| Status : Published | Published On : Dec, 2022 | Report Code : VRCH2092 | Industry : Chemicals & Materials | Available Format :
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Page : 200 |
Global Commercial Flooring Market – Analysis and Forecast (2023-2030)
Industry Insight by Product (Soft Cover Flooring, Resilient Flooring, Non-Resilient Flooring, Seamless Flooring, and Wood & Laminates), by Application (Healthcare, Education, Leisure & Hospitality, Retail, Commercial Buildings, and Public Buildings), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The global commercial flooring market is expected to reach USD 95.4 billion by 2030 from USD 55.69 in 2022, registering a CAGR of 5.25% during the forecast period. Commercial floors are designed to meet the specifications of a given commercial location. For instance, the floor must be strong and durable to hold more weight than standard residential flooring. Additionally, commercial spaces need to be soundproofed and moisture-resistant to further protect the floor from decaying and bubbling. Commercial facilities often use synthetic flooring since regular flooring, like wood or tile, cannot withstand repeated cleanings.
Additionally, it is anticipated that increased government investment in enhancing educational infrastructure through the implementation of new programs like Padhe Bharat Badhe Bharat and Utkarsh Bangla Scheme will have a significant influence. These variables will affect the consumption of construction supplies, particularly floor coverings, in the education sector, hence boosting market growth.
Market Segmentation
Insight by Product
Based on Product, the Global Commercial Flooring Market is segmented into Soft Cover Flooring, Resilient Flooring, Non-Resilient Flooring, Seamless Flooring, and Wood & Laminates. Soft Cover Flooring includes Rugs, Broadlooms, and Carpets. Soft Cover flooring is anticipated to contribute the largest market share during the forecast period. The use of carpets is anticipated to rise as anti-microbial reinforced flooring goods become more important in the healthcare sector as a result of hospitals spending more money on HVAC clean rooms.
Resilient Flooring is anticipated to have a high CAGR during the forecast period. Resilient flooring gives adequate cushioning and flexes without cracking when weight is applied, whereas non-resilient floors, such as marble, slate, and concrete, do not have these properties.
Insight by Application
Based on Application, the Global Commercial Flooring Market is categorized into Healthcare, Education, Leisure & Hospitality, Retail, Commercial Buildings, and Public Buildings. Public Buildings in anticipated to have the fastest growth in the global commercial flooring market. Floors are useful in a variety of public construction industries, including municipal corporations, government offices, and religious institutions. The biggest foot traffic occurs in public buildings, resulting in a demand for sturdy and durable floor coverings, which is likely to rise the commercial flooring market further in the future years.
Healthcare is anticipated to have a high CAGR during the forecast period as flooring materials are being used for different architectural spaces like hospital halls, critical care units, passageways, diagnostics centers, etc.
Global Commercial Flooring Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023 - 2030 |
|
Market Size in 2021 |
$55.69 Billion |
|
Revenue Forecast in 2030 |
$ 95.4 Billion |
|
Growth Rate |
CAGR 5.25% |
|
Segments Covered in the Report |
By Product and By Application |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
The dynamics of the commercial flooring market have altered drastically as a result of technological developments. It has taken the place of common products like carpet and vinyl flooring with PVC-free vinyl flooring. PVC-free vinyl flooring has effective structures and employs adhesives that act as a shield against the effects of alkalinity and moisture while preventing losses brought on by the weight of heavy furniture. Luxury Vinyl Tile (LVT) and Vinyl Composite Tile (VCT) plays an important role in the commercial flooring market.
One of the main growth drivers for the commercial flooring industry is probably the construction of green buildings that decreases energy consumption and enhances indoor air quality. The surge in government expenditure, rising home renovation and remodeling activities will propel the market expansion of the commercial flooring industry. Also, the burgeoning automobile industry necessitates car flooring, which is expected to fuel the commercial flooring market.
Challenges
The market's expansion is being constrained by elements like fluctuating raw material costs and the overuse of natural resources like wood and fibres. Additionally, strict VOC laws and regulations regarding carpet padding and backing materials are significant obstacles to the overall expansion of the global commercial flooring market.
Opportunities
There is a surge in demand for lightweight and comfortable floor coverings, such as wood, fired tiles, and carpets that emit less volatile organic compounds (VOCs). This, together with product advancements that reduce installation time, is providing lucrative growth potential for industry investors.
