Incentives To Drive Indoor Flooring Market

The global indoor flooring market size was valued at $133.3 billion in 2021 and is estimated to reach $226.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.4 per cent from 2022 to 2031, says a report from Research and Markets. The flooring business is predicted to benefit from the rise in demand for hard flooring, which has appealing qualities such as being easier to use and installed in remodeling and restoration of residential and commercial projects. In addition, the rise in government investments in the approaching construction sector expansion is expected to boost the indoor flooring market forecast period. Various governments are taking initiatives to enhance the living standard of citizen. For instance, the government of Canada launched a $30 million rebate scheme in June 2020 which is expected to assist to save a considerable amount of money on building and remodeling projects. Hence, this investment is expected to provide lucrative growth in the indoor flooring market. Overall, ceramic tiles have dominated the global market in revenue in terms of flooring types and the segment is projected to grow at a significant CAGR during the indoor flooring market forecast period. By construction type, the new construction segment registered the highest revenue in 2021.