Asia Pacific Indoor Flooring Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Ceramic Tiles, Carpet, Vinyl Linoleum and Rubber, Wood and Laminate, and Others); End-user (Residential, and Non-Residential)

Asia Pacific Indoor Flooring Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Ceramic Tiles, Carpet, Vinyl Linoleum and Rubber, Wood and Laminate, and Others); End-user (Residential, and Non-Residential)

The Asia Pacific indoor flooring market is expected to grow from US$ 27.35 billion in 2021 to US$ 107.14 billion by 2028; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028. Home renovation and remodeling activities are increasing in many countries, which can be mainly attributed to growing governments support for the same, especially in the developed countries. The willingness to spend substantial amounts on the styling of living spaces has attracted the focus of consumers toward home furnishings such as carpets and rugs that enhance the aesthetic appeal of interiors. This shift is supported by the rise in consumer income levels, changes in lifestyles, and adoption of different cultures in terms of interior decor. Floor coatings such as ceramic tiles, carpets, vinyl, linoleum and rubber, wood, and laminate are applied on surfaces to impart slip resistance properties to them. Besides offering slip resistance, they also confer anti-vibration, antistatic, and waterproof properties. Coatings such as epoxy coatings increase the durability of concrete floors. Epoxy, polyurethane, and acrylic coating on concrete floors make them capable of withstanding a considerable amount of static and dynamic loads. Floor coatings also prevent wear and tear on the surface of these floors. As floor coatings are resistant to cleansers, oils, chlorides, water, snow, ice, hail, transmission fluids, and bleaches, they are increasingly being used to overlay the floors of parking spaces, garages, and cars showrooms. Moreover, they are used to enhance the aesthetics of floors in houses. Metallic pigments are added to the indoor flooring materials to create a metallic swirl effect. Further, there is a growing trend of adding vinyl color flakes and metallic pigments to add a rich color layer and texture to the floor surface. Thus, the above-mentioned factor is likely to boost the growth of market.

The Asia Pacific indoor flooring market is segmented into type, end user, and country. Based on type, the Asia Pacific indoor flooring market is segmented into ceramic tiles, carpet, vinyl linoleum & rubber, wood & laminate, and others. In 2021, the carpet segment accounted for the largest market share. The growth of these segments is owing to extensively use of flooring decor. However, the vinyl linoleum & rubber segment is estimated to register the highest CAGR during the forecast period.

APAC is characterized by many developing countries, a positive economic outlook, high residential and industrial presence, huge population, and rise in disposable income. All these factors make APAC a major growth-driving region for various markets, including indoor flooring. The lockdown of various factories in China affects the global supply chains and negatively impacts development, delivery schedules, and various products and services. Even as the factories in China are beginning to reopen, several businesses have reduced or hit pause on their operations. According to world meter, till March 24, 2021, 90,147 cases have been registered in China. The region comprises several developing countries, which consist of old indoor infrastructure with old interiors such as flooring. During lockdown, the process of maintenance and renovation of homes and other infrastructure got hampered, with the deployment of advanced indoor flooring. Besides, the most commonly recorded consequence of COVID-19 is a significant labor shortage in China. The construction industry in China is heavily reliant on rural migrant labor, with 54 million rural migrant workers employed in the industry, according to the National Bureau of Statistics of China. Since the lockdown, migrant workers who had returned to their hometowns for the Lunar New Year holiday could not return to work. In a survey conducted by the China Building Industry Association and released on April 15, 2020, 90.55% of respondents said the development had been hampered, and 66.04% reported a labor shortage. Besides, according to Oxford Economics, China's annual construction production will slip by 8% this year but increase by 14.5% in 2021. India's production is forecast to fall 5.4% this year before rebounding to 7.7% in 2021.

The overall Asia Pacific indoor flooring market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Asia Pacific indoor flooring market , with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific indoor flooring market. Some of the activities undertaken by the companies, which have promoted market growth, are mergers and acquisitions and market initiatives. The companies include Forbo International SA; Armstrong Flooring, Inc.; Beaulieu International Group; Interface, Inc.; Toli Corporation; and Mohawk Industries, Inc.

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