South Korea Commercial Flooring Market Size & Outlook
South Korea commercial flooring market, 2018-2030 (US$M)
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South Korea commercial flooring market highlights
- The South Korea commercial flooring market generated a revenue of USD 2,391.0 million in 2022 and is expected to reach USD 3,408.8 million by 2030.
- The South Korea market is expected to grow at a CAGR of 4.5% from 2023 to 2030.
- In terms of segment, wood & laminate was the largest revenue generating product in 2022.
- Vitrified (Porcelain) is the most lucrative product segment registering the fastest growth during the forecast period.
Commercial flooring market data book summary
| Market revenue in 2022 | USD 2,391.0 million |
| Market revenue in 2030 | USD 3,408.8 million |
| Growth rate | 4.5% (CAGR from 2022 to 2030) |
| Largest segment | Wood & laminate |
| Fastest growing segment | Vitrified (Porcelain) |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Ceramics, Vitrified (Porcelain), Carpet, Vinyl, LVT, Linoleum & Rubber, Wood & Laminate, Natural Stone, Other Products |
| Key market players worldwide | Armstrong Flooring Inc, RPM International Inc, Interface Inc, Forbo Holding AG, James Halstead PLC, Noxel Corp, Amtico International, Congoleum, Gerflor Group, Mohawk Industries Inc, Mannington Mills, Inc., Nora systems, TOLI |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.8% of the global commercial flooring market in 2022.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China commercial flooring market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 10,619.0 million by 2030.
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Commercial Flooring Market Scope
Commercial Flooring Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea commercial flooring market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to commercial flooring market will help companies and investors design strategic landscapes.
Wood & laminate was the largest segment with a revenue share of 37.69% in 2022. Horizon Databook has segmented the South Korea commercial flooring market based on ceramics, vitrified (porcelain), carpet, vinyl, lvt, linoleum & rubber, wood & laminate, natural stone, other products covering the revenue growth of each sub-segment from 2018 to 2030.
Construction industry in South Korea has witnessed a slowdown in the historic period on account of economic instability and fluctuations. According to the International Monetary Fund (IMF), in April 2023, South Korea’s economic growth forecast for 2023 is 1.5%, witnessing a decrease from the 2.5% forecast released in April 2022.
This dive in economic growth is due to the rising interest rates, geopolitical tensions, inflation, and heavy reliance on exports. However, the construction industry is anticipated to regain its momentum over the forecast period on account of increasing government initiatives for the development of public sector.
Favorable government policies for the development of commercial sector and industrial development in the country are expected to have a positive impact on commercial flooring market over the forecast period. The South Korean government wants to dominate the semiconductor chip-making market; as a result, the country is investing significantly to set up advanced chip factories.
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Target buyers of South Korea commercial flooring market databook
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Our clientele includes a mix of commercial flooring market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the South Korea commercial flooring market, including forecasts for subscribers. This country databook contains high-level insights into South Korea commercial flooring market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea commercial flooring market size, by product, 2018-2030 (US$M)
South Korea Commercial Flooring Market Share, 2022 & 2030 (US$M)
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