Stone plastic composite flooring consists of stone, PVC, limestone and recycled materials. It provides durability, water resistance and easy maintenance compared to traditional floors. SPC flooring closely resembles natural stone and wood flooring at low cost and requires less 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:
Rise in residential and commercial construction activities across the globe is a key factor driving growth of the market. According to International Trade Administration, the global construction industry is expected to grow at an annual rate of 3.5% between 2018 to 2023. Reconstruction and remodeling activities especially in developed countries are further augmenting demand for SPC flooring. Furthermore, increasing consumer preference for easy to maintain and eco-friendly flooring solutions is expected to contribute to the market growth over the forecast period.
SWOT Analysis
- Strength: Stone plastic composite (SPC) flooring is durable and lasts longer than other traditional flooring materials like solid wood, vinyl, and laminate. It can withstand high foot traffic and is waterproof.
- Weakness: SPC flooring tends to be more expensive than other flooring options like vinyl and laminates. It also lacks the aesthetic appeal and authenticity of real wood flooring.
- Opportunity: The demand for sustainable and eco-friendly flooring materials is increasing globally. SPC flooring produces fewer emissions and is made from recycled materials, giving it an opportunity to gain traction in the flooring market.
- Threats: Strict environmental regulations around plastic production and usage poses a threat. Volatility in raw material prices also impacts the costs of SPC flooring production.
Key Takeaways
The global stone plastic composite flooring market is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, due to increasing consumer preference for durable and waterproof flooring solutions in both residential and commercial spaces.
Regional analysis: North America dominates the global SPC flooring market currently due to stringent regulations favoring sustainable construction. Asia Pacific is expected to be the fastest growing regional market owing to rapid urbanization and infrastructure development in countries like China and India.
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. These players are focused on introducing innovative design patterns and durability features to sustain 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
