by The global 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, also known as SPC flooring, is a new type of floating floor that imitates the look of natural stone but is much more affordable and durable. SPC flooring is made of polyvinyl chloride (PVC) and stone aggregate powder pressed under high pressure and temperature. It does not require glue during installation and shows high resistance to scratches and stains. Some key advantages of SPC flooring over other flooring materials include waterproof, durable, no expansion and contraction, eco-friendly, budget-friendly, slip-resistant and noise-absorbent. Due to these properties, SPC flooring is gaining popularity in residential as well as commercial applications like offices, hospitals, educational institutions and more.
Market key trends:
The increased commercial and residential construction activities around the world due to rising population and urbanization is a major factor driving the growth of the global stone plastic composite flooring market. According to data from Global Construction 2030, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. The Asia Pacific region alone is expected to contribute 38% of this growth. The rising discretionary income and increased spending on home improvement and renovation activities is another key trend fueling the demand for durable and aesthetically appealing SPC flooring. Moreover, SPC flooring is eco-friendly as it contains recycled content, produces less waste during installation compared to other floorings and is 100% waterproof which drives its adoption.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the stone plastic composite flooring market requires high capital investment for infrastructure and R&D. However, modular designs and technology advancements have lowered the entry barriers.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of various product alternatives such as ceramic tiles, wood flooring, and laminate flooring. Buyers can switch to substitute products if not satisfied with stone plastic composite flooring.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous raw material suppliers for composite stone flooring. However, suppliers hold some bargaining power due to the differentiation of raw materials they supply and long-standing supplier relationships of manufacturing companies.
Threat of new substitutes: The threat of substitutes is high from products like laminate flooring, ceramic tiles, and wooden floors offering similar application at competitive prices. Manufacturers focus on product innovation to gain competitive advantage and increase customer loyalty.
Competitive rivalry: Intense due to the presence of many global and regional players catering to various customer segments with product differentiation, capacity expansion, and branding & promotional strategies.
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 demand for low-maintenance and environment-friendly flooring solutions.
The Asia Pacific region is expected to dominate the global stone plastic composite flooring market over the next decade owing to rapid growth in infrastructure and real estate development activities in emerging countries like China and India. Increasing consumer spending on home décor products also boosts market growth in the region.
Key players operating in the stone plastic composite flooring 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. Companies focus on new product launches, acquisitions, and capacity expansions to cater to the rising demand and strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
