United States Floor Covering Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

United States Floor Covering Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The United States floor covering sales strengthened due to the increasing consumer confidence and a sharper increase in single-family home construction. Square foot sales increased. However, it did not keep pace due to a decline in multi-family housing, which started a slowdown in the commercial markets. A key propellant for the expansion of the market is a marked growth in the building and construction industries. The main challenge faced by the industry is the volatility in the prices of raw materials. Builder purchase gains may continue to gain profit as millennials begin to form households. Home floor coverings spending benefited from a double-digit increase in residential improvement construction spending. The builder market makes profits and offers opportunities for the floor covering industry. Home furnishings and floor covering manufacturers are also adopting digital printing technology to cut down on operational expenditures. This technology lowers sampling process time and water consumption. It is also considered to be an eco-friendly alternative to traditional home furnishings and floor coverings.

The outbreak of the coronavirus disease (COVID-19) has acted as a massive restraint on the home furnishings and floor coverings manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. Furthermore, the COVID-19 pandemic has caused countries, including the United States, to enact travel restrictions and social distancing measures, disrupting major economic and financial markets. Demand from downstream markets in pandemic induced a decline in 2020 due to a decrease in corporate profit and private spending on home improvements for the year. However, the market is expected to gain momentum in the long term.

Key Market TrendsGrowing Urbanization is Driving the Market

The rise in urbanization has created a considerable increase in the rate of construction activities, consequently increasing the scope of the flooring market. The rapid infrastructural developments have increased the demand for flooring products remarkably, boosting the overall market. Rapid urbanization has generated a wave of renovation and remodeling activities, increasing demand in the flooring industry. Along with growing investments in the construction industry, the rise in infrastructure to keep up with lifestyle changes contributes to increased demands. Product innovation and customization are just a few parameters driving the market growth. Proliferating residential and commercial construction operations in the country, along with rising urbanization and industrialization, are the major drivers of the flooring market's growth. The country is also witnessing increasing demand for online shopping, which is expected to help the floor coverings market grow further.

Vinyl Flooring Segment is Growing Rapidly

Vinyl flooring is cost-effective in nature and exhibits various features, such as durability, flexible handling, and design possibilities, which make it suitable to be used in hospitals, schools, offices, and houses. The vinyl flooring market is driven by the accelerating urbanization and industrialization, rising disposable incomes, and the growing interest of consumers toward home décor. The industry is further accelerated by several advantages that vinyl flooring offers, such as cost-effectiveness, easy installation and maintenance, and moisture resistance. The future of the US vinyl flooring market looks promising, with opportunities in residential and non-residential applications. The major drivers for this market are growth in residential construction and renovation activities.

Competitive Landscape

The report covers major international players operating in the US floor covering market. In terms of market share, few major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Mohawk Industries Inc.
Shaw Industries Group Inc.
Armstrong Flooring
Interface Inc.
Milliken & Company
Mannington Mills
The Dixie Group
Engineered Floors
Congoleum Corporation
CBC Flooring*

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