The global Floor Covering Market size is expected to reach USD 566.5 billion by 2028, registering a CAGR of 6.5% over the forecast period, according to a new report by Grand View Research, Inc. Increasing investment in R&D by various players to develop innovative products coupled with increasing demand for floor covering in developed and developing nations are likely to drive the market growth over the forecast period. Furthermore, the spike in infrastructure projects in emerging markets has a beneficial influence on market growth.
The need for floor covering is expected to rise as more people need to furnish their homes and offices. Over the projected period, rising demand for insulation is also predicted to fuel market growth. Companies are renovating workplace environments to integrate modular systems furniture, resulting in a rise in office improvement. As a result, the market is expected to rise throughout the forecast period.
The wood flooring segment will register the highest growth at 6.8% from 2022 to 2028 due to its significant increasing demand in the commercial industry. These types of products are in high demand mostly in emerging countries. It is one of the most widely used forms of floor covering product. Growing home renovation owing to construction and non-construction activities and increased disposable income are other factors boosting segment growth over the forecast period.
The offline segment dominated the market with the largest market share in 2021. The demand for floor covering is growing among customers due to more sustainability offered by these offline stores than any other channel. Hence, the segment is projected to show growth during the assessment period.
Asia Pacific dominated the market and accounted for around 45% revenue share in 2021 due to high demand in India and China. Also, the increasing purchasing power of the commercial industry towards these products will drive the segment growth. As the region presents various opportunities for the consumer goods sector, the industry is projected to showcase significant growth. Ongoing construction and renovation activities in the residential and commercial sector in China, India, and Japan is expected to drive the growth.
Floor Covering Market Report Highlights