New York, United States, July 27, 2023 (GLOBE NEWSWIRE) -- The Modular Flooring Market Size is To Grow from USD 57.76 Billion in 2022 to USD 97.41 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.3% during the projected period.
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Modular flooring is a form of the floor that may be simply interconnected and rests firmly on the already existing surface without the necessity of additional anchors or glues. Because it is custom-fit around machines, modular flooring is great for offering superior antifatigue and ergonomic comfort for workers. Modular flooring is a form of the floor that may be simply interconnected and rests firmly on the already existing surface without the necessity of additional anchors or glues. Because it is custom-fit around machines, modular flooring is great for offering superior antifatigue and ergonomic comfort for workers. The increased emphasis on home decor, customer satisfaction, and better lifestyles are projected to fuel the modular flooring market's continued rise over the forecast period. The aesthetics and interior design of one's living space are becoming increasingly important to the general population. Furthermore, rising building industry investments, as well as an increase in the total number of refurbishment and remodeling activities, are important drivers driving the modular flooring market expansion. Rapid urbanization in newly industrialized countries like China, India, Brazil, Malaysia, and Indonesia is predicted to boost infrastructure investment in crucial sectors including hospitality, health care, retail, and transportation. The increase in demand from developing nations, combined with the rise of the organized retail sector, generates market opportunities.
Browse key industry insights spread across 200 pages with 115 Market data tables and figures & charts from the report on, "Global Modular Flooring Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Flexible LVT, Rigid LVT, Carpet Tile, Non-Vinyl, Rubber, Ceramic, Others), By Application (Workplace, Healthcare, Education, Retail, Household, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Here:
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The carpet tile segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product type, the global Modular Flooring market is segmented into the flexible LVT, rigid LVT, carpet tile, non-vinyl, rubber, ceramic, and others. Among these, the carpet tile segment is dominating the market with the largest revenue share of 58.6% over the forecast period. In commercial contexts like restaurants, retail stores, the hospitality industry, and also in the home sector, carpet tiles are being used more and more frequently. There is a form of flooring called carpet tiled that can be utilized in place of broadloom carpet, which is more frequently employed.
The workplace segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of application, the global Modular Flooring market is segmented into the workplace, healthcare, education, retail, household, and others. Among these, the workplace segment is dominating the market with the largest revenue share of 57.2% over the forecast period. Workplaces require special consideration since congested commercial areas necessitate resilient floors that can withstand heavy foot traffic while remaining easy to clean and maintain. When choosing modular flooring for businesses, aesthetics, and functionality are crucial factors to consider. Furthermore, price, traffic, layout, and maintenance requirements all play a role in determining the best flooring for the workplace.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 43.7% market share over the forecast period. The region's market for modular flooring is also being pushed by increased demand in countries like China, Australia, India, Japan, Thailand, Vietnam, and Indonesia, as construction prospects in these economies improve significantly. In contrast, Europe is predicted to grow the fastest during the forecast period. The region's market is growing as a result of population growth, increased financial flexibility, an increase in remodeling and rebuilding operations, and an increase in investments in the residential and commercial sectors.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Modular Flooring Market include Mohawk Industries, Shaw Industries, Tarkett, Armstrong Flooring, Forbo, Gerflor, Adore Floors, Mannington Mills Inc., Beaulieu International Group, TOLI Corporation, Balta Industries NV, American Biltrite Inc. among others.
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Recent Developments
In November 2022, Tarkett, a French flooring company, has launched a range of carpet tiles with the lowest circular carbon footprint in Europe. Desso Origin has two designs, Recharge and Retrace, that contain up to 61.1 percent recycled content. Recharge and Retrace share a 20-color palette that ranges from warm and cool neutrals to rich earth tones.
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