February 23, 2024

The growing trends in flooring designs is anticipated to openup the new avenue for Stone Plastic Composite Flooring Market

Stone plastic composite flooring is a new type of flooring material that resembles natural stone but is more affordable and durable. It is a mixture of crushed stone, plastic polymer and color pigments that is formed into flooring planks or tiles under heat and pressure. SPC flooring offers the look of stone, marble, ceramic and wood flooring at a lower cost. It is waterproof, stain resistant, scratch resistant and very durable making it suitable for high traffic areas. Due to its versatility of designs and durability, SPC flooring is gaining popularity for use in residential as well as commercial applications such as retail stores, offices, educational institutions and healthcare facilities.

The Stone Plastic Composite Flooring Market is estimated to be valued at US$ 10.91 Bn or Mn 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 Dynamics:
Increasing construction of residential and commercial buildings around the world is a key driver for the stone plastic composite flooring market. Rapid urbanization and growing middle class populations are fueling demand for new housing and infrastructure development which requires flooring materials. For example, according to the Global Construction 2030 report, the global construction output is forecasted to grow by 85% to $15.5 trillion by 2030. Additionally, growing consumers preference for aesthetically appealing and durable flooring options is propelling the demand for stone plastic composite flooring. Key properties of SPC flooring such as its realistic stone, marble or wood looks yet affordability, water resistance and long lifespan make it suitable for heavy foot traffic areas of homes and offices. Rising commercial construction along with growing renovations and remodeling activities are also favoring market growth of stone plastic composite flooring.

Segment Analysis
The global stone plastic composite flooring market is dominated by the residential segment. The residential segment accounts for over 60% share of the overall market owing to the rising demand for aesthetically appealing and durable flooring solutions in residential projects including single-family homes, apartments, and condominiums. Within the residential segment, the single-family homes sub-segment holds the largest share as stone plastic composite flooring products closely mimic the look of natural stone floors but require lower maintenance.

PEST Analysis

  • Political: The stone plastic composite flooring market is moderately affected by government regulations and policies pertaining to environmental protection and sustainability. Stricter regulations around VOC emissions can hamper market growth to an extent.
  • Economic: The market is directly impacted by the growth of the construction industry including residential and commercial construction activities. Market experiences growth during economic upcycles when construction spending rises.
  • Social: Changing consumer preferences towards aesthetically appealing and eco-friendly flooring products rather than conventional flooring such as ceramic tiles, drive the demand for stone plastic composite flooring.
  • Technological: Advances in compounding and flooring panel production technologies have enhanced the durability, dimensional stability, and visual appeal of stone plastic composite flooring products. New embossing patterns and textures closely replicate natural stones.

Key Takeaways

The global stone plastic composite flooring market is expected to witness high growth, exhibiting CAGR of 17% over the forecast period of 2023 to 2030, due to increasing consumer preference for low maintenance and sustainable flooring solutions in residential as well as commercial buildings.

The North American region dominates the global market owing to strong growth in residential construction projects in the US and Canada. Furthermore, established presence of key players and product awareness is boosting market growth in the region.

Key players operating in the stone plastic composite flooring market include 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. Major players are focusing on new product development with advanced textures and embossing designs to closely replicate natural stone floors and cater to the increasing demand.

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