is reshaping consumer preferences towards more sustainable flooring solutions.

Technological advancements in flooring production are also playing a crucial role. The introduction of innovative materials, such as luxury vinyl tiles and engineered hardwood, has enhanced the appeal of flooring options, catering to diverse aesthetic and functional needs. Furthermore, the e-commerce boom in the region is facilitating easier access to a wider variety of flooring products, enabling consumers to make informed choices. As retailers increasingly adopt online platforms, the market is expected to become more competitive and dynamic. Altogether, these factors position the Asia-Pacific region as a focal point for growth in the flooring market, with the potential for substantial opportunities in the coming years.

The report provides a detailed overview of the flooring market insights in regions including North America, Latin America, Europe, Asia-Pacific and the Middle East and Africa. The country-specific assessment for the flooring market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the flooring market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which is anticipated to have a substantial impact on the growth of the flooring market. Some key countries and regions included in the flooring market report are  as follows:

• Flooring market detailed segments and segment-wise market breakdown
• Flooring market dynamics (recent industry trends, drivers, restraints, growth potential, opportunities in flooring industry)
• Current, historical, and forthcoming 10 years' market valuation in terms of flooring market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Flooring market demand analysis
• Flooring market pricing analysis over the forecast period (by key segment and by region)
• Flooring market regional insights with region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the flooring market
• Regulatory landscape by key regions and key countries
• Supply chain and value chain analysis in the flooring market
• Flooring market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on flooring market forecast by countries
• Mergers and acquisitions in the flooring market
• Essential information to enhance market position
• Robust research methodology