Furthermore, the developmental growth of India, Taiwan, and Mexico as future industrial hubs will result not only in the building of factories, but also in a considerable population shifting close to these centres, leading in the development of new cities or the expansion of existing towns. This element is predicted to play a significant influence in the development of the commercial floorings industry in the coming years.
Geographic Overview
- North America
- Europe
- Asia Pacific (APAC)
- Rest of the World (RoW)
Asia-Pacific is anticipated to have a high CAGR during the forecast period owing to favorable regulatory support to promote investment in the manufacturing sector in countries like China and India, thereby increasing the number of commercial spaces and propelling the market demand for commercial floor industry during the forecast period.
Rapid urbanization, the resurrection of the building industry, increased infrastructure spending in developed and developing countries, and increased per capita income are major factors driving market expansion in North America and Europe.
Competitive Insight
The commercial flooring market is dynamic due to a significant number of world-class manufacturers. To entice customers, prominent industry participants are providing online services such as enhanced catalogs and virtual assistants. They are also focused on improving material quality and replacing traditional materials with upgraded variations, which is boosting the market growth. Furthermore, increased consumer awareness of low-cost and environmentally friendly flooring materials such as glass, bamboo, linoleum, polyester, and salvaged hardwood is positively influencing the market.
Nora is the global market leader in commercial rubber flooring. Nora rubber floorcoverings are made in Germany and are perfect flooring solutions with the precise functional features required for a room, from classrooms to conference rooms, retail and public areas to stairwells, laboratories, and operating theatres.
Rubber flooring gives extra benefits that will improve a building's overall performance. Nora Systems ensures that the most recent installation technologies are employed in all rubber floorcovering, whether it is for acoustics or ergonomics, and color is used to create settings that promote healing or concentration. Their flooring products include Safety Flooring, Vinyl Flooring, Luxury Vinyl Tiles (LVT), Rubber Flooring, ESD Anti-Static Flooring, Conductive Floor Coverings, Linoleum Flooring, Sub-Flooring Preparation, Contract/ Commercial Carpets, and Carpet Tiles.
Milliken is one of the global leaders in the production of floor coverings for corporate, public space, retail, hospitality, and leisure applications. Milliken's floor covering division, headquartered in South Carolina, USA, manufactures across four continents. From the front door to the conference room to the cable management that keeps everyone connected, Milliken’s innovation empowers and improves commercial places throughout the world. Through better acoustics, air quality, and comfort, their entrance, and commercial flooring products make the workplace and retail areas safer, healthier, and more productive.
Milliken can supply floor covering solutions for most public and guest room areas, including ballrooms, conference rooms, lobbies, and guest rooms, with an extensive choice of broadloom carpet, modular carpet, and LVT (Luxury Vinyl Tile) collections.
Recent Development by Key Players
In October 2022, Interface®, a global commercial flooring provider and sustainability leader, introduced noraplan® convia, the latest nora® by Interface rubber flooring product. Noraplan convia was developed from the need to build aesthetically beautiful, functional spaces to work and study, and offers exceptional functionality and durability to fit a wide range of project budgets.
In October 2022, LG Chem is collaborating with NOX Corp., the pioneer in luxury vinyl tile (LVT) flooring, to develop the bio-balanced polyvinyl chloride (PVC) sector. LG Chem and NOX Corp. inked a memorandum of understanding (MOU) to collaborate on a bio-balanced PVC program aimed at reducing carbon emissions and increasing resource circulation.
Key Players Covered in the Report
Some of the major players operating in the global commercial flooring market include LG Hausys, Nora, Flowcrete Group Ltd., Milliken & Company, James Halstead PLC, Novalis, Tajima Flooring, NOX Corp., TOLI Corporation, and TKflor.
The Commercial Flooring Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
Segments Covered in the Report
- By Product
- Soft Cover Flooring
- Rugs
- Broadlooms
- Carpets
- Resilient Flooring
- Non-Resilient Flooring
- Seamless Flooring
- Wood & Laminates
- Soft Cover Flooring
- By Application
- Healthcare
- Education
- Leisure & Hospitality
- Retail
- Commercial Buildings
- Public Buildings
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Commercial Flooring Market