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, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Stone plastic composite (SPC) flooring is a type of rigid vinyl flooring that is made by combining limestone powder and stabilizers with polyvinyl chloride (PVC). SPC flooring offers a variety of benefits such as high durability, water resistance, and ease of maintenance. These flooring solutions are widely used in residential as well as commercial applications, including offices, healthcare facilities, and retail spaces. The demand for SPC flooring is driven by its aesthetic appeal, as it replicates the look of natural stone or wood but at a lower cost.
Market Dynamics:
The growth of the SPC flooring market is driven by two main drivers. Firstly, the increasing demand for durable flooring solutions in the construction industry is propelling the market growth. SPC flooring's resistance to scratches, stains, and moisture makes it highly suitable for high traffic areas. Secondly, the rising trend of low-maintenance and easy-to-clean flooring options is fueling the market demand. SPC flooring requires minimal maintenance and can be easily cleaned with water and a mild detergent. These factors are expected to drive the growth of the global SPC flooring market over the forecast period.
SWOT Analysis:
Strengths:
1. SPC flooring market offers superior durability and performance compared to traditional flooring options, making it highly attractive for commercial and residential applications.
2. The market is driven by increasing consumer preference for eco-friendly and sustainable flooring solutions, as SPC flooring is made using recycled materials and does not emit harmful chemicals.
3. The presence of key players with extensive distribution networks enables easy availability of SPC flooring products in the market.
Weaknesses:
1. High installation costs and limited availability of skilled labor pose challenges for the growth of the SPC flooring market.
2. SPC flooring is relatively new in the market and lacks widespread consumer awareness, which can hinder the adoption of this flooring option.
Opportunities:
1. The growing construction industry, particularly in emerging economies, presents significant opportunities for the SPC flooring market.
2. Rapid urbanization and increasing disposable incomes are driving the demand for modern and aesthetically pleasing flooring options, creating a favorable environment for the growth of the SPC flooring market.
Threats:
1. Intense competition from alternative flooring options, such as laminate and vinyl flooring, poses a threat to the market share of SPC flooring.
2. Fluctuating prices of raw materials used in SPC flooring production, such as stone powder and PVC, can impact the profitability of market players.
Key Takeaways:
The stone plastic composite (SPC) flooring market is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period 2023-2030. This growth can be attributed to increasing consumer preference for eco-friendly and durable flooring solutions, along with the rapid growth in the construction industry.
In terms of regional analysis, Asia Pacific is anticipated to be the fastest-growing and dominating region in the SPC flooring market. This can be attributed to rapid urbanization, increasing disposable incomes, and the booming construction industry in countries like China and India.
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 extensive distribution networks and focus on product innovation to cater to the growing demand in the market.
Read More:
https://www.dailyprbulletin.com/future-prospects-of-stone-plastic-composite-spc-flooring-market/
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.
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.
