U.S. Flooring Market to Hit Valuation of USD 30.51 Billion By 2032, at 4.31% CAGR: Astute Analytica

The US flooring market shows regional variability, with the Southeast and Southwest leading in demand fueled by population growth and construction activity. While carpet remains strong, hard surface flooring gains popularity. National retailers dominate, but local specialists and online sales are growing. Factors like income and regional preferences influence product choices. As per the recent analysis

New Delhi, April 08, 2024 (GLOBE NEWSWIRE) — As per the recent analysis by Astute Analytica, the United States flooring market is projected to attain a market valuation of US$ 30.51 billion by 2032 from US$ 20.87 billion in 2023 and at a CAGR of 4.31% during the forecast period 2024–2032.

The US construction industry is a massive economic engine, boasting a 2022 gross output of $2.1 trillion. This sprawling sector is comprised of over 919,000 establishments employing 8 million individuals directly. The industry’s ongoing expansion, with a 2.5% increase in construction businesses in 2023, directly translates into a thriving US flooring market. The consistent demand for flooring is driven by the average of 1,406,000 new housing units constructed each year, along with the surge in commercial projects fueled by the rapid growth of metropolitan cities.

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The 36% increase in manufacturing-related construction in 2023 signifies a significant need for flooring solutions in new and expanding industrial spaces. While building costs can fluctuate across regions (San Francisco being the most expensive), the US flooring market benefits from the overall construction boom. Bechtel, the largest US construction company with over $25.5 billion in annual revenue, reflects the industry’s scale and its corresponding impact on flooring suppliers.

While contractor confidence has seen fluctuations, the overall trend of strong construction activity ensures a steady market for flooring products. The Bipartisan Infrastructure Law further fuels the demand for flooring as major infrastructure projects, focused on roads and bridges, get underway. This vast network of construction activity across residential, commercial, and infrastructure segments provides a robust foundation for continued growth within the US flooring market.

Key Findings in US Flooring Market

Market Forecast (2032) US$ 30.51 billion
CAGR 4.31%
By Material Carpet (34.1%)
By Sales Channel Offline (82.7%)
By Application  Living Room (25.4%)
By End Users Commercial Flooring (52.3%)
By Sales Channel Offline (82.8%)
Top Trends
  • Increasing demand for luxury vinyl tile (LVT) and other resilient flooring options
  • Growing popularity of light oak hardwood for a versatile, Scandinavian boho aesthetic
  • Rise of e-commerce and online flooring sales channels
Top Drivers
  • Strong residential construction and renovation activity, especially in the single-family home segment
  • Population growth and migration to Sun Belt states like Texas and Florida
  • Changing consumer preferences towards durable, low-maintenance, and stylish flooring options
Top Challenges
  • Volatility in raw material prices, particularly for hardwood flooring
  • Potential health and environmental concerns related to certain flooring products and installation processes
  • Competition from alternative flooring types and look-alike products in various categories

Carpet’s Dominance Wanes, Yet Remains a Major Player, Contribute Over 34% Revenue

While carpet was once the undisputed king of US flooring market with a 60% market share in 2000, its popularity has steadily declined in recent years. Today, only 51% of floors in American homes are carpeted, demonstrating a shift in consumer preferences. Despite this downward trend, carpet remains a formidable force in the industry. In 2023, the carpet and rug segment generated $10.86 billion in sales volume. On the other hand, hardwood floors have emerged as a strong competitor, with many Americans now finding carpet less desirable or even outdated. Carpet is gradually disappearing from areas like living, dining, and family rooms, as hardwood takes its place. A recent survey revealed hardwood as the top choice (24%) for recent flooring projects, with carpet trailing at 17%. This trend is particularly evident among millennials, who often favor hardwood floors when purchasing homes.

Despite diminishing dominance, carpet retains a strong presence in bedrooms and is adapting to changing preferences. A renewed focus on comfort and style is evident in the growing popularity of carpets featuring new textures and patterns. Additionally, custom area rugs and stair runners crafted from broadloom carpet represent an increasing share of sales, rising from 15% to 20% over the past five years. The common belief that hardwood floors enhance resale value drives many homeowners’ renovation choices. Real estate listings and home improvement shows further solidify this perception by rarely showcasing homes with wall-to-wall carpet.

Georgia plays a crucial role in the American flooring market, hosting 14 of the top 50 floor covering manufacturers in the entire nation. The carpet industry is a significant source of employment in the state, providing over 45,000 jobs for its residents.

Commercial Flooring Trends: Design, Sustainability, and Health Control Over 52.3% Market Share

Commercial properties fuel the US flooring market, accounting for a substantial 60% of demand compared to 40% for residential spaces. This dominance stems from the commercial sector’s less cyclical nature, offering greater stability. Offices represent the largest consumer of commercial flooring (over 25% of demand), followed by retail stores (20%), healthcare facilities (15%), and educational buildings (10%). Carpet tile remains a commercial favorite due to its durability, design flexibility, and ease of installation. Luxury vinyl tile (LVT) is rapidly gaining ground with its realistic wood and stone looks, water resistance, and affordability. Rubber flooring is favored in healthcare, education, and fitness settings for slip resistance and ease of maintenance. Polished concrete provides a modern, low-maintenance option for retail, restaurants, and industrial spaces.

