Press Release
Press Release
According to a new report by EMR titled, ‘Global Outdoor Flooring Market Report and Forecast 2024-2032’, the market attained a value of more than USD 16.1 billion in 2023. The industry is further expected to grow at a CAGR of 5.4% in the forecast period of 2024-2032 to reach a value of over USD 22.3 billion by 2032.
The global outdoor flooring industry is being supported by the rapid urbanisation worldwide. The heightened capital expenditure in the construction sector owing to the increased demand for residential and commercial infrastructure has been bolstering the market growth in the forecast period. This can be attributed to the rising global population. Additionally, the inflating disposable incomes and the improved living standards of people are further anticipated to propel the market for outdoor flooring in the coming years. Furthermore, the development of environment friendly flooring solutions is also expected to aid the market in the forecast period, fuelled by the growing eco-consciousness among consumers.
The rising demand for innovative and aesthetic decking solutions among consumers is leading to the development of outdoor floorings that provide a trendy appeal with benefits of decreased installation time. For instance, in November 2021, the AZEK Company (NYSE: AZEK) announced the launch of its new outdoor living products from TimberTech, which come in two on-trend composite deck-board colors, French White Oak® and Dark Cocoa. In addition, it also offers a hidden fastener system to help decrease the installation time. Such developments are expected to positively impact the growth of the outdoor flooring industry in the forecast period.
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The major players in the global outdoor flooring market are Armstrong Flooring, Inc., Beaulieu International Group N.V., Citadel Floors, Ecore International, Mohawk Industries, Inc., Mats Inc., and Fiberon, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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