Indoor Flooring Market Analysis and Forecast to 2031: By Type (Ceramic Tiles, Carpet, Vinyl, Linoleum, & Rubber, Wood & Laminate, Others), End User (Residential, Non-Residential), and Region

Indoor Flooring Market Analysis and Forecast to 2031: By Type (Ceramic Tiles, Carpet, Vinyl, Linoleum, & Rubber, Wood & Laminate, Others), End User (Residential, Non-Residential), and Region

The global indoor flooring market was valued at US$ 133.3 billion in 2021 and it is anticipated to grow up to US$ 226.3 billion by 2031, at a CAGR of 5.4% during the forecast period.

Flooring is the lower enclosing surface of spaces within buildings. This might be part of the floor structure, such as the upper surface of a concrete slab or floor boards, but typically it is a permanent covering laid over the floor. Further, indoor flooring is used when renovating a new building or an old structure. Indoor flooring is available in various materials, designs, and colors. Secondly, materials required to construct floors in residential and non-residential buildings are known as indoor flooring items.

Global Indoor Flooring Market Scope and Report Structure

The increase in urban population increases the residential and non-residential construction activities. The global urban population is rapidly increasing. For instance, according to World Bank statistics, in April 2020, about 56% of the global population (~4.4 billion inhabitants) lived in cities. This trend is expected to increase continuously. Also, by 2045, the world's urban population will increase by 1.5 times to 6 billion. Thus, new construction projects, such as business complexes, hospitals, housing facilities, and shopping malls, are being prompted by the rise in urban population. For instance, in August 2022, Casagrand unveiled an independent residential construction venture, CASAGRAND PERCH, and announced plans to construct 500 homes over the next 3 years under the new initiative. Therefore, with the rising residential and non-residential construction projects, the demand for indoor flooring is also increasing for a better interior appearance.

Market Restraints and Challenges

As materials, transportation, and labor costs continue to increase, multiple manufacturers in the flooring sector have recently announced price increases, particularly on vinyl and hardwood products. For instance, according to the article published by the Floor Covering Weekly, in March 2021, raw material cost increases have occurred, predominantly increased polyvinyl chloride (PVC) prices fueled by high demand for vinyl-based construction materials. Labor rates in some cases have increased. Also, freight costs have skyrocketed to approximately double levels. This affects the cost of transporting finished goods and raw material shipments. Additionally, in March 2020, Armstrong Flooring, Inc. announced an increase in select commercial and residential products of 3% to 8%. Despite their continued efforts, they continue to experience significant cost increases in transportation and raw materials. Further, hardwood flooring materials face upward pressure from species scarcity (hickory, maple, and European oak), fuel inflation, and lack of truck delivery capacity. The rise in raw material prices will affect indoor flooring prices also. Hence, volatile raw material prices create continuous challenges for the global indoor flooring market.

Global Indoor Flooring Market Segmental Overview

The report analyses the global indoor flooring market based on type, end user, and region.

Global Indoor Flooring Market by Type

Based on type, it is segmented into ceramic tiles, carpet, vinyl, linoleum, & rubber, wood & laminate, and others. The ceramic tiles segment is expected to be the largest segment in the indoor flooring market in 2021. Ceramic tiles are widely used to enhance the floors of houses, hospital rooms, and toilets. They are extensively available in the market. Ceramic tiles are also used for flooring and walls. They are available in various varieties based on textures, patterns, and sizes. Many market players offer different types of related products in the global and local markets. Due to these factors mentioned above, the ceramic tiles segment is expected to hold a major market share in 2021.

Global Indoor Flooring Market by End User

Based on end user, it is bifurcated into residential and non-residential. The residential segment is expected to be the largest segment in the indoor flooring market in 2021. A surge in global residential construction is acting as a key driver for the global indoor flooring market. For instance, according to the Russian news agency, in July 2021, the commissioning of residential housing in Russia in the initial five months of 2021 increased by over 28% compared to 2020. This growth is attributed to increasing demand for houses because of an improving outlook for growth in sustained employment, record-low interest rates, and programs provided by the government. Moreover, various government initiatives have also been observed to help the residential housing industry. Thus, the residential segment will likely hold a major market share in 2021.

