Europe Flooring Materials Market Size Booming to Reach Whopping USD 362 Billion by 2029.
Europe flooring materials market is flourishing because of increasing disposable income, growing health and environmental issues, and increasing population and rapid urbanization.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated Europe flooring materials market size at USD 224.12 billion in 2022. During the forecast period between 2023 and 2029, Report Ocean expects Europe flooring materials market size to grow at a significant CAGR of 7.17% reaching a value of USD 362 billion by 2029. Major growth factors of Europe flooring materials market include increasing disposable income, rising residential real estate, and growing demand for luxury flooring options. Consumers are spending more on home furnishings, such as carpets, rugs, and other floor coverings, that add to the aesthetic appeal of interiors, as there is a rising trend of spending on the styling and interiors of living spaces. The European flooring materials market consumes approximately 3 billion square meters each year, with ceramics accounting for 34%, carpets 34%, laminate 15%, and vinyl roughly 10%. Despite severe controls on materials, such as PVC and other laminated flooring coverings that emit VOCs, Europe is an appealing place for the flooring materials sector. However, high cost of products is anticipated to restrain the Europe flooring materials market during the period in analysis.
Europe Flooring Materials Market – Overview:
Flooring is the method of providing structural strength, covering the floor with any finishing materials, and producing a walkable environment. Conventional flooring materials include wood, ceramic, terrazzo, and resilient flooring. Rugs and carpet are also provided. Flooring materials are features in residential and commercial buildings that manage landscape attributes for a pleasant visual aesthetic appearance and provide support to the infrastructures within a building. Tiles, stone, wood, concrete, gypsum, mosaic, glass, brick, carpets, rugs, rubber, linoleum, vinyl, and many other materials can be used for flooring. Hardwood floors, particularly solid wood floors, can be polished to highlight the beauty of the wood grain and are generally durable. Stone floors are both gorgeous and durable, and are often constructed of limestone, slate, marble, or flagstone. Carpets, rugs, and other floor coverings that add to the aesthetic appeal of rooms are becoming increasingly popular among consumers. In terms of interior decor, the transformation is supported by increasing consumer income levels, changing lifestyles, and acceptance of other cultures, all of which have resulted in a growing consumer interest in the interior decoration of their homes and workplaces. Increased consumer awareness of high-quality flooring as well as the introduction of high-end flooring in new shapes and patterns are expected to drive Europe flooring materials market during the forecast period.
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Opportunity: Urban Redevelopment & Recovery Projects in Turkiye and Ukraine
Major companies in Europe flooring materials market are expected to gain from significant opportunities provided by the massive infrastructure projects in earthquake-hit Turkiye and war-ravaged Ukraine.
In Turkiye, analysts estimated that the urban redevelopment across the country post the earthquake would provide huge opportunities for the construction and related industries in total investment of more than USD 250 billion. On February 06, 2023, a 7.8-magnitude of earthquake hit Turkiye and Syria, killing tens and thousands of people and severely damaging infrastructure in cities and villages across its fault line. The President of Turkiye announced that the government would engage in a comprehensive construction program to rebuild cities with safety and sustainability.
In Ukraine, Russia’s war in the country has been continuing for more than a year now. Consequently, infrastructure across Ukraine has been severely damaged. In September 2022, Ukraine government, the European Commission, and the World Bank, along with their partners estimated the cost of Ukraine’s reconstruction and recovery would be about USD 350 billion. As the war continues, the cost is anticipated to escalate.
Massive redevelopment and recovery projects in Turkiye and Ukraine are expected to provide lucrative growth opportunities for construction and supplementary industries. It, in turn, is projected to aid the growth of Europe flooring materials market during the forecast period between 2023 and 2029 and beyond.
Impact of COVID-19 on Europe Flooring Materials Market
COVID-19 had a detrimental impact on the flooring materials market, infrastructure development as well as the European economy. The international community is still dealing with the sudden disruption of critical infrastructure and industry. The global economy deteriorated in 2020, and the trend continued in 2021. The pandemic wreaked havoc on European indoor flooring companies and supplies. Market participants encountered operational interruptions that lasted until mid-2021. Factory closures, trade bans, and border closures all harmed Europe’s flooring business. However, the market resumed towards the end of 2021, and it is expected to help the market gain traction during the forecast period.
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Europe Flooring Materials Market – By Country:
Based on country, Europe flooring materials market covers Germany, UK, Italy, France, Spain, Netherlands, and Rest of Europe. Germany dominates the flooring materials industry since the country’s production and consumption of floor base material is expanding. Because of the country’s increasing need for high quality and sturdy floor foundation materials, Germany is predicted to develop at the fastest rate during the forecast period of 2023 to 2029. Due to the ease of production of floor base goods, Germany is leading the expansion of the Europe market. France dominates the market due to the increasing use of floor base material in the production of concrete bases.
Competitive Landscape:
Major players operating in Europe flooring materials market include: Mohawk Industries, Tarkett, Armstrong Flooring, Gerflor, Forbo, Interface, Quick-Step, Parador, Kahrs, and Egger. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Europe Flooring Materials Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Europe Flooring Materials Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
What is the goal of the report?
- The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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