Stone Plastic Composite (SPC) Flooring Market Size, Share, Growth, and Industry Analysis, By Type (Recycled PVC Type and Non-Recycles PVC Type), By Application (Residential and Commercial Uses), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Stone Plastic Composite (SPC) Flooring Market Report Overview

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The global stone plastic composite (SPC) flooring market size was USD 3107.7 million in 2022 and is projected to touch USD 12669.69 million by 2031, exhibiting a CAGR of 16.9% during the forecast period.

Stone plastic composite (SPC) flooring contains a core layer of resilience and is considered an engineered wood flooring upgrade. It offers a stylish and stable flooring solution. This combination makes this the core or polyvinyl chloride, stabilizers, and natural limestone powder. It consists of four-layer types, a wear layer, a vinyl layer, an SPC layer, and a pre-attached-underlay. It is most commonly known as SPC and is extremely dense, resistant, and resilient to impacts and indentation owing to its high concentration of limestone. 

The SPC consists mostly of limestone and PVC, which offers strength and rigidness to the product. SPC is widely used in residential and commercial floorings. SPC stands for Stone Polymer Composite, combining a stabilizer, PVC dust, and a limestone core. It is denser due to the core's 60–70% limestone and 30% fused PVC content. SPC is ten times more impact resistant than WPC and is frequently referred to as a rigid core. In addition, it is more resistant to scratches than WPC, may be installed in sunrooms, and is more stable in the sunshine.

COVID-19 Impact:

"Construction Activity Cessation Slowed Market Expansion"

The global COVID-19 pandemic has been unprecedented and staggering, with stone plastic composite (SPC) flooring experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to stone plastic composite (SPC) flooring market growth and demand returning to pre-pandemic levels once the pandemic is over. 

The outbreak had a significant influence on every market, which had a long-lasting effect on its expansion. In addition to slowing down demand, production, and shipping, the pandemic epidemic affected the market in a number of other ways as well. There have been substantial changes in the global market. The manufacturing, supply, and demand of the market decreased. The chemicals industry also experienced a reduction in growth due to the product's lower availability and output. The market's sluggish demand-supply balance affected the rate of market expansion. The construction operations were suspended, which impacted the market's rate of expansion.

LATEST TRENDS

"Superior Service Offered by the Product to Expand Market Growth"

The product's enhanced fire resistance, stability, anti-slippage, stain resistance, absence of volatile organic compounds, and absence of formaldehyde emissions are projected to surge the stone plastic composite (SPC) flooring market growth. The vinyl top layer, wear layer, UV coating layer, and SPC core layer are the four layers that make up SPC. The wear layer provides scratch resistance, while the UV coating layer provides wear and stain resistance. The flooring's design, texture, and color are all part of the waterproof top layer of vinyl. Limestone powder and stabilizers, which offer sturdy substance and waterproofing qualities, are combined to create SPC core layers. These factors are most likely to surge major growth in the market.

Stone Plastic Composite (SPC) Flooring Market Segmentation

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• By Type Analysis

By type, the market is segmented into recycled PVC type and Non-recycled PVC type.

• By Application Analysis

Based on application, the market is classified into residential and commercial uses.

DRIVING FACTORS

"Products Wide Usage in Various Sectors to Propel Product Demand"

The market for stone plastic composite (SPC) flooring is increasing due to its attractiveness and durability. Stone-plastic composite (SPC) flooring is used in both commercial and residential settings. It comes in a variety of designs and colors to fit any taste and may be installed in any office, room of the house, or other locations. Additionally, it offers a long-lasting, simple, and low-maintenance installation with a beautiful appeal. These characteristics make SPC flooring a well-liked and excellent choice for offices, offices, banks, showrooms, retail centers, and others, and are anticipated to propel stone plastic composite (SPC) flooring market growth.

"Growing Demand Due to Affordability and Its Waterproof Quality to Augment Market Growth"

Stone plastic composite (SPC) flooring is affordable as compared to other floorings and offers a similar natural look. Customers can also save their labor costs by installing it themselves. The market is expected to gain growth by being the best alternative for expensive wood flooring. The factor gaining traction in the market is its quality of being waterproof. It is a PVC core layer with a rigid structure, which can withstand liquids and spills, unlike other flooring products. Moreover, these floorings are anti-slippage, fire-resistant, stain-resistant, superior stable. They have zero volatile organic compounds, which is expected to propel the demand for stone plastic composite (SPC) flooring in the global market. 

RESTRAINING FACTORS

"Lack of Product Awareness and Its Harmful Properties On the Environment to Affect Growth"

The stone plastic composite (SPC) flooring market is forecasted to be hindered due to its harmful properties to the environment. These elements hinder the adoption of SPC flooring in the market. Additionally, it is anticipated that an increase in accident cases and issues with noise while walking on the floor would function as market limitations on the development of the stone-plastic composite flooring market. The largest obstacle to the market's expansion for stone plastic composite flooring will be the general lack of awareness among consumers.

Stone Plastic Composite (SPC) Flooring Market Regional Insights

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"North America to Lead the Market Due to the Consistently Rising Demand for the Product"

North America is projected to dominate the market owing to the growing demand for stone plastic composite flooring. The region is estimated to lead the global market due to the rapid adoption of advanced technology coupled with the prevalence of various key players in the region. 

Asia Pacific is anticipated to hold a prominent part of the stone plastic composite (SPC) flooring market share by virtue of the expanding construction sector in developing economies such as India, China, and Japan.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Key players are constantly emphasizing on the development of advanced products to gain traction in the market. Key companies are increasing their investments in developing eco-friendly products coupled with favorable trade policies for the transportation of products. Companies are creating diversification in product portfolios to prove themselves better than the other players existing in the global market. The key companies are focusing on gaining collaborations and mergers in the global market to gain growth in the market.

List of Market Players Profiled

• Tianzhen Bamboo Flooring (China)
• Zhejiang Walrus New Material (China)
• CFL Flooring (U.S.)
• Zhejiang Kingdom (China)
• Novalis (U.S.)
• Zhejiang GIMIG Technology (China)
• Mohawk (U.S.)
• Taizhou Huali New Materials (China)
• Decno Group (China)
• Mannington Mills (U.S.)
• Zhejiang Oufei New Material (China)
• Snmp LVT (U.S.)
• Armstrong Flooring (U.S.)

INDUSTRY DEVELOPMENT

• "August 2020-" the Shaw industries group increased its SPC resilient flooring production by investing a huge amount. 

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research. The market insights are prepared by utilizing large sample sizes for data-gathering modules. The study provides in-depth market insights. The stage includes gathering market data or related data using a variety of sources and tactics. It involves going over and organizing all the information gathered during the previous advance. It also covers the investigation of information discrepancies found across various information sources. Market statistical and coherent models are used to assess and estimate market data.