Report : Indoor Flooring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Ceramic Tiles, Carpet, Vinyl Linoleum & Rubber, Wood & Laminate, and Others) and End user (Residential and Non-Residential)
According to the new research report titled “Indoor Flooring Market Market to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 210.66 billion by 2028, registering a CAGR of 4.9% from 2021 to 2028.
Indoor flooring has waterproof, anti-static, scratch resistance, and anti-skid properties, among others. Due to these properties, it is favored in industrial and construction sectors. Indoor flooring protects the concrete, tiles, and other surfaces onto which it is installed. It is responsible for extending the life of underlying floor bases. It is inert to oils, detergents, and cleaners. Indoor flooring is also used to improve the aesthetic appeal of the floor. It is available in various colors, shades, and textures. Ceramic tiles, carpets, vinyl rolls, and other indoor flooring products are used on surfaces. The aesthetic appeal of colorful indoor flooring products is expected to drive the market for applications in new housing projects and the renovation of old houses. The seamless floor's aesthetic appeal is expected to entice buyers towards indoor flooring products during the forecast period.
The global indoor flooring market has been segmented based on type and end user. Based on type, the indoor flooring market is categorized into ceramic tiles, carpet, vinyl linoleum & rubber, wood & laminate, and others .The ceramic tiles segment dominated the indoor flooring market in 2020. Based on end user, the indoor flooring market is segmented into residential and non-residential. The residential segment led the indoor flooring market in 2020.
Key Findings of Study:
Asia-Pacific dominated the Indoor Flooring market, followed by North America and Europe. The dominance of Asia-Pacific is majorly attributed to the continuous emphasis on the clean environment by the governments. The municipalities across China, India, South Korea, Australia, strive hard to maintain a water supply pipeline.
The COVID-19 outbreak has significantly impacted infrastructure development and the global economy. International response to the rapid disruption to key infrastructure sectors and industries is ongoing. According to the latest situation report from World Health Organization, the US, India, Brazil, Russia, the UK, France, Spain, and Italy are among the worst affected countries due to the COVID-19 outbreak. The outbreak first began in Wuhan (China) in December 2019, and since then, it has spread across the globe. The COVID-19 crisis has affected the industries worldwide. The global economy was adversely affected in 2020, which is likely to continue in 2021. The pandemic has disturbed indoor flooring businesses and suppliers around the globe. Market players experienced disruptions in their operations, and they are likely to face consequences till mid-2021. The factory shutdowns, trade bans, and border lockdowns have adversely affected the indoor flooring industry. On the flipper side, the market is opening in 2021 so it expected to gain traction in the near future.
Significant strategic initiatives by several market players are observed in the market. For instance, in 2020, Ecore partnered with CommonWealth Equity Partners, a private equity fund. According to the company, Commonwealth brings a depth of ESG transactional and operational experience to Ecore’s mission of transforming reclaimed materials into performance surfaces that make people’s lives better.