by 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 2023-2030, according to a new report published by Coherent Market Insights.
Market Overview:
SPC flooring is a type of rigid core flooring that is made from a combination of natural stone powder, polyvinyl chloride (PVC), and stabilizers. It offers several advantages such as high durability, water resistance, and easy installation. The demand for SPC flooring is increasing due to its cost-effectiveness, low maintenance requirement, and aesthetic appeal. It is widely used in residential, commercial, and industrial spaces, driven by the need for durable and long-lasting flooring solutions.
Market Key Trends:
One of the key trends observed in the SPC flooring market is the rising adoption of sustainable and eco-friendly products. With increasing environmental concerns, consumers are becoming more conscious of their choices and are opting for products that have minimal impact on the environment. As a result, manufacturers are developing SPC flooring solutions using recycled materials and adopting eco-friendly production processes. This trend is expected to drive the market growth further, as it aligns with the sustainability goals of various industries and governments worldwide.
Porter’s Analysis
The threat of new entrants: The stone plastic composite (SPC) flooring market is expected to face a moderate threat of new entrants. While the market is growing rapidly, the high capital requirements and the need for technical expertise in manufacturing SPC flooring act as barriers to entry for new players.
Bargaining power of buyers: Buyers in the SPC flooring market have moderate bargaining power. While there are a significant number of buyers in the market, the high demand for SPC flooring gives manufacturers some leverage in negotiations.
Bargaining power of suppliers: Suppliers in the SPC flooring market have moderate to low bargaining power. Although there are various suppliers in the market, SPC flooring manufacturers have the option to switch suppliers easily due to the availability of raw materials.
Threat of new substitutes: The threat of new substitutes for SPC flooring is low. SPC flooring offers several advantages such as durability, water resistance, and affordability, which makes it a preferred choice for many customers. The high cost and limited availability of alternatives like hardwood flooring further reduce the threat of substitutes.
Competitive rivalry: The competitive rivalry in the SPC flooring market is high. There are several key players operating in the market, competing for market share. These players invest heavily in research and development to introduce innovative products and gain a competitive edge.
Key Takeaways
The stone plastic composite (SPC) flooring market is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, from 2023 to 2030. This growth can be attributed to increasing construction activities, particularly in residential and commercial sectors, and the rising demand for durable and low-maintenance flooring solutions.
In terms of regional analysis, Asia Pacific is anticipated to be the fastest-growing and dominating region in the SPC flooring market. The region’s booming construction industry, especially in countries like China and India, is driving the demand for SPC flooring. Additionally, the expanding middle-class population and increasing disposable income in these countries contribute to the market growth.
The key players operating in the SPC flooring market include 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 players have a strong market presence and are actively involved in product development and expansion strategies to maintain their competitive position.
Overall, the stone plastic composite (SPC) flooring market is poised for significant growth in the coming years, driven by the increasing demand for durable and aesthetically pleasing flooring solutions. The market is highly competitive, with key players focusing on innovation and expansion to gain a competitive advantage. Asia Pacific is expected to be the fastest-growing region, fueled by robust construction activities and rising disposable income.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
