The global stone plastic composite flooring market is one of the booming construction material markets worldwide. Stone plastic composite, also known as SPC or rigid core flooring, is a new type of planks or tiles made from natural stone combined with polymers such as polyvinyl chloride, or PVC. SPC flooring offers excellent durability, realistic stone looks, easy maintenance, and waterproof properties. It is widely used in residential and commercial applications such as for homes, offices, retail stores, hospitals etc. 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:
The increasing demand for waterproof and durable flooring solutions across various end-use industries has been a major factor propelling the growth of the global stone plastic composite flooring market. SPC flooring simulates the looks of natural materials like wood, granite or marble but is highly durable and will not warp or fade due to sunlight exposure. It can withstand moisture and is waterproof, making it ideal for use even in high moisture areas like bathrooms and kitchens. The waterproof property has increased its popularity in industries such as healthcare and hospitality apart from residential use. The waterproof and durable nature is expected to further drive the demand over the coming years.
SWOT Analysis
- Strength: Stone plastic composite flooring is dustproof, waterproof and easy to install. It is highly durable and resistant to abrasion, chemicals, moisture and other damages.
- Weakness: Stone plastic composite flooring is more expensive than traditional flooring materials like vinyl, laminate and ceramic tiles. It cannot be repaired once damage and need to be replaced completely.
- Opportunity: Growing construction industry globally is driving the demand for advanced and durable flooring materials. Rapid urbanization in developing countries offer huge growth opportunities.
- Threats: Fluctuation in raw material prices can impact the production cost. Population concern over plastic waste is a challenge. Easy availability of cheaper substitutes also threatens the market.
Key Takeaways
The global stone plastic composite flooring market is expected to witness high growth.
Regional Analysis: The Asia Pacific region currently dominates the market due to rapid construction activities in China, India and other developing Asian countries. The demand is increasing from residential as well as commercial construction segments.
Key players operating in the stone plastic composite flooring market 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. Stone plastic composite flooring offers various advantages over traditional flooring including durability, moisture resistance, low maintenance and environment friendliness. The market is forecast to grow at a CAGR of 17% during the period of 2023 to 2030. By 2024, the global market size is estimated to reach US$ 10.91 billion.
