Report : Asia Pacific Flooring Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Resilient Flooring, Non-resilient Flooring, and Soft Cover & Others), Material [Carpets and Rugs, Wood, Laminates, Vinyl Sheets and Tiles (Homogeneous and Heterogeneous, LVT and VCT, and Others), Ceramic Tiles, and Stone & Others], and Application (Residential and Non-Residential)
At 6.8% CAGR, the Asia Pacific Flooring Market is speculated to be worth US$ 280.34 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC flooring market was valued at US$ 189.32 million in 2022 and is expected to reach US$ 280.34 million by 2028, registering an annual growth rate of 6.8% from 2022 to 2028. Rise in investments by consumers in renovation and growth in demand for vinyl flooring.
Manufacturers and consumers are increasingly preferring vinyl flooring due to their low maintenance, easy application, and cost-effectiveness. The vinyl flooring is manufactured from synthetic chemicals primarily poly vinyl chloride which reduces the cost as compared to natural wood. With the rise in the demand for affordable houses in urban colonies, real estate developers are increasingly moving towards durable and cost-effective materials. Vinyl flooring provides the required benefits in addition to coming in a variety of textures and patters for varied customer choices. Additionally, with rise in energy prices, the demand for flooring with better insulation properties is expected to increase in the near future. This is expected to drive the market during the forecast period.
On the contrary, stringent government regulations on emissions norms associated with manufacturing of flooring hurdles the growth of APAC flooring market.
Based on product type, the APAC flooring market is divided into resilient flooring, non-resilient flooring, and soft cover & others. The non-resilient flooring segment held 59.7% market share in 2022, amassing US$ 113.00 million. It is projected to garner US$ 167.24 million by 2028 to expand at 6.8% CAGR during 2022–2028.
Based on material, the APAC flooring market is categorized into carpets and rugs, wood, laminates, vinyl sheets and tiles (homogeneous and heterogeneous, LVT & VCT, and others), ceramic tiles, and stone & others. The ceramic tiles segment held 58.4% market share in 2022, amassing US$ 110.60 million. It is projected to garner US$ 165.68 million by 2028 to expand at 7.0% CAGR during 2022–2028.
Based on application, the APAC flooring market is categorized into residential and non-residential. The residential segment held 55.9% market share in 2022, amassing US$ 105.75 million. It is projected to garner US$ 154.34 million by 2028 to expand at 6.5% CAGR during 2022–2028.
Based on country, the APAC flooring market has been categorised into the Australia, China, Japan, India, South Korea, and Rest of APAC. Our regional analysis states that China captured 44.7% market share in 2022. It was assessed at US$ 84.66 million in 2022 and is likely to hit US$ 130.29 million by 2028, exhibiting a CAGR of 7.4% during the forecast period.
Key players dominating the APAC flooring market are Mohawk Flooring; Shaw Industries Group, Inc.; Tarkett; Armstrong Flooring, Inc.; Forbo International SA; Gerflor; Interface, Inc.; Beaulieu International Group; Toil Corporation; and Milliken among others.
- In Feb 2019, Tarkett refreshed solid color palette for resilient flooring.
- In Oct 2021, Armstrong Flooring introduces essentials plus rigid core flooring.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email Id: email@example.com