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Flooring and Carpets Market

Market Study on Flooring and Carpets: In line with Rapid Innovations in Sustainable Materials, PMR Foresees a Wide Range of Growth Opportunities for Flooring and Carpet Manufacturers Soon

A Detailed Analysis of the Flooring and Carpets Market Based on Growing Renovation and Remodelling Activities, Boom Around Waterproof Flooring, and Debuts of Newer Brands

Flooring and Carpets Market

The global flooring and carpets market is forecast to expand at a CAGR of 5.4% and thereby increase from a value of US$303.2 Bn in 2023, to US$438.2 Bn by the end of 2030.

Attributes

Key Insights

Flooring and Carpets Market Size (2023E)

US$303.2 Bn

Projected Market Value (2030F)

US$438.2 Bn

Global Market Growth Rate (CAGR 2023 to 2030)

5.4%

Historical Market Growth Rate (CAGR 2018 to 2022)

5.1%

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Market Introduction and Definition

Renovation projects often involve the replacement of outdated or worn-out flooring. Homeowners and businesses seek modern and aesthetically pleasing flooring options to enhance their spaces' overall look and feel. Renovation projects allow consumers to explore and adopt innovative flooring materials. This includes eco-friendly options, smart flooring solutions, and materials with advanced features that enhance durability and performance.

The growing trend of home improvement and the willingness of homeowners to invest in enhancing their living spaces contribute to increased spending on flooring materials. Renovation projects often allocate a significant budget for flooring upgrades. Renovations to increase the value of residential or commercial properties often involve upgrading flooring. Quality and attractive flooring materials can enhance a property's market value and appeal.

Renovation projects are aided by the growing do-it-yourself (DIY) culture. There is a growing need for simple flooring solutions to use and install because do-it-yourself enthusiasts frequently research various flooring options for their projects. Eco-friendly and sustainable restoration techniques are becoming more and more popular. The demand for green and sustainable solutions will likely increase as consumers seek flooring materials with environmentally responsible qualities.

Flooring modifications are frequently made as part of renovations intended to enhance accessibility and meet aging-in-place demands. Flooring alternatives that are low-maintenance, slip-resistant, and easy to clean become essential in these renovations. Remote work has led to a surge in home office renovations. This trend creates opportunities for flooring solutions suitable for home office spaces, combining functionality with aesthetics.

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Market Growth Drivers

Growing Demand for Waterproof Flooring

The growing demand for waterproof flooring is a significant driver of growth in the flooring and carpets market. Modern consumers are increasingly prioritizing practicality and functionality in their flooring choices. The demand for waterproof flooring reflects a preference for materials that offer durability, easy maintenance, and resistance to water damage. Waterproof flooring, including luxury vinyl flooring, waterproof laminate, and other innovative solutions, is becoming more widely adopted in residential spaces.

Homeowners are choosing waterproof flooring for moisture-prone areas, such as kitchens, bathrooms, and basements, driving the market growth. The demand for waterproof flooring is growing in commercial settings, where high foot traffic is common. Businesses and industries are recognizing the benefits of durable, water-resistant flooring solutions for spaces like retail environments, hospitality venues, and healthcare facilities.

In addition, manufacturers in the flooring industry continue to invest in research and development to improve the performance of waterproof flooring materials. Innovations in manufacturing technologies contribute to producing high-quality, water-resistant products, expanding the market's offerings.

Waterproof flooring products now come in a wide range of designs, colors, and textures, providing consumers with aesthetically pleasing options. This combination of functionality and design versatility enhances the appeal of waterproof flooring, driving consumer interest. Many waterproof flooring options come with user-friendly installation systems, making them suitable for DIY projects or efficient professional installations. The ease of installation and potential for straightforward replacement contribute to the market's overall attractiveness.

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Market Restraints

High Installation and Maintenance Costs

The flooring and carpets market is competitive; consumers often compare prices when purchasing. High installation and maintenance costs can pressure manufacturers and retailers to remain competitive, potentially reducing profit margins. Some high-quality flooring materials with long-term durability and low maintenance come with higher upfront costs.

Consumers may be reluctant to invest in these solutions if they perceive the initial expenses as too high, even if the long-term benefits outweigh the costs. While initially affordable, some flooring materials may incur high maintenance costs over their lifespan. Consumers considering the total cost of ownership may be hesitant to invest in flooring options that require frequent and costly maintenance.