Sustainability, biophilic design, enhanced customization, and improved acoustics are key trends shaping the commercial flooring market. Health remains a priority, with low-VOC materials and antimicrobial flooring in demand. Proper installation and regular maintenance are vital for commercial flooring longevity. Sales often occur through specialized contractors and distributors, with e-commerce playing a growing role.

Offline Sales Channels are Making Noise in US Flooring Market, Control Over 82.7% Revenue

The US flooring market sees diverse sales channels, with shifts occurring in recent years. Specialty retailers held a 30% share of hardwood flooring sales in 2023, showing a slight decline from the previous year. Conversely, home centers like Lowe’s and The Home Depot solidified their positions, increasing their hardwood sales share from 35% to 38%. Direct-to-consumer sales experienced a slight rise driven by online outlets and discount stores. This channel shift reflects the consumer habit of starting their flooring journey online for research, often followed by in-person visits to retailers for viewing samples.

Home centers traditionally maintain a steady 20% share of wood flooring retail sales due to the advantage of offering in-person product viewing. In-home consultations and financing options offered by flooring retailers help guide customer selection and facilitate larger purchases. Most flooring products come with manufacturer warranties, with some retailers providing additional coverage for an extra cost. On the other hand, dDirect-to-consumer sales, especially through online channels, have steadily grown in recent years. While e-commerce is poised to capture a significantly larger market share, the need for professional installation and the tactile nature of flooring products still favor brick-and-mortar retailers.

Flooring distributors remain vital in supplying retailers and contractors in the US flooring market, who often purchase materials through specialized distributors or directly from the manufacturers. Builders and contractors represent a major customer base within the new construction market. Fluctuating costs, particularly in the hardwood sector, can impact distributor and retailer profitability. The pandemic disrupted sales but also fueled an increase in renovation projects. Growing segments like luxury vinyl tile offer promising sales opportunities, especially within the bustling sectors of new construction and residential renovations.

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US Flooring Market: Regional Analysis Reveals Growth Hotspots

The US flooring market exhibits regional variations driven by factors such as population growth, construction activity, and consumer preferences. The Southeast region, encompassing states like Florida, Georgia, and the Carolinas, stands out as a major market due to a surge in population and new home construction. Similarly, the Southwest, particularly Texas and Arizona, demonstrates considerable demand spurred by housing starts and renovations. California, despite its high housing costs and outmigration, maintains its position as a significant flooring market thanks to its sheer size and economic strength.

As per Astute Analytica, American states with robust job markets and population growth naturally see greater flooring demand stemming from both new home construction and residential remodeling projects. The Sun Belt states, known for their favorable weather and tax policies, have experienced increased migration and housing activity in recent years, consequently fueling the flooring market. The COVID-19 pandemic has further amplified trends like remote work and the shift from urban to suburban living, indirectly benefiting states that have attracted new residents.

Retail channels vary across regions, with nationwide home improvement giants like The Home Depot and Lowe’s holding a strong national presence and considerable market share. However, independent flooring retailers and contractors continue to serve local markets, particularly within large metropolitan areas. States with higher median incomes may see greater demand for premium flooring options through specialty retailers.

While carpet retains its dominance in many states, making up roughly half of the total US flooring market by volume, hard surface options like luxury vinyl tile (LVT), hardwood, and tile have steadily gained popularity, especially in warmer regions. Regional style preferences and housing characteristics further influence the mix of flooring types chosen in different states. Certain states, like Georgia, are hubs for major flooring manufacturers and industry associations, contributing significantly to the national flooring landscape. States with large ports, such as California and Florida, serve as crucial entry points for imported flooring products from Asia and Europe. Flooring distributors and installation contractors have a nationwide presence, ensuring that every state has the necessary resources to meet local demand.

U.S. Flooring Market Key Players

  • Armstrong Flooring, Inc.
  • Carpet One Floor & Home
  • Congoleum Corporation
  • Dixie Group, Inc.
  • Forbo Holding AG
  • Interface, Inc.
  • Mannington Mills Inc.
  • Mohawk Industries, Inc.
  • Shaw Industries Group, Inc.
  • Tarkett Group
  • Other prominent players

Key Segmentation:

By Material

  • Wood
    • Hardwood
    • Softwood
    • Engineered Wood
  • Vinyl
    • Vinyl Tiles
    • Vinyl Sheets
    • Luxury Vinyl Flooring
  • Carpet
  • Laminate
  • Ceramic
  • Others

By Application

  • Kitchen
  • Living Room
  • Bathroom/Washroom
  • Auditoriums
  • Warehouses
  • Workshops
  • Sport Complex
  • Institutes
  • Other Applications

By End User

  • Domestic Flooring
  • Commercial Flooring
    • Corporate Buildings
    • Healthcare
    • Education
    • Retail & E-Commerce
    • Government
    • Food & Beverage
    • Oil & Gas
    • Others

By Sales Channel

  • Online
  • Offline
    • Hardware Stores
    • Flagship Stores
    • Specialty Stores
    • Others

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About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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