Flooring and Carpet Market Decade Growth Projected at 5%

Despite lackluster growth in 2020, global flooring and carpet sales are expected to grow at a healthy compound annual growth rate (CAGR) of more than 5% through 2031, according to a recent study by Future Market Insights. The market research firm’s study tracked flooring and carpet sales in more than 20 nations to determine its analysis.

The study further determined that sustainability is now a priority among consumers, rather than an afterthought, as a growing number are seeking products in line with their environmental concerns. Many manufactures are introducing plant fibers into their flooring, such as sea grass and sisal, with the goal of greater eco-friendly appeal.

Key Study Takeaways

• Application in education, hospital, and health care sectors will continue to create sustained opportunities for flooring and carpet industry manufacturers during the forecast period.
• Modern aesthetics, durability, and easy maintenance are influencing factors for consumers.
• Hospitality and retail segments should witness stronger growth as compared to other businesses, due to demands based on shorter lifecycles and more renovation.
• Public, manufacturing, and industrial segments are expected to grow in terms of revenue, backed by robust foreign investment and government investment in infrastructure.

The United States holds the largest share in the global flooring and carpet market, thanks to a rapidly expanding hospitality sector as well as retail and commercial business and commercial sectors.