The flooring materials market is poised to grow at a CAGR of 5-6%.
A number of factors are contributing to this growth in demand, ranging from a rising demand for residential and commercial properties, backed by government initiatives, penetration of green and do-it-yourself (DIY) products, and the work-from-home trend.
The buzz around sustainable solutions is growing amongst the Gen Z and millennials. Meanwhile, with the latest disruptive technologies and product developments, the flooring industry is reacting to the trends and changes in consumer preferences.
Every level in the flooring industry’s value chain, from raw materials to home owners themselves, has the potential for disruption from these new trends and technologies. Let’s discuss them in order, from raw materials to the end-user:
What is Flooring Made of
To help build a sustainable environment, MOGU Floor, an Italian design company, has developed an innovative method to manufacture naturally grown flooring materials. The company produces materials by growing selected strains of mycelium, the vegetative stage of mushrooms, on pre-engineered substrates made of agro-industrial residues, thereby converting low-value input matter into a product with high added value, characterized by unique aesthetics.
How Flooring is Made
Digital printing and 3D printing in the flooring industry are changing the way how floors are being fabricated. Advanced digital printing will pave the way for wider designs, customization and is efficient and costs less than the traditional gravure printing process. 3D printing in flooring is gaining popularity among consumers. For instance, sustainable 3D printed terrazzo floor by Aectual, a Dutch company, uses recycled bio-plastic material for the framework and a mix of marble or granite composites for the remaining space.
How Flooring is Installed
While ceramic tiles require skill to install properly, so are not as DIY-friendly as many other flooring types, there are a few innovative exceptions:
- RevoTile by Daltile with ClicFitTM technology facilitating DIYers
- DryTile by Agrob Buchtal that comes with a cork layer on the back, which eliminates the need for adhesive, thereby making installation 8 times faster
- CeraClick by Lico that requires no adhesion to the subfloor with click systems and enables enormous time savings
The ceramic tile segment with its robust product developments is evolving and we expect more innovations in the upcoming future.
What End Users Want
Consumer preferences have changed a lot compared to the past. The COVID-19 pandemic made people more concerned about their home-designs, which along with the work-from-home trend will drive the growth of flooring materials further. Future customers (Gen Z and millennials) are more technologically advanced and with the growth of eCommerce, the expectation from them in terms of technology and seamless shopping (preferably online) will be much higher.
Will the Industry be able to innovate and develop as in the past, or will it face complex challenges? Our current research into the flooring materials market aims to assess how these, and other factors, will create growth opportunities for companies in the flooring industry.
If you would like to know more about our research on the flooring materials market, please contact Kishan Waghela at kishan.waghela@frost.com.
