South Korea Flooring Market

South Korea Flooring Market Size:

South Korea flooring market size is projected to exhibit a growth rate (CAGR) of 7.10% during 2024-2032. The market in South Korea is majorly driven by rising construction activities, technological advancements and product innovations, growing demand for sustainable flooring solutions, increasing renovation and remodeling activities, growth in the commercial real estate sector, and rising disposable income and changing lifestyles.

South Korea Flooring Market Analysis:

• Major Market Drivers: The South Korea market is majorly driven by the improvements in construction activities due to urbanization and governmental infrastructure projects that have enhanced the need for elaborate and superior quality flooring solutions across the residential and commercial segments. Other key factors include innovation through technology due to the development of improved and more efficient, longer lasting, easier to maintain and environmentally sound floor covering products.
• Key Market Trends: Technology growth is leading to creating new classes of intelligent flooring that include waterproof, scratch-proof and energy-saving floors, which are preferred by the consumer today. The trend of increasing sustainability is seen as the manufacturing companies switch to employing eco-friendly practices and securing approval to cater for the growing market for sustainable flooring.
• Competitive Landscape: The major companies in the South Korea market are LG Hausys, KCC Corporation, which have been focusing to introduce new products and increase the range of their offers to sustain competition. These companies are already focusing on purchasing sophisticated manufacturing tools as well as forming alliances or acquisitions to enhance their position in the market and meet the future requirements of consumers.
• Challenges and Opportunities: Challenges in the South Korea flooring market include the need for continuous innovation to meet consumer demands and the high cost of sustainable materials, which can limit accessibility. Though there are several challenges with current popular materials and a defensive market attitude, there are vast growth possibilities concerning sustainability, which is becoming more and more popular around the world as individuals and companies become environmentally conscious and thus looking for better and more sustainable materials for their floors.

South Korea Flooring Market Trends:

Rising construction activities

Emerging construction activities in South Korea have been considered as one of the major driving forces of the flooring market. Korea is in a construction civilization between dwelling houses and commercial buildings due to the enhancement of urbanization civilization and upgrading construction civilization by government. The South Korea flooring market size has expanded as homeowners require superior standard floor materials in new constructions and for modifying their existing structures. With the increasing construction of more skyscrapers, dep shopping mall, and residential complexes, there is the constant demand for more build quality and beautiful flooring materials which in turn foster the growth of the market substantially. This trend is expected to continue especially as the government has shifted its vision towards smart city development and the enhancement of sustainable development.

According to a report published in 2024, commercial construction spending hit $128 billion in July 2023, an 11% rise from the previous year.

Continual technological advancements and product innovations

The increased development of new technologies and new products associated with flooring materials is supporting the market in South Korea. Industry players are focusing on R&D to innovate and develop new products and materials for flooring that are not only durable and ease to maintain but also eco-friendly. The South Korea flooring market share has benefited from new products, such as LVT, environmentally sound carpets, and improved ceramics. They targeted the change in consumer demands who wants premium and elegant products for their homes and offices. The adoption of technology in manufacturing procedures has also made product quality and manufacturing costs lower, hence enabling new generation of flooring solutions to reach a broader clientele market.

Growing demand for sustainable flooring solutions

The rising demand for sustainable flooring products is creating a positive market outlook. The growing awareness of the environment and the impact individuals and companies have on it has led to sustainability’s increasing importance when selecting products. The South Korea flooring market growth is expanding due to an increased use of materials that have a low impact on the environment, such as the bamboo, cork and recycled woods. Businesses are also adopting sustainable manufacturing activities and coming up with accreditation as a way of marketing their products to environmentally conscious citizens. This transition toward sustainability contributes to building up the market growth and helps in constructing innovations and competitiveness among the industry.

South Korea Flooring Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2024-2032. Our report has categorized the market based on type and end user.

Breakup by Type:

• Resilient
• Non-Resilient
• Others
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes resilient, non-resilient, and others.

Breakup by End User:

• Residential
• Non-residential
   

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes residential and non-residential.

Breakup by Region:

• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others
   

The report has also provided a comprehensive analysis of all the major markets in the region/country, which include Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have been provided. Some of the major market players in the South Korea flooring industry include:

• Jaeyoung Co. Ltd.
• LX Hausys
• Meltech Co. Ltd.
• PERN surfaces
• Star Korea Co. Ltd.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Major manufacturers and suppliers in South Korea flooring market are focusing on value-add activities such as investing on research to develop new and improved products, including those that are green and sustainable. The key players are continually adopting promising manufacturing technologies to produce products with durability and attractive looks. Moreover, key players are increasing their strategic collaborations and acquisitions to have a stronghold in the market. Consequently, the South Korea flooring market outlook remains positive, driven by these proactive efforts and a growing focus on sustainability and technological advancements.

South Korea Flooring Market News:

• On 1^st March 2023, LX Hausys America Inc. announced the launch of the first-ever direct-to-customer showroom. The new facility features a wide selection of the company’s VIATERA quartz surface product to help homeowners and trade professionals find the ideal surface material for their kitchen or bath project.
• On 18^th April 2023, PERN has recorded highest-ever transshipment levels at its fuel and oil terminals after the Russian invasion of Ukraine. The demand on the market is so great that thanks to new investments, ocean tankers will begin to arrive in Gdańsk.
• On 27^th February 2024, LX Hausys launched three new captivating colors from its HIMACS surface brand at the kitchen & bath industry Show (KBIS). The new colors, added to the Calacatta Collection, beautifully reflect the elegance of finely grained Calacatta marble allowing them to be a focal point for kitchens, bathrooms, living rooms and other spaces.

South Korea Flooring Market Report Scope:

Key Questions Answered in This Report:

• How has the South Korea flooring market performed so far, and how will it perform in the coming years?
• What has been the impact of COVID-19 on the South Korea flooring market?
• What is the breakup of the South Korea flooring market on the basis of type?
• What is the breakup of the South Korea flooring market on the basis of end user?
• What are the various stages in the value chain of the South Korea flooring market?
• What are the key driving factors and challenges in the South Korea flooring market?
• What is the structure of the South Korea flooring market, and who are the key players?
• What is the degree of competition in the South Korea flooring market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the South Korea flooring market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the South Korea flooring market.
• The study maps the leading, as well as the fastest-growing, markets. It further enables stakeholders to identify the key country-level markets within the region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the South Korea flooring industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.