South Korea Flooring Market Overview, 2027

South Korea is expected to be a major market for flooring in the Asia-Pacific region in future years. Rising preference for marble floors, along with replacement of metal slabs, paints, and home decorative items with ceramic tiles, is expected to boost the growth of the market. Government initiatives to propel infrastructure growth, rising per capita income, foreign investment, and an increasing population are few of the factors predicted to benefit the construction industry, consequently stimulating ceramic tile market size. The commercial sector is expected to drive future market demands in the flooring market. The commercial sector demands ceramic flooring as it adds to the aesthetic look of the workplace and can be easily formulated as per demands. Ceramic tiles that can be spray dried and hassle-free installations are driving modern infrastructure. The durability and cost effectiveness factors add to the market growth. According to the research report, "South Korea Flooring Market Outlook, 2027," published by Bonafide Research, the flooring market is anticipated to grow at a 6.94% CAGR in terms of value during this forecasted period. Government measures to boost infrastructure expansion, increasing per capita income, foreign investment, and an expanding population are just a few of the reasons expected to assist the construction sector, boosting the market size for ceramic tiles. Commercial constructions such as offices, retail malls, and airports benefit from the visual appeal of ceramic tiles. Customers may modify the pattern, colour, shape, and thickness of these tiles. The use of ceramic tiles has been expanding as the population density in metropolitan areas has increased, as has the investment in commercial enterprises. The introduction of new products and simple installation procedures has significantly boosted the market for ceramic tiles in commercial flooring. The report includes complete qualitative and quantitative data to help participants obtain a thorough grasp of the flooring market and its crucial dynamics. The report examines almost all material types and end users, such as residential, commercial, and industrial flooring; economic analysis; and economic aspects influencing the worldwide market growth. The carpet and rug market has also increased in recent times due to residential installation in many homes. In 2021, the South Korean carpet market share and value increased dramatically due to anticipated demand, which had in 2020 due to COVID-19, and market value also increased, which was more than in the previous year.

In general, consumption increased significantly. Carpet consumption peaked in 2019, but from 2020 to 2021, it failed to regain traction. Carpet output increased significantly in value terms in 2021, reaching its peak in USD value at the export price. Overall, manufacturing increased at a rapid pace. The fastest rate of growth was in 2015, when output volume increased month over month. Carpet production peaked in 2019 and from 2020 to 2021, output was somewhat lower due to COVID-19 and the transportation effects. Some of the most popular flooring markets in South Korea are Atlas Concorde opened its first showroom in South Korea in 2021, in the prestigious Gangnam neighbourhood of downtown Seoul. The special venue was created in collaboration with Matplaza, one of Korea's major building materials dealers. COVID-19 Impact: The COVID-19 epidemic had a major impact on the construction industry, which is highly susceptible to economic cycles. This has had a direct impact on the demand for the flooring market, and it has been disrupted. Due to a scarcity of labour and a country-wide shutdown, COVID-19 has halted the manufacture of these ceramic tiles. The demand for flooring markets in South Korea has been depleted as a result of this.

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Manmayi Raval

Research Consultant

Considered in this report: • Geography: South Korea Flooring market • Historic year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecasted year: 2027 Aspects covered in this report: • South Korea Flooring Market with its value and forecast along with its segments • Application wise flooring market distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By material flooring material type in the report: • Resilient Flooring (Vinyl & Others include Cork, linoleum, rubber, resin) • Non-resilient flooring (Ceramic, wood, laminate, stone, terrazzo & other include bamboo) • Carpet and Rugs

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End use of flooring market in the report: • Residential • Commercial • Industrial The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to flooring industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.