The Commercial Flooring Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Commercial Flooring Global Market Report 2024, The commercial flooring market size has grown strongly in recent years. It will grow from $62.52 billion in 2023 to $66.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased commercial construction projects, growth in design trends and aesthetics, increased demand for maintenance and durability, increased environmental and sustainability concerns, increased need for renovation and replacement needs
The commercial flooring market size is expected to see strong growth in the next few years. It will grow to $84.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to circular economy practices, emerging market demand, growing need for resilient and low-maintenance flooring, safety and slip resistance requirements, growing real estate
. Major trends in the forecast period include flooring material innovation, advanced flooring installation methods, technological advancements, innovative solutions, and strategic collaborations.
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.
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The commercial flooring market covered in this report is segmented
1) By Product: Soft Covering Flooring, Resilient Flooring, Non-Resilient Flooring, Seamless Flooring, Wood and Laminate
2) By Distribution Channel: Retail, Wholesale and Distributor Business Trend
3) By Application: Healthcare, Education, Hospitality, Retail, Public Buildings, Other Applications
Product innovation has emerged as a key trend gaining popularity in the commercial flooring market. Offering innovative products enables companies to remain relevant in their markets while also growing and improving over time. Major companies operating in the commercial flooring market are focused on offering innovative products to meet consumer demand. For instance, Welspun Flooring, an India-based flooring manufacturer for commercial and domestic use launched an anti-viral range of flooring solutions. This flooring comes with a special coating of silver ion and titanium oxide that inhibits the growth of the virus by 99.68%, including the COVID-19 virus. Unique features of the flooring also include anti-bacterial, anti-fungal, and anti-microbial qualities. The anti-microbial layer shields the flooring against stains and discoloration brought on by bacteria and fungi, as well as the undesirable odour in carpet tiles. With this process, the products are additionally protected from microorganisms including home dust mites, algae, and fungi. It actively suppresses the growth of microorganisms inside items.
The commercial flooring market report table of contents includes:
- Executive Summary
- Commercial Flooring Market Characteristics
- Commercial Flooring Market Trends And Strategies
- Commercial Flooring Market – Macro Economic Scenario
- Global Commercial Flooring Market Size and Growth
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- Global Commercial Flooring Market Competitive Benchmarking
- Global Commercial Flooring Market Competitive Dashboard
- Key Mergers And Acquisitions In The Commercial Flooring Market
- Commercial Flooring Market Future Outlook and Potential Analysis
- Appendix
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