The global flooring market is set to grow by $84.98 billion from 2024 to 2028, driven by increasing demand for waterproof flooring. This represents a compound annual growth rate (CAGR) of 5.9% during the forecast period, according to a new report from Technavio. The market encompasses a wide range of sectors, including construction, residential and commercial buildings, infrastructure projects, and transportation systems. Flooring materials such as vinyl, linoleum, and rubber are particularly popular due to their durability and long lifespan.
The growth in the global flooring market is being fueled by urbanization in emerging economies, with a particular emphasis on renovation and modernization by the middle class. Consumer awareness, as well as growth in the tourism and hospitality industries, are also playing a significant role in driving demand for flooring materials. However, the market also faces challenges related to waste disposal, installation, renovation, and demolition, as well as the use of adhesives and resilient flooring materials.