Flooring industry trends 2024

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Homeowners have a wide selection of flooring to choose from for their homes. Whether you choose durable vinyl flooring, versatile tile, affordable laminate or classic hardwood, the flooring industry is rich with options and continually growing. Moving into 2024, the flooring industry is showing signs of renewal after supply chain issues and lowered demand stemming from the pandemic. Rising demand will be sustained by new construction and a do-it-yourself trend.


Key insights

With a total revenue valued at $335.91 billion in 2023, the global flooring market is anticipated to significantly expand in the next few years. In 2024, the market will likely reach $367.59 billion.

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In the U.S. flooring market, the breakdown between residential and nonresidential flooring is almost even. In 2022, the residential share of the market was slightly higher at 51.7%.

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By 2032, flooring industry employment is expected to expand slightly to 124,400 workers.

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In May 2023, the nationwide median annual wage for floor installers was only slightly higher than the median annual wage across all occupations.

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Flooring industry statistics

Trends in the flooring industry show an increase in interest for sustainable materials, with a focus on bamboo, cork and recycled materials for flooring and carpet. Laminate is the product heading up residential flooring demand — it combines affordability with improved performance.

  • At 40.6%, carpet was the product with the largest share of revenue in 2022.
  • In 2023, eco-friendly flooring held 9% of the global flooring market, with revenue expected to grow at a rate of 3.3% between 2023 and 2033.
  • The carpet and rug market also shows growing popularity in eco-conscious and recycled materials, with an expected 7% compound annual growth rate (CAGR) between 2023 and 2033.
  • Luxury vinyl tile (LVT) showed increased sales from 17% in 2022 to 26% in 2023. Consumers are attracted to its durability and versatility.
  • In 2023, flooring prices stabilized and then began to contract in 2024. The result will be more demand for residential flooring. The average price is forecast to increase 2.2% per year from 2023 to 2027, marking a slowdown from accelerating prices during the pandemic.

Flooring industry market size by year

In 2023, with a total revenue valued at $335.91 billion, the global flooring market is anticipated to expand significantly in the next few years. By 2024, the market will likely reach $367.59 billion. Thanks to increased construction and an uptick in renovation and remodeling projects, the flooring market will only continue to grow. In 2022, almost 75% of all homes in the U.S. were built prior to 2000, making it likely that more homeowners will invest in home improvement projects.

Flooring industry segmentation

In the U.S. flooring market, the breakdown between residential and nonresidential flooring is almost even. In 2022, the residential share of the market was slightly higher at 51.7%. The growth of the residential segment is attributed to increased urbanization, resulting in the nationwide construction of more residential buildings. An increasing number of U.S. residents have high disposable incomes, which is driving demand for residential flooring of all types.

Who are the key companies in flooring?

Multiple companies, including regional and multinational corporations, have a role in the U.S. flooring industry. The extremely competitive landscape of the market is driving growth and innovation when it comes to high-quality, more sustainable flooring products. No one company holds a significantly larger share of the flooring industry than any other.

Some of the key players in the flooring industry include:

  • Mohawk Industries, Inc.
  • Tarkett North America
  • Forbo Flooring Systems
  • Interface, Inc.
  • EGGER
  • LX Hausys
  • Shaw Industries Group, Inc.
  • Mannington Mills, Inc.
  • Armstrong Flooring
  • Gerflor
  • Polyflor Ltd
  • Porcelanosa Group
  • Milliken
  • Beaulieu International Group
  • Congoleum

Flooring industry employment

In 2022, there were 120,900 jobs in the flooring industry. Flooring installers and tile and stone setters include those employed to lay and finish carpet, wood, vinyl, tile and other flooring materials. Between 2022 and 2032, expansion of the U.S. flooring industry is expected to increase at a rate of 3%. Industry employment is growing at an average rate to other occupations. By 2032, flooring industry employment is expected to expand slightly to 124,400 workers.

In May 2023, the median annual wage for floor installers was only slightly higher than the total median annual wage for all occupations across the U.S. Specifically, tile and stone setters made slightly more than carpet installers.

FAQ

What is the future of the flooring industry?

In 2023, the global flooring market had a $335.91 billion valuation. It is expected to grow at a rate of 9.5% and by 2032 be worth $760.86 billion. The U.S. flooring market was worth $20.56 billion in 2022 and is expected to grow at a slower rate of 3.8% from 2023 to 2030.

Is flooring a growing industry?

Yes, flooring is a flourishing industry. It is expected to rise at the typical rate and not expected to decline. The expansion of the industry will be influenced by continued residential growth and the need for flooring materials for renovation and remodeling projects.

Is a flooring business profitable?

Yes, flooring is very profitable, with a large market size and consistent demand. In 2022, there were 120,900 jobs for flooring installers and tile and stone setters. However, the industry remains competitive. There are many companies competing for sales without any of them dominating the market in terms of revenue.

What are the types of flooring available?

The flooring industry has a variety of options, including vinyl, tile, laminate, hardwood, hybrid and carpet. Innovations from different companies continue to increase the availability of high-quality, more eco-conscious flooring materials.


References

  1. ”US Flooring. Industry Reports, United States.” Freedonia Group. Evaluated June 1, 2024.Link Here
  2. “Flooring Market Share, Size, Trends, Industry Analysis Report, By Product (Soft Covering, Resilient, Non-resilient, Carpets and Rugs); By Application (Residential, Commercial, Industrial); By Region; Segment Forecast, 2024 - 2032.” Polaris Market Research. Evaluated June 1, 2024.Link Here
  3. “Eco Flooring Market Outlook (2023 to 2033).” Future Market Insights, Inc. Evaluated June 1, 2024.Link Here
  4. ”What Is Driving Residential Flooring Demand?” Principia Consulting. Evaluated June 1, 2024.Link Here
  5. “U.S. Flooring Market Size, Share & Trends Analysis Report By Product (Ceramic Tiles, Vitrified (Porcelain) Tiles, Carpet, Vinyl), By End-use (Residential, Non-Residential), And Segment Forecasts, 2023 - 2030.” Grand View Research. Evaluated June 1, 2024.Link Here
  6. ”Adapting to Change: Navigating the 2023 Flooring Industry Trends and Market Dynamics.” Unique Wood Floors. Evaluated June 1, 2024.Link Here
  7. "Selected Housing Characteristics." United States Census Bureau. Evaluated June 1, 2024.Link Here
  8. “Flooring Installers and Tile and Stone Setters.” U.S. Bureau of Labor Statistics. Evaluated June 1, 2024.Link Here
  9. “Types of Flooring.” The Home Depot. Evaluated June 1, 2024.Link Here

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