Commercial Flooring Market Analysis, Consumption, Demand, Growth And Forecast To 2033

Posted by ramacharitbrc on April 12th, 2024

Overview and Scope

Commercial flooring is a durable flooring material made from a combination of natural and synthetic polymer materials. It’s found everywhere from hotel lobbies and office foyers to schools and hospitals. It is rapidly being adopted in more and more places due to its design and material innovations.

Sizing and Forecast

The commercial flooring market size has grown strongly in recent years. It will grow from .52 billion in 2023 to .33 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased commercial construction projects, growth in design trends and aesthetics, increased demand for maintenance and durability, increased environmental and sustainability concerns, increased need for renovation and replacement needs

The commercial flooring market size is expected to see strong growth in the next few years. It will grow to .34 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.  The growth in the forecast period can be attributed to circular economy practices, emerging market demand, growing need for resilient and low-maintenance flooring, safety and slip resistance requirements, growing real estate

Major trends in the forecast period include flooring material innovation, advanced flooring installation methods, technological advancements, innovative solutions, and strategic collaborations.

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Segmentation & Regional Insights

The commercial flooring market covered in this report is segmented –
1) By Product: Soft Covering Flooring, Resilient Flooring, Non-Resilient Flooring, Seamless Flooring, Wood and Laminate 

2) By Distribution Channel: Retail, Wholesale and Distributor Business Trend 

3) By Application: Healthcare, Education, Hospitality, Retail, Public Buildings, Other Applications

North America was the largest region in the commercial flooring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the commercial flooring market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

Rapid urbanization is driving the growth of the commercial flooring market going forward. Urbanization refers to the shift of population from the countryside to the cities. This shift in population has resulted in the added requirement for housing and commercial businesses that have created an opportunity for increasing construction, thereby in turn driving the commercial flooring market. For instance, according to a report by Addis Ababa University Ethiopian Institute of Architecture, Building Construction, and City Development, an Ethiopia-based university, the global urban population is projected to grow by 6.3 billion in 2050. Furthermore, according to the report titled World Cities Report 2022 published by the United Nations Human Settlement Programme, a Kenya-based body of the United Nations, presently urban areas are home to 55% of the world’s population, and that figure is expected to grow to 68% by 2050. Therefore, the rise in urbanization drives the hook lifts and skips loaders market growth.

Key Industry Players

Major companies operating in the commercial flooring market include  Mannington Mills Inc., Amtico International Inc., Mohawk Industries Inc., Armstrong Flooring Inc., Flowcrete Group Ltd., Forbo Holding AG, Interface Inc., Gerflor SAS, Hanwha Group, Congoleum Corporation, NOX Corporation, Milliken & Company, LX Hausys, Tarkett S.A., Nora Systems Inc, James Halstead plc., Shaw Industries Group Inc., Beaulieu International Group, J+J Flooring Group, Roppe Holding Company, Burke Industries Inc., Flexible Steel Lacing Company., Altro Limited, Karndean Designflooring, Parterre Flooring Systems, Crossville Inc., American Biltrite Inc., Johnsonite Inc.

The commercial flooring market report table of contents includes:
1. Executive Summary

2. Market Characteristics

3. Market Trends And Strategies

4. Impact Of COVID-19

5. Market Size And Growth

6. Segmentation

7. Regional And Country Analysis

………

27. Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions

29. Future Outlook and Potential Analysis