Geographical Analysis of Global Indoor Flooring Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific market is expected to hold the majority of the market share in 2021, owing to a rise in investment in commercial and residential constructions. Furthermore, the region's market expansion is predicted to be fueled by a large increase in home improvement and repair trends. As a result, the increase in the number of new building and infrastructure projects will likely provide profitable prospects for industry participants. This, in turn, boosts the demand for indoor flooring in the Asia Pacific region.

Major Players in the Global Indoor Flooring Market

COVID-19 Impact

In 2019, the growth of global indoor flooring market was rising due to the rising population in developing countries, growing disposable income has resulted in increased investments in residential buildings, and surge in product innovations.

The COVID-19 pandemic had affected several sectors worldwide, adversely affecting the global economy in 2020. However, the construction sector witnessed steady year-on-year (Y-o-Y) growth until the emergence of COVID-19 in late 2019. The massive outburst of the coronavirus had derailed the entire construction sector heavily, with several construction projects cancelled and several projects postponed indefinitely. The COVID-19 pandemic had also disturbed indoor flooring market growth. Factory shutdowns and travel bans have adversely affected the construction industry, negatively impacting the growth of the indoor flooring market. Also, the housing material sector witnessed a huge drop in terms of trade due to lockdown restrictions in different countries, which hindered manufacturing operations during the COVID-19 pandemic. Moreover, procurement of raw materials was challenging due to the logistics disruption. Therefore, the COVID-19 pandemic had negatively affected the global indoor flooring market in 2020.

There are also positive signs for the coming quarters due to increase in residential and non-residential construction projects. However, with the surge in construction activity, combined with disruptions to supply chains and high shipping costs, prices for construction materials have soared or remain in short supply.

Recent Developments

• July 2022, ECORE International had launched Heritage Motivate, a new high-performance, and visually stunning flooring surface. With this introduction, Ecore revolutionizes realistic wood offerings with first-performance vinyl tile (PVT) was designed to be safer, quieter, and more ergonomic than traditional luxury vinyl tile (LVT) products.
• October 2021, Armstrong Flooring had launched a new rigid core product, Essentials Plus rigid core flooring. Essentials Plus is designed for residential spaces and features the newest, on-trend designs while offering the same excellent performance standards.
• May 2021, Armstrong Flooring had launched three new luxury flooring collections, including Biome, Terra, and Coalesce. Each collection features a 2.5 mm structure with a 20 mil wear layer and patented diamond 10 technology for category-leading scratch, stain, and scuff performance.

Frequently Asked QuestionsQ1. How big is the indoor flooring market?Ans. The global indoor flooring market size was US$ 133.3 billion in 2021 and is anticipated to reach US$ 226.3 billion in 2031, growing at a rate of 5.4% from 2022 to 2031.Q2. What is the indoor flooring market growth rate?Ans. The growth rate of the indoor flooring market is 5.4% from 2022 to 2031.Q3. Which region holds a major market share for the indoor flooring market?Ans. Asia Pacific holds a major market share of the indoor flooring market in 2021.Q4. Which segment accounted for the largest indoor flooring market share?Ans. Based on type, it is segmented into ceramic tiles, carpet, vinyl, linoleum, & rubber, wood & laminate, and others. The ceramic tiles segment is expected to be the largest segment in the indoor flooring market in 2021.Q5. Who are the key players in the indoor flooring market?Q6. What are the factors driving the indoor flooring market growth?Ans. The major factor driving the growth of the market is the rise in global residential and non-residential construction projects.Q7. What are the key growth strategies of indoor flooring market players?Ans. The key growth strategies of indoor flooring market players are product launch, partnerships, and government initiatives.Q8. Which region will provide more business opportunities for the indoor flooring market during the forecast period?Ans. The Asia Pacific region will provide more business opportunities for the indoor flooring market during the forecast period.

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