The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Modular Flooring Global Market Report 2024, the modular flooring market is expected to show significant growth in the forecast period.

Market Growth and Trends

Recent Market Performance

• Strong Market Growth: The modular flooring market has experienced significant growth in recent years.
• Market Size Increase: It expanded from $58.58 billion in 2023 to $62.72 billion in 2024, with a CAGR of 7.1%.
• Key Growth Drivers: Factors contributing to this growth include:
  • Rise in commercial construction projects.
  • Increased focus on sustainability and eco-friendly materials.
  • Urbanization and evolving interior design trends.
  • Ease of installation and maintenance.
  • Surge in renovation and remodeling activities.

View More On The Modular Flooring Market Report 2024 – https://www.thebusinessresearchcompany.com/report/modular-flooring-global-market-report

Future Market Projections

• Continued Growth: The market is projected to reach $80.13 billion by 2028, growing at a CAGR of 6.3%.
• Future Growth Drivers: Expected growth will be driven by:
  • Adoption of luxury vinyl tiles (LVT).
  • Expansion in the healthcare and education sectors.
  • Demand for resilient and impact-resistant flooring.
  • Use of sustainable and recyclable materials.
  • Growth in e-commerce flooring sales.
• Major Trends: Innovations in digital printing technology, hybrid flooring solutions, modular carpet tiles, and smart flooring technologies will shape the market.

Renovation Surge Driving Market Expansion

Increase in Renovation Activities

• Boost from Renovations: Home and commercial renovation activities are significantly contributing to the market’s growth.
• Home Renovation Statistics: According to a 2022 report by Houzz, 55% of homeowners remodeled their homes, up from 53% in 2020.
• Renovation Impact: These activities often involve replacing traditional floors with modular flooring options, boosting market demand.

Major Market Players

• Key Companies: Prominent players in the modular flooring market include Mohawk Industries Inc., Shaw Industries Inc., Tarkett S.A., Armstrong Hardwood Flooring LLC, Forbo Holding AG, Gerflor Group, Interface Inc., and many others.

Innovative Trends in Modular Flooring

Product Innovations

• Modular Carpet Planks: Innovations in modular flooring, especially in modular carpet planks, are gaining popularity.
• Notable Innovation: In May 2021, Mohawk Group launched Data Tide, a collection of modular carpet planks inspired by estuarine ecosystems. The collection uses environmental greenhouse gas data to create biophilic patterns, highlighting the ecological impact of Blue Carbon sequestration.

Strategic Acquisitions

• Mohawk Industries’ Acquisition: In July 2023, Mohawk Industries acquired Foss Floors for $148 million, integrating it into Mohawk Home while retaining its leadership team. Foss Floors is known for manufacturing carpets, flooring, rugs, and custom flooring products.

Market Segmentation

By Product Type

• Variety of Products: The market is segmented into several product types, including:
  • Ceramic
  • Rubber
  • Carpet Tile
  • Rigid LVT
  • Polyolefin (Non-vinyl)
  • Flexible LVT
  • Other product types

By Components

• Diverse Components: Components used in modular flooring include:
  • Polyvinyl Chloride Resins
  • Plasticizers
  • Trace Stabilizers
  • Pigments
  • Other components

By End Users

• Multiple End Users: The market serves various end users such as:
  • Retail
  • Healthcare
  • Education
  • Household
  • Workplace
  • Other end users

Regional Market Insights

Leading Region

• Asia Pacific Dominance: Asia Pacific was the largest region in the modular flooring market in 2023, indicating a strong regional demand and growth potential.

Conclusion

The modular flooring market is on a robust growth trajectory, driven by renovation activities, product innovations, strategic acquisitions, and a diverse range of applications. With continued advancements in technology and an increasing focus on sustainability, the market is poised for further expansion, offering ample opportunities for businesses and consumers alike.

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The Modular Flooring Global Market Report 2024  provides an in-depth analysis on the modular flooring market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the modular flooring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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