by Stone plastic composite (SPC) flooring consists of an innovative composite of natural stone or wood chips combined with a high quality wear layer and a reinforced fiberglass core. SPC flooring provides the look of real solid hardwood, stone, or tile at a fraction of the cost per square foot. Some of the key advantages of SPC flooring include its durability, moisture and scratch resistance, warm and natural look, and ease of maintenance.
The growing construction industry especially for residential buildings along with rising consumer demand for aesthetically appealing yet affordable and long lasting flooring materials has driven the demand for SPC flooring globally. The global Stone Plastic Composite Flooring Market is estimated to be valued at US$ 10.91 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 key trends:
One of the major trends in the global SPC flooring market is the growing demand for waterproof and floating installation SPC flooring products. Traditionally, SPC flooring required adhesives for installation which made it difficult to replace or repair damaged sections. However, new floating installation techniques which do not require adhesives have gained popularity as they offer convenience of installation and replacement. These waterproof floating SPC floors are ideal for high moisture areas like bathrooms and kitchens while also providing resistance to moisture damage. Their ease of installation is expected to further drive the demand over the forecast period.
Porter’s Analysis
- Threat of new entrants: The threat of new entrants is low as stone plastic composite flooring requires significant initial investment for production facilities.
- Bargaining power of buyers: The bargaining power of buyers is moderate as there are numerous established players offering a variety of design and material options.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials such as limestone and polymers have many suppliers globally.
- Threat of new substitutes: The threat of new substitutes is low as stone plastic composite flooring offers durable and affordable alternative to wood and ceramic floors.
- Competitive rivalry: The competitive rivalry is high among established players to capture greater market share through product innovation and expansion into new geographies.
Key Takeaways
The global stone plastic composite flooring market is expected to witness high growth.
Regional Analysis: The Asia Pacific region currently dominates the market owing to high construction activities in China and India. Countries like China, India, Indonesia are the fastest growing markets in the region.
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., Beauflor, Gerflor, Karndean Designflooring, Congoleum, and Novalis Innovative Flooring. Shaw Industries Group Inc. and Mohawk Industries Inc. are the largest players with global presence and wide product portfolio.
