Hard Surface Flooring Market Information Report, By Product (Resilient Flooring and Non-resilient Flooring), By Application (Residential and Non-residential), and By Region – Forecast To 2030
New York, US, March 02, 2023 (GLOBE NEWSWIRE) — Hard Surface Flooring Market Overview
The research reports by MRFR suggest that the Hard Surface Flooring Market Information Report, By Application, Region, and Product- Forecast Till 2030, the global market for hard surface flooring is projected to flourish considerably at a healthy CAGR of approximately 5.12%. The market is projected to attain a worth of around USD 51,450 Million by the end of 2030.
Flooring refers to a vital aspect of the construction industry. These are versatile applications of good flooring. The hard flooring comprised several materials.
The catalog for the prominent participants across the global market for hard surface flooring includes players such as:
- Atlas Concorde S.P.A.
- Mohawk Industries, Inc.
- Kajaria Ceramics Limited
- Interface, Inc
- Tarkett, S.A.
- AFI Licensing
- Mannington Mills, Inc.
- Burke Flooring Products, Inc.
- Firbo Flooring
- RAK Ceramics
- Shaw Industries, Inc.
- Crossville Inc.
- Porcelanosa Group
- Among others.
|Market Size in 2030||USD 51,450 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Product, by Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Increase in construction activities|
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Market USP Covered
The Global market for hard surface flooring has expanded immensely in recent times, given factors such as the growing preference of customers for such floors, infrastructural developments in emerging economies, and growing population & urbanization.
On the contrary, the high initial spending will likely restrict the market’s growth.
The worldwide health crisis in the form of COVID-19 has massively impacted most industry sectors. Considering the fast spread of the infectious disease, various governments across the globe revealed partial or complete lockdowns for a fairly long time. Accordingly, industry operations were halted, and some businesses shut down. The hard surface flooring market confronted numerous unforeseen challenges during the pandemic due to the abrupt fall in demand for vehicles and the travel restrictions enforced.
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Among all the products, the vitrified (Porcelain) tiles segment is likely to hold the top spot across the global market for hard surface flooring over the coming years. the main aspect supporting the development of the segment is its properties as porcelain tiles are more durable and stronger in comparison with the available ceramic tiles since they are fired at extreme temperatures and are made from denser clays and ultrafine. However, the ceramic tiles segment is anticipated to showcase the highest growth rate over the coming years. These are mainly scratch-resistant, unglazed, and glazed tiles.
Among all the application areas, the residential application segment is predicted to ensure the top spot across the global market for hard surface flooring over the coming years. the segment involves residential buildings, small houses, complexes, and apartments. Subsidies from governments for first-time homebuyers across developed and developing nations impacted the development of the residential sector. The commercial segment is projected to showcase the maximum growth rate over the coming years. the growth of the segment is ascribed to the factors such as the increasing construction of commercial buildings and robust demand for office spaces.
Among all the types, the non-resilient flooring type is projected to ensure the top spot across the global market for hard surface flooring over the review era. The segment’s expansion is ascribed to the aspects such as the escalating commercial & residential construction activities and growing population & industrial activities. On the contrary, the resilient type flooring segment is anticipated to showcase the maximum growth rate over the coming years, given aspects such as growing commercial building applications and low maintenance costs.
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The global market for hard surface flooring is analyzed across five major geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The MRFR research documents suggest that the North American region is predicted to secure the top spot across the global market for hard surface flooring over the review era. The region has the U.S. as the leading growth contributor. The advancements across residential and commercial structures across the U.S. is considered the vital parameter supporting the regional market development. The region is controlled by the rise in construction activities in both commercial and private sectors, which in turn is another crucial aspect boosting-up the expansion of the regional market.
The European regional market for hard surface flooring is also likely to showcase a considerable expansion over the coming years.
The Asia-Pacific regional hard surface flooring market is anticipated to display the maximum growth rate over the coming years. The main aspects boosting the performance of the regional market are the rising investment in affordable housing, upgradation and construction of infrastructure, investment in the tourism sector, and smart city construction. The construction sector across the region has witnessed a massive expansion in recent years, which in turn is also likely to boost the regional market’s development over the coming years. Furthermore, the factors such as expanding population, rapid urbanization, expansion of residential, commercial, & industrial sectors, and rising per capita income are also projected to positively influence the performance of the regional market over the review timeframe.
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The Central & South American region’s hard surface flooring market will likely display significant development over the coming years. Construction spending across the region experienced a sharp fall during the pandemic. However, the spending experienced a sudden rise in 2021.
The Middle East & African regional market for hard surface flooring is projected to display significant expansion over the coming years. the enhanced government investments across the region are given to the availability of financing options such as private investment funds, domestic capital markets, and public-private partnerships. Furthermore, the rapid expansion of the construction industry is also likely to catalyze the development of the regional market over the coming years.
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