Construction Flooring Market Expected to Reach $189.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Construction Flooring Market," The Construction Flooring Market was valued at $100.2 billion in 2020, and is estimated to reach $189.3 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032. 

Construction flooring market includes various types of printed flooring solutions. The construction flooring industry is segmented on the basis of printing type, material, end-user industry, and region. On the basis of printing type, the market is categorized into digital and traditional. On the basis of material, it is divided into wood, stone, ceramic, laminate, and others. On the basis of end-user industry, it is bifurcated into residential and non-residential. 

Flooring is an indistinguishable part of any home, office, retail store, and other residential and non-residential buildings. Flooring improves the functionality of the building apart from enhancing the aesthetics of the building and its spaces. If a floor is not constructed properly, it can pose trip and slip hazard. For instance, anti-skid floorings are installed, in places where water spills are common, such as washrooms. Moreover, flooring also helps in directing the crowd in a public place. For instance, public places, such as railway stations, metro rail stations, and others incorporate direction and imprints on the floor for crowd management. Furthermore, flooring also helps in improving the acoustics of the building. Such factors are expected to drive the construction flooring market growth. 

The rise in urban population and increase in trend of living in nuclear families, boost the demand for building infrastructure globally. According to The World Bank, as of now the total urban world population is around 4.2 billion, which is expected to increase by 1.5 times in 2045. Furthermore, several initiatives of governments of countries such as India, South Korea, South Africa, and China, which focus on providing affordable housing are also expected to drive the demand for flooring solutions in the building construction sector. In addition, rapidly increasing disposable income of people globally has significantly boosted the number of large and small retail stores. Thus such factors helps in expansion of construction flooring market size.

For instance, as per the construction flooring market outlook, major key players, such as Ikea, Lulu Group, and DLF India are investing majorly in construction of shopping malls in various locations of India. Such factors are anticipated to increase the demand for flooring solutions. 

Public-private partnerships (PPPs) have been an effective method for channeling private funds for infrastructural development in various countries. Infrastructure development is a major factor promoting the rapid urban growth, especially in developing nations. For instance, the Asian Development Bank (ADB) projects that the Public Private Participation in Indonesia is expected to achieve a target of $429 billion for 2020–2024.   

As per the construction flooring market trends, the private sector is expected to mobilize 59% of the resources of this target. Furthermore, in various other countries, such as India, China, the U.S., Canada, and others, public private partnerships play a pivotal role in achieving the infrastructural goals of these countries. For instance, as of March 2022, Telangana state of India is considering to award extension of metro rail services in the city to private firm under public-private partnerships (PPPs). In addition, there are a large number of proposed public infrastructure projects, such as high-speed rails and airports in emerging economies such as India. This increases the non-residential demand for flooring solutions. 

 In 2022, Asia-Pacific dominated the global construction flooring market in terms of revenue. Moreover, the market in LAMEA is expected to grow with a high CAGR, owing to growth in urbanization in LAMEA.  

Furthermore, rise in public-private partnerships across the world is anticipated to fuel the growth in number of non-residential buildings (PPPs) during the construction flooring market forecast period. Moreover, increased awareness among public in general regarding environmental protection has fueled the demand for sustainable products. Thus, key market players are introducing products that are relatively eco-friendly and sustainable.   

Key manufacturers having sigificant construction flooring market share are adopting various strategies to sustain the competition in the market. For instance, in November 2021, Lord Parquet, a flooring manufacturer, unveiled a 100% recyclable flooring solution. This offering incorporates a non-PVC core made of 100% degradable polyethylene.  

As per the construction flooring market analysis, the market is mainly impacted by the global economic downturn, which is a major restraining factor for the entire industrial and construction sectors. The current inflation is a result of the Ukraine-Russia conflict, as well as various initiatives are being performed in various countries globally to tackle the economic downturn during the coronavirus outbreak. Furthermore, raw material and energy costs have become highly volatile, and many nations are experiencing high rates of inflation, such as countries in Europe, Latin America, and North America. However, India and China are performing relatively well. Moreover, the construction flooring market is expected to experience growth, owing to an increase in demand from residential and non-residential sector.

Key Benefits For Stakeholders

• The report provides an extensive analysis of the current and emerging natural stone market trends and dynamics.
• In-depth constrution flooring market analysis is conducted by constructing market estimations for the key market segments between 2022 and 2032.
• Extensive analysis of the contruction flooring market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
• The construction flooring market forecast analysis from 2023 to 2032 is included in the report.
• The key market players within construction flooring market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the construction flooring industry.