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Opportunities

Innovation in Sustainable Materials

The growing awareness of environmental issues has led to a shift in consumer preferences. Many actively seek eco-friendly and sustainable home options, including flooring and carpets made from environmentally responsible materials. Innovations in sustainable materials involve the use of renewable resources and recycled content.

Flooring and carpet manufacturers are incorporating recycled fibers, reclaimed wood, and other eco-friendly components to meet the demand for environmentally conscious products. Sustainable flooring options often have a lower carbon footprint compared to traditional materials. Using responsibly sourced and produced materials helps reduce the overall environmental impact, contributing to the market's growth.

Moreover, innovation extends beyond the materials themselves to the manufacturing processes. Companies are exploring more sustainable and energy-efficient production methods to minimize waste, reduce resource consumption, and lower the environmental impact of the manufacturing phase. Innovations include developing biodegradable flooring materials and offering a solution for those concerned about the end-of-life disposal of flooring products.

Biodegradable options contribute to a circular economy by minimizing waste. Sustainable flooring materials often improve indoor air quality by emitting fewer volatile organic compounds (VOCs), and harmful chemicals. Consumers are increasingly prioritizing products that create healthier indoor environments, driving the adoption of sustainable flooring.

Environmental Concerns and Regulations

Flooring materials can release volatile organic compounds (VOCs) and other harmful emissions, impacting indoor air quality. Meeting strict regulations and emission standards poses a challenge for manufacturers, as they need to develop environmentally friendly and safe products for indoor environments. The manufacturing processes involved in producing flooring materials can be energy intensive.

Minimizing energy consumption and transitioning to more sustainable energy sources pose challenges for manufacturers aiming to reduce their carbon footprint. Certain manufacturing processes in the flooring industry require significant water usage. Balancing the need for water in production with conservation efforts is a challenge, particularly in regions facing water scarcity or where water conservation regulations are in place.

Analyst’s Viewpoint

The flooring and carpets market will evolve complexly, driven by several important factors. An important trend to note is the growing focus on sustainability. Eco-friendly materials are becoming increasingly popular due to consumers' growing environmental consciousness. Anticipate a sharp increase in demand for flooring solutions derived from renewable and recycled materials, demonstrating a greater dedication to sustainable living.

The industry is about to be redefined by technological advancements. There is increasing demand for flooring solutions that incorporate smart features. This includes comfort-enhancing features like heating elements and sensors to track foot movement.

Smart flooring is anticipated to be essential to creating intelligent living environments as houses become increasingly networked. One further important aspect is personalization. Customizable alternatives are becoming increasingly popular because customers seek distinctive and customized flooring ideas. Modular solutions that offer flexibility in functionality and design and facilitate simple reconfiguration and updates will be highly sought after.

In the luxury segment, a surge is anticipated. This will be driven by premium materials and intricate designs, appealing to consumers who prioritize sophistication and exclusivity in their living spaces. High-end options are expected to cater to a discerning clientele, contributing to the market's growth.

Supply-side Dynamics

China is the world's leading producer of flooring and carpets, accounting for over 30% of global production. The country's dominance in this sector is attributed to its large and competitive manufacturing base, low labor costs, and government support. India is another major player in the global flooring and carpets market, with a significant share in wool and synthetic carpets production.

The country's expertise in hand-knotted carpets and its growing manufacturing capacity position it as a key supplier of flooring and carpets to domestic and international markets. The United States is the second largest producer of flooring and carpets, particularly hardwood and engineered hardwood flooring. The country's strong timber industry and advanced manufacturing capabilities contribute to its presence in this sector.

Additionally, China ranks as the world's largest consumer of flooring and carpets, with a consumption of over 600 million square meters per year. This immense demand is driven by the country's vast population, growing economy, and rapid urbanization. The United States follows closely behind China, consuming approximately 400 million square meters of flooring and carpets annually.

The country's strong housing market, disposable income, and preference for hardwood and carpet flooring contribute to its high consumption. India occupies the third position, consuming around 250 million square meters of flooring and carpets annually. The country's growing middle class, preference for traditional hand-knotted rugs, and increasing construction activity drive its demand for flooring products.

