New York, June 05, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Flooring Contractors Global Market Report 2023” – https://www.reportlinker.com/p06464140/?utm_source=GNW
, H. J. Martin & Son Inc., Redi Carpet, Bonitz, Spectra Contract Flooring, Burke Industries, Gerflor Group, Polyflor, and Crossville Inc.
The global flooring contractors market is expected to grow from $185.05 billion in 2022 to $203.84 billion in 2023 at a compound annual growth rate (CAGR) of 10.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The flooring contractors market is expected to reach $287.57 billion in 2027 at a CAGR of 9.0%.
The flooring contractors market includes revenues earned by entities by providing flooring installations using flooring materials made from a combination of natural and synthetic polymer materials.Flooring activity includes new work, additions, alterations, maintenance, and repairs.
The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Flooring contractors are flooring professionals and specialists who install flooring and floor coverings and help with the installation of carpet, resilient sheet products, resilient tile, and wood floors (including finishing and repairing).
Asia-Pacific was the largest region in the flooring contractors market in 2022. The regions covered in the flooring contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of flooring contractors are carpet and rug, resilient flooring and non-resilient flooring.A rug refers to a woven fabric that is used to cover a specific area of the floor, while carpets are floor coverings that are installed and can span from wall to wall.
The major construction types are new construction, renovation, and others that are used by residential and non-residential end-users.
Growth in renovation and remodelling activities is expected to propel the growth of the flooring contractors market going forward.Renovation and remodelling activities refer to the process of improving or modernizing an old, damaged, or defective building, and they are work that revives the existing structure but doesn’t change the layout.
The number of homeowners and business organizations are undertaking a wide range of restoration and remodelling projects, including flooring improvements to upgrade aesthetics and provide better insulation, comfort, and durability to the structures.For instance, according to a US-based university, Harvard University’s Joint Center for Housing Studies (JCHS), in the USA, the home remodelling market reached $430 billion in 2022, an increase of 17% over last year.
Therefore, the growth in renovation and remodelling activities is driving the growth of the flooring contractor market.
The introduction of aqua+ technology in laminate flooring is a key trend gaining popularity in the flooring contractor market.Major market players are concentrating their efforts on introducing innovative technologies to strengthen their position in the market.
Aqua+ is more resistant to water swelling because its core is comprised of a specific type of high-density fiberboard.Laminate flooring made with Aqua+ is much more water-resistant and suited for new applications and compared to traditional laminate flooring, the moisture resistance of is increased by five times.
For instance, in January 2021, EGGER, an Austria-based supplier of furniture and interior design, structural wood construction, and flooring, launched PRO Laminate Aqua+, which is more resistant to water swelling than standard laminate flooring. The PRO Laminate Aqua+ floorings are perfect for bathrooms, kitchens, hallways, and commercial use with frequent cleaning and steam cleaners.
In December 2022, Lynx Equity, a Canada-based private equity firm acquired Resource4Floors for an undisclosed amount.Through this acquisition, Lynx Equity aimed to become dominant commercial flooring contractor in South Florida, USA.
Resource4Floors is a US-based provider of commercial flooring solutions.
The countries covered in the flooring contractors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from selling goods and services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The flooring contractors market research report is one of a series of new reports that provides flooring contractors market statistics, including the flooring contractors industry’s global market size, regional shares, competitors with flooring contractors market share, detailed flooring contractors market segments, market trends, and opportunities, and any further data you may need to thrive in the flooring contractors industry. This flooring contractors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464140/?utm_source=GNW
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