The Indoor Flooring Market size was valued at $133.3 billion in 2021, and is estimated to reach $226.3 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.
Top Leading players: Armstrong Flooring, Inc., Beaulieu International Group, Ecore International, Forbo International SA, Interface, Inc., Mats Inc., Mohawk Industries, Inc., Shaw Industries Group, Inc., Tarkett, Toli Corporation.
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Any layer of finish material laid over a floor structure to give permanent covering is referred to as floor covering. Vinyl sheet and tiles, carpets and rugs, laminates, natural stone, wood, ceramic tiles, and rubber are all common flooring materials. The market is expected to develop due to rise in demand for flooring materials in the growing residential sector. Furthermore, the flooring business is predicted to benefit from the rise in demand for hard flooring, which has appealing qualities such as being more usable, easier to use, and are installed in remodeling and restoration of residential and commercial projects. In addition, the rise in government investments in the approaching construction sector expansion is expected to boost the indoor flooring market forecast period.
Various governments are taking initiatives to enhance the living standard of citizen. For instance, the Government of Canada launched a $30 million rebate scheme in June 2020, which is expected to assist to save a considerable amount of money on building and remodeling projects. Hence, this investment is expected to provide lucrative growth in the indoor flooring market. Hence, these investments are expected to drive the indoor flooring market growth.
Asia-Pacific accounted for around 47.1% of global market share and dominated the global market in terms of revenue in 2021, owing to expansion of residential and commercial sectors and it is expected to register highest CAGR during the forecast period. This is due to increase in R&D investments in developing countries and rise in government investments day-by-day in new construction and renovation programs.
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