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The floor covering market share in China is expected to increase by USD 4.96 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.00%.
This floor covering market in China research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the floor covering the market in China segmentation by type (carpet and rug, luxury vinyl flooring, ceramic tile, wood, and others) and application (residential and commercial). The floor covering market in China report also offers information on several market vendors, including Beaulieu International Group NV, Elegant Living, Forbo Holding Ltd, Foshan Hanse Industrial Co. Ltd., Fujian Floors China Co. Ltd., Hangzhou HanHent Industries Co. Ltd., Milliken and Co., Shanghai Cimic Tiles Co. Ltd., SWISS KRONO Tec AG, and Tjinan Luckyforest Decoration Material Co. Ltd. among others.
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The rapid growth in the construction industry is notably driving the floor covering market growth in China, although factors such as rising prices of raw materials may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the floor covering industry in China. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Floor Covering Market Driver in China
The rapid growth in the construction industry is one of the key drivers supporting the floor covering market growth in China. China's construction industry witnessed a growth of around 1.3% in 2020 from the previous year and is estimated to grow at 6% in 2022. A major part of the growth is driven by non-residential construction activities. For instance, the construction of the Shuangyu Island in Zhangzhou, Fujian, China, which commenced in Q3 2021, is expected to be completed by Q3 2025. Similarly, the Baltic Pearl Project is China's largest foreign development project, consisting of residential and commercial properties outside St. Petersburg, Russia. The growth of the global construction industry will also have a positive impact on the demand for floor covering and, in turn, the floor covering market in China during the forecast period, as it is a major manufacturer and exporter of floor covering products to the rest of the world.
Key Floor Covering Market Trend in China
The demand for waterproof floor covering is another factor supporting the floor covering market growth in China. The demand for waterproof floor covering is high in residential construction. Hence, companies are adding waterproof features to their existing offerings. Vinyl flooring, a much sought-after substitute for traditional wooden flooring, is being incorporated with wood-polymer/plastic composite(WPC), which provides high water resistance, stain and dent resistance, and ease in cleaning. Vendors are offering superior designs, quality, and customizability for waterproof flooring products. Thus, the advantages of these materials have spurred their applications in kitchens, bathrooms, and all types of residential flooring. The trend of waterproof flooring is expected to continue during the forecast period.
Key Floor Covering Market Challenge in China
The rising prices of raw materials is hindering the market growth in China. The prices of raw materials used in the manufacturing of floor covering products such as wood, ceramics, and vinyl have been on the rise. This is primarily due to the demand-supply imbalance. The prices of ceramics and vinyl have increased due to the tight supply of key raw materials used for manufacturing these products. With the growth of the construction industry and the increasing demand for floor covering products in China, the imbalance in the supply of and demand for key raw materials will continue to lead to a rise in their prices during the forecast years. Thus, the increase in the prices of raw materials and related costs will pose a major challenge for the market in focus during the forecast period.
This floor covering market in China analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the floor covering market in China as a part of the global building products market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the floor covering market in China during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the floor covering market in China encompasses successful business strategies deployed by the key vendors. The floor covering market in China is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The floor covering market in China forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the floor covering market in China, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the building products market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Type
Customer landscape
Vendor Landscape
Vendor Analysis
Appendix
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