Northbrook, IL 60062 -- (SBWire) -- 07/28/2022 --Floor covering is a well-engineered material applied over a floor structure in order to provide a walking surface. It provides a level surface and supports static and dynamic loads. The various materials generally employed for flooring purposes include carpets & rugs, ceramic tiles, wood, laminates, vinyl tiles & sheets, and stones. It plays a vital role in enhancing the aesthetics of residential and commercial construction. The flooring market is estimated at USD 339.29 Billion in 2018 and is projected to reach USD 447.74 Billion by 2023, at a CAGR of 5.7%. The rise in population and rapid urbanization is expected to drive the growth of the flooring market.

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The flooring market is dominated by major players such as Mohawk Industries (US), Shaw Industries (US), Tarkett (France), Armstrong Flooring (US), and Forbo (Switzerland). Extensive product portfolio, coupled with a network of facilities across the globe, contribute toward the leading position of these market players. These players have adopted various strategies to expand their global presence and increase their market share. New product launches, expansions, investments, acquisitions, and partnerships are some of the major strategies adopted by the market players to achieve growth in the flooring market.

The duration 2013-2017 witnessed several new product launches in the flooring market by key players in order to strengthen their product portfolio and cater to new application areas. Expansions & investments were the second-most adopted key strategies by market players to expand their geographical reach and enhance their manufacturing capabilities. The increase in demand for flooring materials coupled with high construction growth in emerging markets has encouraged companies to adopt these strategies.

Mohawk Industries (US) is one of the key manufacturers of flooring materials. Its extensive flooring product portfolio comprising carpet & rugs, ceramic tiles, stone, hardwood, laminate, and luxury vinyl tiles cater to a variety of application areas in the construction industry. The strong global presence and adoption of growth strategies such as acquisitions, expansions, and investments have ensured its leading position in the market. In January 2018, the company announced a USD 10 million investment to expand its manufacturing operations in Glasgow, Virginia, US. This investment is expected to support the demand for Mohawk's commercial carpet tiles. The acquisitions of Godfrey Hirst Group (Australia), KAI Group (Bulgaria), IVC (Belgium), Magnum Parquet (Czech Republic), Spano Invest NV (Belgium), Marazzi Group (Italy), and Pergo (US) have further strengthened its market presence and product portfolio.

Shaw Industries (US), a subsidiary of Berkshire Hathaway Company, is a full-service flooring company. Its businesses are supported by a wide marketing and distribution network and have established a reputation gaining strong customer support. Over the years, Shaw Industries has expanded its activities into Europe and China. In February 2018, the company acquired Scotland-based carpet tile manufacturer named STS (Sanquhar Tile Services) to expand its presence in the European region. Moreover, it also announced plans to invest over USD 42 million in its carpet plant located in Meigs County, Ohio, US, aiming at modernizing the facility and allowing the company to use both, polyester and nylon fiber at this facility, comprising recycled PET. The company focuses on sustainability and has advanced well on the social, environmental, and economic agenda pursued over the last few years.