July 20, 2024

Rising urbanization to propel the growth of Stone Plastic Composite Flooring Market globally

Stone plastic composite flooring consists of mainly polyvinyl chloride, limestone, and other additives such as pigments. It is a durable flooring material that provides the look and feel of natural stone tiles. These floors are waterproof, slip resistant, and easy to install, making them suitable for both residential and commercial spaces such as kitchens, bathrooms, hallways, and outdoors. They can withstand heavy traffic, are cost-effective compared to natural stone and wood flooring, and require minimal maintenance.

The global Stone Plastic Composite Flooring Market is estimated to be valued at US$ 10.91 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the stone plastic composite flooring market is the rising popularity of waterproof and slip resistant flooring options for wet areas and outdoors. This is driving demand particularly for bathrooms and patios/outdoor areas. Manufacturers are focusing on developing new designs, colors, and textures to replicate the look of expensive natural materials like marble and granite at affordable price points. Additionally, the easy maintenance and do-it-yourself installation features are attracting more homeowners and renovators to opt for stone plastic composite floors.

Porter’s Analysis

  • Threat of new entrants: The high initial investments required to establish manufacturing units and large capital requirements pose significant entry barriers for new players.
  • Bargaining power of buyers: Presence of numerous buyers and suppliers in the stone plastic composite flooring market results in low bargaining power of individual buyers.
  • Bargaining power of suppliers: Availability of various material suppliers at competitive prices limits the bargaining power of suppliers.
  • Threat of new substitutes: Availability of alternative flooring options like resilient vinyl, laminate, wood, ceramic tiles pose threats of new substitutes.
  • Competitive rivalry: Presence of numerous established players makes the market highly competitive.

Key Takeaways

The global stone plastic composite flooring market is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing demand for low maintenance and environment friendly flooring solutions.

North America dominates the global market and holds around 35% share of the overall market, followed by Europe. Increasing renovation and remodeling activities coupled with rising spending on home improvement is driving the stone plastic composite flooring market in these regions.

Key players operating in the stone plastic composite flooring are Shaw Industries Group Inc., Mohawk Industries Inc., Mannington Mills, Inc., Armstrong Flooring Inc., Tarkett S.A., Beauflor, Gerflor, Karndean Designflooring, Congoleum, and Novalis Innovative Flooring. Key players are focusing on new product launches and strengthening their distribution channels to consolidate their market position.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it