Market Segmentation

Which is the Leading Flooring Type Category?

Carpets Remain the Leading Category in Line with Surging Demand from Residential Sector

The flooring type segment is segmented into carpets, tufting, woven, rugs, accent rugs, area rugs, other rugs, artificial grass, carpet tiles, vinyl flooring, and laminate parquet flooring. The carpets segment is expected to dominate the market. Carpets are popular for residential spaces, including bedrooms, living rooms, and hallways. They provide warmth, comfort, and a soft surface underfoot.

Carpets also contribute to sound insulation and can be chosen to complement the overall interior design. Nonetheless, the tufting segment of the flooring and carpets market is expanding at the quickest rate. Tufted carpets are widely used in hotel rooms, lobbies, and common areas, providing guests with a luxurious and welcoming feel. Tufted carpets in retail settings add a touch of warmth and comfort and can be chosen to complement the overall branding and aesthetic of the store.

Which is the Most Prominent Material Type Category?

Polypropylene Leads the Way Owing to Moisture Resistance

The material type segment is bifurcated into polypropylene, nylon, polyester, and others. The polypropylene market segment is the largest for flooring and carpets. Polypropylene is inherently resistant to stains, which makes it a preferred choice for carpets, especially in areas prone to spills and stains. This quality contributes to the durability and ease of maintenance of polypropylene carpets.

Nevertheless, the market segment exhibiting the most rapid growth is nylon. Nylon carpets are generally easy to clean and respond well to various cleaning methods. This ease of maintenance is attractive to consumers seeking carpets that can withstand everyday spills and accidents.

Which is the Largest Area of Application?

Hospitality to be the Topmost Application as it Demands Higher Aesthetic Appeal

The application segment is sub-segmented into residential, commercial offices, retail, hospitality, healthcare and hospitals, educational institutes, automotive, industrial, and others. Hospitality represents the greatest market segment for the flooring and carpets industry. High-quality carpets and visually appealing flooring contribute to the overall ambiance and first impressions in hotel lobbies and common areas.

Flooring and carpeting choices in guest rooms are essential for creating a comfortable and stylish atmosphere. On the contrary, the market segment characterized by the most rapid growth is commercial. Commercial offices prioritize aesthetics to create a professional and welcoming environment. This drives the demand for a wide range of flooring options, including carpets, tiles, and hardwood, allowing businesses to choose designs that align with their brand image.

Top Regional Markets

Market Performs Notably in Asia Pacific, Driven by Booming Construction Industry

The construction industry is witnessing a surge in building projects, including residential, commercial, and infrastructure developments. This creates a substantial demand for flooring and carpet materials to cover the vast spaces in these structures. As urban areas expand, the demand for new construction projects rises. Urbanization leads to the construction of residential complexes, commercial spaces, and public infrastructure, all of which require flooring and carpet solutions.

Governments across the Asia Pacific region are investing heavily in infrastructure development projects. These initiatives include the construction of roads, bridges, airports, and other public facilities, contributing significantly to the demand for flooring and carpeting materials. The construction of commercial spaces, such as offices, shopping malls, and hotels, along with residential real estate development, contributes to the need for diverse flooring and carpeting solutions. Different spaces require different types of flooring materials based on functionality and aesthetics.

North America Develops Fondness for Smart Flooring Solutions

Smart home trends are rising in North America, with consumers adopting technologies that enhance convenience and connectivity. Smart flooring solutions, such as those integrated with home automation systems, align with the desire for seamless connectivity within the modern home. Internet of Things (IoT) technology is being incorporated into flooring products, allowing for temperature control, energy efficiency, and interactive features.

IoT-enabled flooring can contribute to a more efficient and connected living environment. Technologically advanced heated flooring systems are gaining popularity in North America. These systems offer energy-efficient heating solutions and enhance the overall comfort of indoor spaces, making them a desirable feature in residential and commercial settings.

