Global Commercial Flooring Market to Reach $159.18 Billion by 2030, Growing at a Robust 6.95% CAGR, as Commercial Construction Activities Rises, States Kings Research
The ceramics segment is projected to lead the global commercial flooring market in the anticipated timeframe.
DUBAI, UAE, Jan. 30, 2024 /PRNewswire/ -- As per the latest report published by Kings Research, the global Commercial Flooring Market garnered a valuation of USD 92.99 billion in 2022 and is projected to accrue USD 159.18 billion in revenue by 2030, progressing at a 6.95% CAGR from 2023 to 2030. A key factor driving the global commercial flooring industry is the increase in commercial construction activities, particularly in developing countries. The significant allocation of government funds for infrastructural development, especially in non-residential structures, further fuels market expansion. Additionally, the emergence of countries such as India, Taiwan, and Mexico as manufacturing hubs will not only spur the establishment of factories but also result in a considerable influx of population to these areas. Consequently, the development of new cities or the expansion of existing towns will serve as a major driving force for the commercial flooring market in the upcoming years.
Commercial flooring refers to flooring materials and solutions crafted for use in commercial or non-residential settings. It encompasses a diverse array of flooring options suitable for different commercial spaces, including offices, retail stores, healthcare facilities, educational institutions, hospitality establishments, and more. Unlike residential flooring, commercial flooring is engineered to endure higher levels of foot traffic, heavy loads, and other conditions commonly encountered in commercial environments.
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Trending Now: Custer and Century Flooring Merge to Form Commercial Interiors Powerhouse
In October 2023, Custer and Century Flooring announced a strategic merger to create a powerhouse in the commercial interior market. With this merger, Custer aimed to strengthen its presence in the commercial interior sector, with a focus on commercial flooring. The partnership is expected to have a significant impact on the industry, and the consolidation of Century Flooring into Custer further emphasizes the importance of this merger.
Competitive Landscape
Key players in the commercial flooring market are adopting prominent business strategies, including partnerships, mergers and acquisitions, product innovations, joint ventures, and so on. With these efforts, the firms aim to expand their product portfolios and gain larger market shares across diverse regions. Expansion and investments involve initiatives like investing in research and development activities, establishing new manufacturing facilities, and optimizing the supply chain to enhance overall operational efficiency.
For instance, in July 2022, Kajaria Ceramics Limited revealed its acquisition plan to secure a 51% stake in South Asian Ceramic Tiles Pvt. Ltd., involving a consideration of up to USD 3.56 million. Following the acquisition, the intention was for South Asian Ceramic Tiles Pvt. Ltd. to operate as a subsidiary under Kajaria Ceramics Limited.
Major participants in the global commercial flooring market include:
- Divine Floorings Systems
- Forbo Flooring
- Interface, Inc.
- Gerflor
- Kährs
- Kajaria Ceramics Limited
- TORLYS Inc.
- AHF, LLC
- MOHAWK INDUSTRIES, INC.
- POWER DEKOR
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Popularity of Ceramics Products to Augment Commercial Flooring Market Revenue
Based on product type, the market is categorized into LVT, natural stone, linoleum & rubber, wood & laminate, and ceramics.
The ceramics segment is projected to lead the global commercial flooring market in the anticipated timeframe. These products are popular due to their low porosity and are frequently used as a substitute for granite and marble flooring. In commercial settings, ceramic tiles are preferred because they require minimal maintenance, resulting in cost savings for commercial buildings over time. These tiles are also known for their durability, moisture resistance, and ability to protect the underlying flooring. Scratch-resistant tiles are specifically used in high-traffic areas such as staircases, external wall cladding, and swimming pools.
Increased Demand for Commercial Buildings in Developing Countries to Boost Market Progress
Based on application, the commercial flooring market is divided into education, hospitality, healthcare, and commercial buildings.
The commercial buildings segment generated the highest revenue in 2022 driven by infrastructure development, particularly in developing countries. Moreover, the surge in construction spending on business centers, offices, and IT parks in developing countries on account of factors such as growing utilization is contributing significantly to the growth of this segment.
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Rapid Urbanization to Spur Commercial Flooring Market Growth
The surge in commercial construction activities, driven by rapid urbanization and industrialization in developing economies, stands as a pivotal driving force for the commercial flooring market. The expansion of cities and the establishment of industrial hubs are boosting the demand for high-quality flooring solutions fueled by government investments in non-residential infrastructure development. This, in turn, generates opportunities for various commercial projects, including office complexes and public structures.
Moreover, the growing preference for green buildings, renowned for sustainability and energy efficiency, positively influences the commercial flooring market. The increasing popularity of these buildings, characterized by reduced energy consumption and enhanced indoor air quality, has led to substantial growth in construction activities within commercial sub-sectors. This upsurge in construction activities has, in turn, amplified the demand for eco-friendly and sustainable flooring options, further propelling the commercial flooring industry.
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Rapid Urbanization in APAC to Support Commercial Flooring Market Development
Asia-Pacific is poised to observe substantial growth in the global commercial flooring market, over the projection period from 2023 to 2030. Rapid urbanization and industrialization in the region are driving an increase in construction activities, especially in business centers, offices, and various commercial spaces. This surge in construction spending emerges as a pivotal factor fueling market growth. Additionally, the region's increasing emphasis on sustainable building practices and the adoption of eco-friendly flooring materials are shaping market dynamics. The development of healthcare infrastructure further contributes to significant demand, particularly from emerging countries in the region. Furthermore, the rising consumer disposable income has led to increased expenditure on the renovation and refurbishment of commercial spaces, with a focus on product color and texture. These factors are foreseen to foster the regional market outlook in the coming years.
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Key Points from TOC:
Chapter 1 Introduction of The Global Commercial Flooring Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Commercial Flooring Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Commercial Flooring Market, By Product
Chapter 7 Global Commercial Flooring Market, By Application
Chapter 8 Global Commercial Flooring Market, By Geography
Chapter 9 North America
Chapter 10 Europe
Chapter 11 Asia Pacific
Chapter 12 Middle East & Africa
Chapter 13 Latin America
Chapter 14 Global Commercial Flooring Market Competitive Landscape
14.1 Overview
14.2 Key Developments
14.3 Key Strategic Developments
14.4 Company Market Ranking
14.5 Regional Footprint
14.6 Industry Footprint
Chapter 15 Company Profiles
15.1 Divine Floorings Systems
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Product Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 Forbo Flooring
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 Product Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis
15.3 Interface, Inc.
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Product Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis
15.4 Gerflor
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Product Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis
15.5 Kährs
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 Product Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from competition
15.5.8 SWOT Analysis
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