PUBLISHER: The Business Research Company | PRODUCT CODE: 1414428
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414428
“Modular Flooring Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on modular flooring market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for modular flooring? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The modular flooring market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Modular flooring serves as a protective and aesthetically pleasing layer laid over floor tiles, offering both surface finishing and structural support. It finds application in diverse settings such as shopping centers, offices, warehouses, and hospitals.
The primary types of modular flooring include ceramic, rubber, carpet tile, rigid LVT (Luxury Vinyl Tile), polyolefin (non-vinyl), flexible LVT, and other specialized variations. Ceramics, commonly crafted from earthy materials such as clay, powders, and water, are shaped into desired forms. These floorings incorporate components such as polyvinyl chloride resins, plasticizers, trace stabilizers, pigments, and other constituents tailored for use in retail, healthcare, education, households, workplaces, and various other settings.
The modular flooring market research report is one of a series of new reports from The Business Research Company that provides modular flooring market statistics, including modular flooring industry global market size, regional shares, competitors with a modular flooring market share, detailed modular flooring market segments, market trends and opportunities, and any further data you may need to thrive in the modular flooring industry. This modular flooring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The modular flooring market size has grown strongly in recent years. It will grow from $58.58 billion in 2023 to $62.72 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The expansion observed in the historical period can be attributed to several factors. These include the increase in commercial construction projects, a heightened focus on sustainable and eco-friendly materials, the influence of urbanization and evolving interior design trends, the convenience associated with installation and maintenance, and a noticeable rise in renovation and remodeling activities.
The modular flooring market size is expected to see strong growth in the next few years. It will grow to $80.13 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be attributed to several factors. These factors comprise the rising acceptance of Luxury Vinyl Tiles (LVT), the broader incorporation of these materials in healthcare and education domains, a greater focus on durable and impact-resistant flooring options, the prioritization of sustainable and recyclable materials, and the rapid surge in e-commerce for flooring sales.
The surge in home and commercial renovation endeavors is anticipated to significantly bolster the modular flooring market's growth. Renovation involves restructuring existing structures or rejuvenating worn-out components, a process that often involves replacing conventional flooring with diverse modular options. For example, Houzz's April 2022 report highlighted a notable increase, with more than half of homeowners 55%, up from 53% in 2020, engaging in home remodeling activities. This trend underscores the pivotal role of renovation undertakings in propelling the demand for modular flooring solutions across residential and commercial spaces.
Strategic investments by governments in the construction industry are set to drive robust growth in the modular flooring market. Construction, covering planning, designing, and maintaining structures, witnesses an increased demand for modular flooring owing to its adaptability, straightforward installation, and sustainability. Notably, data from the UK's Office for National Statistics in November 2023 revealed a substantial surge in the total value of new construction work in Great Britain, reaching £132,989 million in 2022. This escalation, backed by substantial growth in both private-sector projects (£15,003 million) and public-sector initiatives (£3,158 million), underscores the pivotal role of government investments in propelling the demand for modular flooring within the construction landscape.
Innovative product offerings signify a key trend driving the modular flooring market's evolution. Leading companies within this sector prioritize innovation to fortify their market presence. For instance, Mohawk Group's May 2021 launch of Data Tide, a collection of modular carpet planks showcases a novel approach. Leveraging environmental data, Mohawk Group's design team crafted biophilic patterns that celebrate estuarine ecosystems and their role in Blue Carbon storage and biodiversity. This innovative collection's unique design, crafted with a specialized data visualization tool, signifies the industry's drive towards ecologically inspired solutions.
Strategic partnerships emerge as pivotal drivers for revenue generation within the modular flooring market. Collaborations between major market players often lead to enhanced efficiencies and innovation. For instance, i4F's November 2023 partnership with AFT focuses on integrating i4F Drop-Lock technologies into modular flooring installation processes. This collaboration aims to enhance the industry's installation practices through education and training initiatives. By combining i4F's cutting-edge technology with AFT's expertise, this partnership aims to streamline and optimize modular flooring installations, highlighting the significance of collaborations in advancing market capabilities and practices.
In July 2023, Mohawk Industries Inc., a US-based manufacturer of flooring acquired Foss Floors for $148 million. With this acquisition, Foss will be integrated into Mohawk Home and will continue to function under its present leadership team. Foss Floors is a Georgia-based manufacturer of carpets, flooring, rugs, and custom flooring products.
Major companies operating in the modular flooring market report are Mohawk Industries Inc., Shaw Industries Inc., Tarkett S.A., Armstrong Hardwood Flooring LLC, Forbo Holding AG, Gerflor Group, Interface Inc., RK Rose+Kreiger GmbH,, Swisstrax LLC, Duratrac Flooring Ltd., Fab Floorings, Versare Solutions LLC, Mateflex, Balta Group, Milliken & Company, Burmatex Ltd., Mannington Mills Inc., Beaulieu International Group, Congoleum Corporation, Roppe Holding Company, Burke Industries Inc., Flexco Corporation, Altro Limited, Amtico International, Brintons Carpets Limited, Desso Group, Fletco Carpets A/S, Gerbert Limited, Nora Systems Inc., PortaFloor
Asia Pacific was the largest region in the modular flooring market in 2023. The regions covered in the modular flooring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the modular flooring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The modular flooring market consists of sales of vinyl floor tile, modular linoleum tile, modular carpet, and raised floors. 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. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.