Competitive Intelligence and Business Strategy

Prominent organizations, including Mohawk Industries Inc., and Tarkett S.A., are at the vanguard of this sector; Mohawk is committed to innovation and technology, investing heavily in research and development to create new and improved flooring products. The company has developed several innovative technologies, such as its SmartStrand carpet fiber, which is stain-resistant and easy to clean. Mohawk's commitment to innovation has helped it stay ahead of the competition and maintain its position as a leader in the flooring industry. Mohawk recognizes the importance of its employees and invests in talent management and human capital development. The company fosters a culture of innovation, collaboration, and continuous learning to attract and retain skilled professionals.

Tarkett has cultivated a strong brand reputation for quality, innovation, and sustainability. The company invests in brand building and marketing initiatives to enhance brand recognition, establish customer loyalty, and differentiate itself from competitors. Tarkett actively pursues strategic partnerships and collaborations to enhance its capabilities, expand its reach, and gain access to new technologies. The company partners with architects, designers, contractors, and other industry players to develop innovative solutions and address complex customer requirements.

Key Recent Developments

New Product Launch

The Tarkett carpet tile, a collection with the lowest carbon footprint, was introduced in November 2022.

Market Impact: Launching the carpet tile collection with the lowest circular carbon footprint is expected to increase Tarkett's market share and brand recognition in the sustainable flooring market. The new collection is designed to appeal to environmentally conscious consumers and businesses, and Tarkett's reputation for innovation will likely attract new customers. The success of the carpet tile collection has put pressure on other flooring manufacturers to develop their sustainable products. This has led to increased competition in the market for sustainable flooring, ultimately benefiting consumers.

(Source: Tarkett)

Mohawk Industries, Inc. acquired the Foss Manufacturing Company, LLC in July 2022. Foss Manufacturing Company, LLC is a Georgia-based business specializing in non-woven, needle-punch technology, which is utilized in goods including artificial turf and peel-and-stick carpet tiles.

Market Impact: the acquisition of Foss Manufacturing Company, LLC was a strategic move that had a positive impact on Mohawk Industries, Inc.'s market position, product portfolio, manufacturing capabilities, cost efficiency, and access to new markets. This acquisition contributed to Mohawk's continued growth and success in the flooring industry.

(Source: Floor Covering News)

Forbo introduced Surestep Fast Fit, a brand-new adhesive-free safety flooring line that complies with Health and Safety Executive (HSE) regulations, in July 2022.

(Source: Forbo)

Flooring and Carpets Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Flooring Type
  • Material Type
  • Application
  • Region

Key Companies Profiled

  • Mohawk Industries Inc
  • Interface Inc.
  • Beaulieu International Group N.V
  • Tarkett S.A.
  • Balta Group
  • Shaw Industries Group, Inc.
  • ALSORAYAI Group
  • Forbo Holding AG
  • Armstrong World Industries LLC
  • Gerflor Group
  • Milliken & Company Inc
  • Betap Tufting B.V.
  • Others

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

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Flooring and Carpets Market Research Segmentation

By Flooring Type:

  • Carpets
  • Tufting
  • Woven
  • Rugs
  • Accent Rugs
  • Area Rugs
  • Other Rugs
  • Artificial Grass
  • Carpet Tiles
  • Vinyl Flooring
  • Laminate Parquet Flooring

By Material Type:

  • Polypropylene
  • Nylon
  • Polyester
  • Others

By Application:

  • Residential
  • Commercial Offices
  • Retail
  • Hospitality
  • Healthcare and Hospitals
  • Educational Institutes
  • Automotive
  • Industrial
  • Others

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • Mohawk Industries Inc
  • Interface Inc.
  • Beaulieu International Group N.V
  • Tarkett S.A.
  • Balta Group
  • Shaw Industries Group, Inc.
  • ALSORAYAI Group
  • Forbo Holding AG
  • Armstrong World Industries LLC
  • Gerflor Group
  • Milliken & Company Inc
  • Betap Tufting B.V.

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 5.4% during the projected period.

The flooring and carpets market was valued at US$303.2 billion in 2023.

China held the largest market share in 2023.

Some of the prominent players in the market are Mohawk Industries Inc., Interface Inc., Beaulieu International Group N.V, Tarkett S.A., Balta Group, Shaw Industries Group, Inc., ALSORAYAI Group, Forbo Holding AG, Armstrong World Industries LLC, Gerflor Group, Milliken & Company Inc, and Betap Tufting B.V.

The commercial offices segment is expected to grow fastest pace during the forecast period.

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