According to Precision Business Insights (PBI), the latest report Hard Surface Flooring Market size is expected to be worth USD 186.7 Billion in 2021 and projected to grow at a 4.9% CAGR from 2022 to 2028. Rising disposable income in emerging nations has increased demand for higher-quality and more aesthetically pleasing flooring. This is especially true for residential structures, where consumers are ready to spend more money than ever before on flooring. Furthermore, the rising preference for hard surface floorings over rugs and carpets is expected to buffer the expansion of the hard-surface flooring market. On the other side, rising raw material costs are expected to hinder the expansion of the hard-surface flooring market throughout the forecast period.
The Luxury Vinyl Tiles Segment is Dominating the Hard Surface Flooring Market:
Increasing the use of vinyl flooring solutions to improve the comfort level, aesthetics, and interior appearance of various structures is expected to drive the vinyl sheet flooring market growth in the future. It is a classic glue-down flooring material with various qualities such as durability, flexibility, ease of installation, and low cost, which are expected to fuel the expansion of this market. The versatile section is thought to be suited for practically all applications, including residential and commercial.
Asia-Pacific Leads Hard Surface Flooring Market:
Asia-Pacific is expected to hold significant market share in the Hard Surface Flooring market and is projected to grow at a prominent growth rate over the forecast years owing to the urban population is rising. Furthermore, the increased development in the residential sectors will fuel the expansion of the region’s hard-surface flooring market in the upcoming years. Moreover, large businesses are focused on emerging markets to capitalize on tremendous market potential.
Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Hard Surface Flooring market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In November 2017, Mohawk Industries agreed to acquire Godfrey Hirst Group (Australia), i.e. Australia’s largest carpet manufacturer, with the aim to expand its global operations. The manufacturing, marketing, and distribution leadership of Godfrey Hirst will complement Mohawk’s current hard surface distribution and strengthen its product portfolio.
The Hard Surface Flooring market is segmented based on Product Type, Animal, and Geography:
Based on the Product Type, the market is segmented into the following:
- Ceramics & Porcelain Tiles
- Luxury Vinyl Tiles (LVT)
- Vinyl Sheet & Floor Tiles
Based on the End User, the market is segmented into the following:
Based on Geography, the market is segmented into the following:
- North America
- Asia Pacific
- Latin America
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Key player’s profiles in the hard surface flooring market report are Mohawk Industries, Tarkett, Armstrong Flooring, Mannington Mills, Congoleum, Crossville, Florida Tile, Interceramic, Kronotex, Mullican Flooring, RPM International.
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