The Flooring Contractors by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Flooring Contractors, The flooring contractors market size has grown strongly in recent years. It will grow from $199.32 billion in 2023 to $216.05 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to housing and commercial construction trends, renovation and remodeling activities, design and aesthetics preferences, population growth and urbanization, commercial and retail sector expansion..
The flooring contractors market size is expected to see strong growth in the next few years. It will grow to $302.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to innovation in flooring materials, green and eco-friendly building practices, shift in consumer preferences for luxury flooring, technological integration in flooring solutions, residential and commercial real estate development.. Major trends in the forecast period include digital tools for flooring design and visualization, expansion into resilient and soft flooring, emphasis on quick and efficient installation, e-commerce and online flooring sales, integration of recycled and upcycled materials..
Growth in renovation and remodeling activities is expected to propel the growth of the flooring contractors market going forward. Renovation and remodeling activities refer to the process of improving or modernizing an old, damaged, or defective building, and they are work that revives the existing structure but doesn’t change the layout. The number of homeowners and business organizations are undertaking a wide range of restoration and remodeling projects, including flooring improvements to upgrade aesthetics and provide better insulation, comfort, and durability to the structures. For instance, according to a US-based university, Harvard University’s Joint Center for Housing Studies (JCHS), in the USA, the home remodeling market reached $430 billion in 2022, an increase of 17% over last year. Therefore, the growth in renovation and remodeling activities is driving the growth of the flooring contractor market.
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The flooring contractors market covered in this report is segmented –
1) By Type: Carpet and Rug, Resilient Flooring, Non-Resilient Flooring
2) By Construction Type: New Construction, Renovation
3) By End Use: Residential, Non Residential
The introduction of aqua+ technology in laminate flooring is a key trend gaining popularity in the flooring contractor market. Major market players are concentrating their efforts on introducing innovative technologies to strengthen their position in the market. Aqua+ is more resistant to water swelling because its core is comprised of a specific type of high-density fiberboard. Laminate flooring made with Aqua+ is much more water-resistant and suited for new applications and compared to traditional laminate flooring, the moisture resistance of is increased by five times. For instance, in January 2021, EGGER, an Austria-based supplier of furniture and interior design, structural wood construction, and flooring, launched PRO Laminate Aqua+, which is more resistant to water swelling than standard laminate flooring. The PRO Laminate Aqua+ floorings are perfect for bathrooms, kitchens, hallways, and commercial use with frequent cleaning and steam cleaners.
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