Flooring Market Size By Product (Soft Coverings, Resilient Flooring [LVT, VCT, Vinyl Sheet, Fiberglass, Linoleum], Non-resilient Flooring [Ceramic, Stone, Wood & Laminate], Seamless Flooring), By Application (Residential, Commercial, Industrial), COVID-19

Flooring Market Size By Product (Soft Coverings, Resilient Flooring [LVT, VCT, Vinyl Sheet, Fiberglass, Linoleum], Non-resilient Flooring [Ceramic, Stone, Wood & Laminate], Seamless Flooring), By Application (Residential, Commercial, Industrial), COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 - 2032

Global Flooring Market share is expected to propel substantially through 2032 owing to the increasing construction projects in Middle East and North Africa. In addition, the resurgence of the construction market in Europe has also been a contributing factor in the industry expansion.

The flooring market is forecasted to expand significantly as construction spending increases for residential, industrial, and commercial applications. Leading market players in the industry are increasingly investing in overseas infrastructural projects which is likely to spur market expansion through 2023-2032. Construction and infrastructure development projects have increased as a result of the recent global financial crisis recovery and overall economic growth.

The industry would also experience increased expansion due to the availability of bank-provided financing, particularly in emerging markets. Product penetration is likely to get impacted by the rising trend of the new building, repair, and renovation in the commercial and residential sectors.

The flooring market has been divided in terms of product, application, and region.

Based on product, the seamless flooring segment registered around $14 billion remuneration in 2022 and is slated to progress steadily through the review timeline. The growth is anticipated to come from the product’s low maintenance costs and superior appearance and durability. Seamless floorings are generally installed in schools, operating theatres, airports, malls, churches, and commercial buildings.

With respect to application, the commercial segment is anticipated to grow substantially by the end of 2032 credited to the rapid expansion due to the rising tourism and the expanding service industry, particularly in emerging nations. Urbanization, population expansion, and shifting environmental effects have led to the widespread use of goods that address the market growth.

From the regional perspective, the Latin America flooring market is projected to propel robustly between 2023 to 2032 attributed to the rise in construction output and expansion of local manufacturing companies. Increasing housing shortages in Mexico, despite the building industry's extremely unsatisfactory performance, is expected to promote new construction projects and boost the need for flooring.

In contrary, the Middle East & Africa flooring industry is estimated to proliferate at more than 5.5% CAGR over 2023-2032. The regional market growth estimation is credited to the expanding residential sector, which contributes over 50% of the market share. Moreover, the sector is likely to maintain its dominance over the next few years, stimulating the industry graph. Demand in the institutional and energy sectors would support regional growth, further impelling the business statistics for MEA flooring market.