Commercial Flooring Global Market Report 2023
Major players in the commercial flooring market are Mannington Mills Inc., Amtico International Inc., Mohawk Industries Inc., Armstrong Flooring Inc., Flowcrete, Forbo Holding AG, Interface Inc., Gerflor SAS, Hanwha Group, Congoleum Corporation, NOX Corporation, Milliken & Company, LX Hausys, Tarkett S.A., Nora Systems Inc., and James Halstead plc.Get more news about
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The global commercial flooring market grew from $59.18 billion in 2022 to $63.02 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The commercial flooring market is expected to grow to $77 billion in 2027 at a CAGR of 5.1%.
The commercial flooring market consists of the sale of broadlooms, carpets, and rugs.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
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.
North America was the largest region in the commercial flooring market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the commercial flooring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in commercial flooring are soft covering flooring, resilient flooring, non-resilient flooring, seamless flooring, and wood and laminate.Soft covering flooring is a secondary flooring that is installed over hard flooring.
The different distribution channels involved are retail, and wholesale and distributor business trends and are used for healthcare, education, hospitality, retail, public buildings, and other applications.
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.