As per FMI, the U.S. is regarded as a lucrative market for eco flooring and is predicted to grow at a CAGR of 2.5% in the next decade. Presence of various reputed companies in the country such as Formica is also set to aid growth. These companies are mainly focusing on using recycled and eco-friendly materials while manufacturing flooring products to reduce the environmental impact
NEWARK, Del, Aug. 23, 2022 (GLOBE NEWSWIRE) -- The global eco flooring market is estimated to expand at a CAGR of over ~3.4% throughout the forecast period of 2022-2032. It is set to be valued at US$ 117.9 Bn by the end of 2032. Eco-friendly flooring is produced with a sense of moral obligation to the environment from renewable resources sourced from managed forests. These require less energy to produce, use, and dispose of the wood, and carbon dioxide emissions are kept to a minimum.
Such flooring is highly sought-after in the North America and Europe markets. Demand for eco-friendly flooring products like wood, bamboo, and glass tiles has significantly increased as a result of growing awareness about global warming and other environmental factors.
As per the National Oceanic and Atmospheric Administration (NOAA), 2021 was the sixth-warmest year on record. The surface temperature in the same year 0.84 °Celsius warmer than the twentieth-century average of 13.9 °C and 1.04 ˚C warmer than the pre-industrial period. Thus, governments of various countries are conducting awareness programs to educate the masses about global warming prevention.
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Furthermore, firms are nowadays selling high-quality eco flooring products in a number of sizes. They are also embracing different patterns of eco flooring products based on the needs of customers, which would improve the interior of home. Also, these products are considered to be very safe as they are mainly manufactured from natural raw materials.
In November 2021, for instance, LL Flooring, launched its exclusive Duravana hybrid resilient flooring. It is an entirely new category, eco-friendly, and a stylish flooring that blends the best characteristics of conventional flooring with innovative technologies to develop premium performance floors. Similar product launches by renowned companies are anticipated to bode well for the market.
However, eco flooring has a small market and is at the nascent stage in emerging and underdeveloped countries. One of the factors limiting expansion of the eco flooring market is lack of public awareness about such environmentally friendly flooring options. Availability of duplicate and cost-effective substitute products in the market is also expected to hamper growth.
Key Takeaways from the Eco Flooring Market Study
In terms of material type, wood is expected to remain at the forefront by generating the largest market share in the evaluation period.
By end use, the non-residential category is projected to lead the market owing to increasing construction of new commercial buildings such as hospitals and offices.
Among distribution channels, the online segment is likely to dominate the global market with the availability of multiple brands and cost-effective options.
The U.S. eco flooring market is predicted to grow at a CAGR of 2.5% in the next decade.
India eco flooring market is anticipated to expand at a CAGR of 3.4% in the forecast period.
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“Prominent players in the global eco flooring market have increased their research & development activities and are focusing on adding new environmentally friendly products to their portfolios. Some of the other companies are aiming to increase their customer base and expand their global footprint by engaging in mergers & acquisitions,” says a FMI analyst.
Leading producers of eco flooring products are concentrating on various promotional strategies. They are offering their products to several builders, creating innovative advertisements, and launching new products to boost sales globally.
Armstrong World Industries, Inc., Gerflor Group, Mannington Mills Inc., BerryAlloc, Mohawk Industries, AHF Products, Beaulieu International Group, Nature Home Holding Company Limited, Provenza Floors Inc., and Somerset Hardwood Flooring among others are some of the significant companies in the eco flooring industry.
Eco Flooring Market Outlook by Category
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Future Market Insights' latest offering, which analyses the global eco flooring market objectively, presents historical demand data (from 2017 to 2021) and forecast for the years 2022 to 2032. The study provides insightful information on the eco flooring market based on the types of materials used (cork, wood, bamboo, linoleum, glass tiles, concreate, wool carpet, rubber and leather) end uses (residential and non-residential), price range (economy, mid-range, and premium), distribution channel (online and offline), and regions.
1.5. FMI Analysis and Recommendations
2.2. Market Definition / Scope / Limitations
3.1. Key Trends Impacting the Market
3.1.1. Shifting Consumer point of view towards sustainability
3.1.2. Growing construction activities and increasing consumer awareness about ecofriendly products
3.1.3. Other Trends
3.2. Product Innovation / Development Trends
4. Global Eco Flooring Market Demand Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Volume (Sq. Mt.) Analysis, 2017-2021
4.2. Current and Future Market Volume (Sq. Mt.) Projections, 2022-2032
4.3. Y-o-Y Growth Trend Analysis
Explore FMI’s Extensive ongoing Coverage on Consumer Product Domain
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Flooring and Carpets Market Share: Flooring and carpet manufacturers are focusing on leveraging opportunities in the automotive, industrial, aviation, marine and sports sectors, after lackluster sales in 2020. The sales of flooring and carpets in these high-growth markets is likely to complement demand in US and Europe.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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