The Stone Plastic Composite Flooring Market is Estimated To Witness High Growth Owing To Sustainable Building Trends
The Stone Plastic Composite Flooring Market is estimated to be valued at US$ 3.64 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 Overview:
Stone plastic composite flooring is a category of engineered composite flooring designed to imitate the appearance of natural stone material such as marble. It is durable, easy to install and maintain, and waterproof. Compared to traditional stone and wood flooring, stone plastic composite flooring causes less damage, emits fewer pollutants and is more eco-friendly. This makes it a popular choice for both residential and commercial applications including hotels, offices, and malls.
Market key trends:
The growth of the stone plastic composite flooring market is attributed to the rising demand for sustainable building materials from the construction industry. Governments across many countries are implementing various regulations and policies to promote green building practices. Stone plastic composite flooring scores high on sustainability due to its recyclable content and lower environmental impact during manufacturing. It doesn't release volatile organic compounds and is manufactured without the use of toxic glues or formaldehyde. The material has high durability and lifespan compared to other flooring options like wood, carpet and ceramic tiles. This reduces maintenance requirements and lowers costs over the long run.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as this stone plastic composite flooring market requires high capital investment for raw material sourcing and processing. However, easy availability of raw materials and growing demand offers opportunities for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like wood and ceramic flooring. However, stone plastic composite flooring is cost-effective offering buyers alternatives within similar price points.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials like stone powder, plastic, and fillers are easily available. However, established suppliers pose low threat due to volume sourcing and long-term relationships with key buyers.
Threat of new substitutes: Substitutes like wood and ceramic pose low threat as stone plastic composite flooring offers attributes like durability, water resistance, ease of maintenance.
Competitive rivalry: Intense due to presence of global and regional players competing on pricing, new product development.
SWOT Analysis
Strengths: Durability, water resistance, low maintenance of stone plastic composite flooring drive its demand.
Weaknesses: Initial high cost of installation, limited design options.
Opportunities: Growing construction industry globally, rising consumer preference for eco-friendly flooring presents opportunities for market growth.
Threats: Fluctuations in raw material prices, growing popularity of other substitute flooring materials.
Key Takeaways
The Global Stone Plastic Composite Flooring Market is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing spending on construction activities globally. The Asia Pacific region dominates the global market, with China being the largest producer and consumer of stone plastic composite flooring. The region is expected to continue its dominance owing to large population, increasing urbanization, and growing construction industry in countries like China and India.
Regional analysis The Asia Pacific region is expected to dominate the global stone plastic composite flooring market throughout the forecast period. China leads the regional market with over 50% share, given the country's large production and consumption. India is emerging as a high growth market owing to ongoing infrastructure development projects under initiatives like Smart Cities Mission. Europe and North America also offer scope for market expansion stimulated by renovation & replacement activities in the residential sector.
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., 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.
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