United States Flooring Market to Reach a Valuation of US$ 29.26 Billion By 2031 | Astute Analytica

CHICAGO, UNITED STATES, September 19, 2023/EINPresswire.com/ -- United States flooring market value was US$ 22.18 billion in 2022 and is forecast to reach a valuation of US$ 29.26 billion by 2031, growing at a CAGR of 4.31% during the forecast period from 2023 to 2031.

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Over the past few years, the United States flooring market has seen a significant change. The market is moving upward due to a number of variables, including an increase in real estate activity, rising consumer spending power, and a strong preference for luxury and aesthetic appeal. The market is changing as a result of the rise in environmental consciousness among customers.

American consumers' inclination for home remodeling and the steady uptick in residential and commercial construction projects drive the market growth. Construction spending in the U.S. has been constantly increasing. The cost of construction operations had topped US$ 1.8 trillion by 2022, with flooring accounting for a sizable chunk of that total. This is evidenced by the fact that the typical American homeowner, eager to adorn their living spaces with attractive and long-lasting floors, spends roughly between US$ 6 and US$ 10 per square foot on flooring installation. Although, the precise amount can vary greatly depending on the type of material used and the complexity of the project.

The popularity of Luxury Vinyl Tile (LVT) and its cutting-edge sibling, waterproof core flooring, has significantly increased in the U.S. flooring market. Its market share has been steadily increasing, with a projected compound annual growth rate (CAGR) of about 12.9% in the coming years. LVT's price point, which typically ranges from US$ 3 to US$ 7 per square foot and makes it an inexpensive alternative to more expensive hardwood or stone choices, can be credited for its rapid rise.

Growing Demand for Eco-Friendly Flooring: Untapped Opportunities for Market Players

Sustainable and environmentally friendly flooring options, including bamboo, cork, and linoleum are becoming popular. This green wave is a movement that is shaping the strategic trajectories of numerous industry participants, not just a passing trend. In order to demonstrate this trend, a study found that in 2022, North America would hold a commanding position in the US$ 377.0 billion global market for green building materials, of which eco-friendly flooring is a huge component. This demonstrates an increasing preference for products with small environmental footprints.

For instance, the bamboo market has grown significantly in the United States owing to its enormous appeal. Customers are drawn to bamboo floors for their quick renewal and durability, which is on par with that of hardwood floors. Bamboo flooring costs about US$ 5 to US$ 8 per square foot, which makes it an affordable alternative to traditional hardwood.

Another fashionable material is cork. With its inherent insulation capabilities, softness underfoot, and eco-friendliness, cork flooring has recently experienced an average yearly growth rate of about 4%. Additionally, salvaged wood, which was once only considered an aesthetic option, is now favored for its sustainability.

Reclaimed wood offers an alternative that blends aesthetics, history, and sustainability, frequently for a fraction of the cost of new hardwood, which may cost anywhere from $5 to $10 per square foot and above. Manufacturers and merchants in the US flooring market are leveraging this trend by providing a wide range of eco-friendly flooring options to the sector's expanding eco-aware consumer base.

Living Room Flooring to Exhibit the Growth Rate of 25.3%

The flooring market in the USA sees the living room category emerge as the market leader. The current market is also anticipated to continue to retain sway, expanding at an astounding CAGR of 25.3%. The living room plays a crucial role in houses as the gathering place for families, a venue for entertaining guests, and a hub for the majority of indoor activities, which accounts for its dominance in this section.

A 25.3% yearly growth in the living room category can result in billions of dollars in sales over the following several years, taking into account that the average cost of flooring is between US$ 6 and US$ 10 per square foot. The continual desire of homeowners to remodel and remake their homes to create aesthetically pleasing, contemporary, and comfortable living spaces is driving this expansion.

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Competitive Landscape

The flooring market in the USA is quite competitive despite all of these prospects. Both well-established companies and new businesses are vying for a piece of this rich pie. They use a variety of tactics. Product differentiation is still important.

Brands always innovate to stand out, whether it's by offering unique designs, utilizing cutting-edge technology to improve durability, or inventing eco-friendly solutions. Pricing is a crucial battleground as well.

While some competitors strive to dominate the luxury industry by providing high-end goods, others are focusing on the mainstream market with low-cost alternatives.

Prominent Players in the Report Include

โ€ข Armstrong Flooring, Inc.
โ€ข Carpet One Floor & Home
โ€ข Congoleum Corporation
โ€ข Dixie Group, Inc.
โ€ข Forbo Holding AG
โ€ข Interface, Inc.
โ€ข Mannington Mills Inc.
โ€ข Mohawk Industries, Inc.
โ€ข Shaw Industries Group, Inc.
โ€ข Tarkett Group
โ€ข Other Prominent Players

Segmentation Outline

The U.S. flooring market segmentation focuses on Material, Application, End-User, Sales Channel, and Cities.

By Material
โ€ข Wood
o Hardwood
o Softwood
o Engineered Wood
โ€ข Vinyl
o Vinyl Tiles
o Vinyl Sheets
o Luxury Vinyl Flooring
โ€ข Carpet
โ€ข Laminate
โ€ข Ceramic
โ€ข Others
By Application
โ€ข Kitchen
โ€ข Living Room
โ€ข Bathroom/Washroom
โ€ข Auditoriums
โ€ข Warehouses
โ€ข Workshops
โ€ข Sport Complex
โ€ข Institutes
โ€ข Other Applications
By End User
โ€ข Domestic Flooring
โ€ข Commercial Flooring
o Corporate Buildings
o Healthcare
o Education
o Retail & E-Commerce
o Government
o Food & Beverage
o Oil & Gas
o Others
By Sales Channel
โ€ข Online
โ€ข Offline
o Hardware Stores
o Flagship Stores
o Specialty Stores
o Others
By Cities
โ€ข Northeast
o New Jersey
o New York
o Pennsylvania
o Massachusetts
o Rest of Northeast
โ€ข Midwest
o Illinois
o Michigan
o Indiana
o Ohio
o Rest of Midwest
โ€ข South
o Texas
o North Carolina
o Georgia
o Florida
o Rest of South
โ€ข West
o California
o Arizona
o Colorado
o Washington
o Rest West

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