The global Stone Plastic Composite (SPC) Flooring Market is estimated to be valued at US$ 3.64 billion in 2023 and is expected to exhibit a CAGR of 17% over the forecast period, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Stone Plastic Composite (SPC) flooring is a type of rigid core luxury vinyl flooring. It is made up of a mixture of limestone, PVC, and stabilizers, resulting in a highly durable and waterproof flooring option. SPC flooring offers several advantages such as scratch resistance, easy installation, low maintenance, and high wear resistance. With increasing consumer demand for durable and sustainable flooring solutions, the market for SPC flooring is experiencing significant growth.
Market Key Trends:
One key trend in the SPC Flooring market is the growing demand for eco-friendly and sustainable flooring solutions. As consumers become more conscious about the environmental impact of their choices, the demand for sustainable flooring options has been on the rise. SPC flooring, with its composition of natural materials and recyclability, offers an eco-friendly alternative to traditional flooring options. For example, companies like Armstrong Flooring Inc. are focusing on developing SPC flooring products that are made from recycled materials, reducing the carbon footprint associated with the manufacturing process.
PEST Analysis:
Political: The political landscape can have an impact on the SPC flooring market through regulations and policies related to the construction industry and environmental sustainability. For example, government initiatives promoting sustainable construction practices can drive the demand for eco-friendly flooring solutions like SPC flooring.
Economic: The economic factors influencing the SPC flooring market include GDP growth, disposable income levels, and construction activities. Strong economic growth in emerging economies and increasing disposable incomes have led to higher investments in the construction sector, driving the demand for SPC flooring.
Social: Changing consumer preferences and lifestyle trends play a significant role in the adoption of SPC flooring. Factors such as increasing urbanization, rising awareness about sustainability, and the desire for aesthetically pleasing interiors drive the demand for SPC flooring.
Technological: Technological advancements in the manufacturing process have led to the development of improved SPC flooring products. Innovation in printing technologies allows for realistic and high-definition designs on SPC flooring, enhancing their visual appeal. Additionally, advancements in installation techniques have made SPC flooring easier and quicker to install.
Key Takeaways:
1. Market size related content: The global Stone Plastic Composite Flooring Market Insights is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, due to increasing consumer demand for durable and sustainable flooring solutions. The advantages of SPC flooring, such as scratch resistance, low maintenance, and high wear resistance, contribute to its growing popularity in residential and commercial applications.
2. Regional analysis: North America is expected to be the fastest-growing and dominating region in the SPC flooring market. This growth can be attributed to increasing construction activities, rising disposable incomes, and growing awareness about sustainable flooring options in the region.
3. Key players: Key players operating in the global SPC flooring market are Shaw Industries Group Inc., Mohawk Industries Inc., Mannington Mills, Inc., Armstrong Flooring Inc., Tarkett S.A., Novalis Innovative Flooring, Zhejiang Oufei New Material Co., Ltd., Jiangsu Zhongxin Desai Wood Product Co., Ltd., Zhejiang Yili Decoration Material Co., Ltd., and Changzhou Anyway Floor Co., Ltd. These companies are focusing on product innovations, sustainable manufacturing practices, and strategic partnerships to gain a competitive edge in the market.
Players, stakeholders, and other participants in the global Stone Plastic Composite Flooring market will be able to gain the upper hand as they use the report as a powerful resource.
The segmental analysis focuses on production capacity, revenue and forecast by Type and by Application for the period 2016-2027.Download FREE Sample of this Report @ https://www.24chemicalresearch.com/download-sample/95782/global-stone-plastic-composite-flooring-2027-776 Segment by Type Recycled PVC TypeNon-recycled PVC Type Recycled PVC is a discarded PVC product, or semi-finished products.
GIR analysts pointed out that in the global market, especially in the Chinese market, some manufacturers use recycled PVC to produce SPC flooring.
Some of these monomers exist in a gaseous form which may be toxic to human beings but the end product, the PVC polymer is safe to people.
The resultant product is resilient and durable in addition to having attractive patterns and colors which can be used in decoration whether at home, office or any other place.
Market dynamics scenario, along with growth opportunities of the market in the years to come3.
Often referred to as rigid core, SPC is 10X more impact resistant than WPC.
It's also more stable to sunlight, can be installed in sunrooms, and has better scratch resistance compared to WPC.
The Decno Group is considered to be the market leader with a 9% market share in sales.Download FREE Sample of this Report @ https://www.24chemicalresearch.com/download-sample/100731/global-stone-plastic-composite-flooring-2021-2027-864Market Analysis and Insights: Global Stone Plastic Composite Flooring Market"In 2020, the global Stone Plastic Composite Flooring market size was US$ 2976.2 million and it is expected to reach US$ 11300 million by the end of 2027, with a CAGR of 21.0% during 2021-2027.
Segment by Type, the Stone Plastic Composite Flooring market is segmented into: Recycled PVC TypeNon-recycled PVC Type Recycled PVC is a discarded PVC product, or semi-finished products.
GIR analysts pointed out that in the global market, especially in the Chinese market, some manufacturers use recycled PVC to produce SPC flooring.
Some of these monomers exist in a gaseous form which may be toxic to human beings but the end product, the PVC polymer is safe to people.
