Sports Flooring Market

Rising Government Funding and Private Investments to Drive Market Growth

The architecture space has evolved at a rapid pace over the past couple of decades, primarily driven by advancements in technology, entry of new materials, and rapid changes in the regulatory landscape. As environment sustainability and protection continue to gain considerable attention across the building & construction sector, environment-friendly alternatives are gaining fast-paced adoption worldwide. The global sports flooring market has witnessed substantial growth in the past decade mainly in developing regions, wherein governments are increasingly allocating funds for the development of indoor as well as outdoor sports facilities. In addition, the growing demand for sports amenities, especially in universities and high schools around the world has had a direct impact on the growth of the global sports flooring market.

The surge in the number of health-conscious population, growing interest in outdoor and indoor sports, rise in the number of sports hobbyists, and entry of new sports floors with new materials are some of the major factors that are expected to propel the global sports flooring market during the forecast period. The sporting fraternity is embracing new types of sports floors due to added comfort and performance of new variants of sports floors– a trend that is expected to gather further momentum over the course of the assessment period. While government investments continue to move in the upward trajectory, private investors have expressed considerable interest in the sports sector due to which, emphasis on the development of world-class sporting facilities has grown.

At the back of these factors, along with the growing awareness among the masses pertaining to the benefits of indulging in health-oriented physical activities, the global sports flooring market is expected to cross US$ 19.5 Bn mark by the end of 2030.

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Market Players Focus on Offering Safe and Comfortable Sports Floors

As athletic and other indoor facilities continue to gain popularity around the world, the demand for sports flooring is expected to move in the upward trajectory. At present, players operating in the current landscape are increasingly focusing on improving the aesthetic appeal and functionality of their products to gain ground. Current trends across the sports and fitness domain indicate that the development of multi-purpose complexes has witnessed a steady rise in various regions of the world due to which, the demand for sports flooring has increased. In addition, renovation and maintenance projects in sports facilities have gained momentum– another factor that is likely to provide an impetus for the growth of the sports flooring market.

Due to the rapidly changing landscape of the sporting industry, the demand for resilient and safer sports floors witnessed considerable growth. Market players are increasingly focusing on improving the functional aspects of their products such as cushioning and shock-absorbing to gain an advantage. In recent times, synthetic urethane, vinyl, and rubber flooring have emerged as an ideal alternative for indoor and outdoor courts. Facility owners are highly inclined toward installing easy-to-maintain sports flooring to minimize long-term costs. Rubber floors have garnered considerable popularity across gymnasium floors and the trend is expected to continue in the upcoming years. In addition, in the wake of the green architecture trend, market players are swaying toward the use of natural materials in sports facilities and buildings due to which, the demand for eco-friendly flooring has increased in the past few years. Rubber and synthetic sports floors continue to gain widespread popularity in new projects due to safety and comfort. Traditional wood sports floors are gradually being replaced by newer alternatives. Sports floors have also emerged as an exceptional marketing space wherein brands can paint or print their logos– another factor that is expected to boost the sports flooring market in the upcoming years.

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Demand for Sports Flooring to Decline amid COVID-19 Pandemic

The onset of the novel COVID-19 pandemic has played a key role in halting or delaying several projects across the building & construction sector. Stringent lockdown regulations, restrictions on internal as well as cross-border transportation, and measures to contain the transmission of the virus have resulted in the closure of gymnasiums, yoga centers, and other indoor and outdoor sporting facilities due to which, the demand for sports floors is expected to remain lower than usual. Moreover, due to the current economic status in several regions and the negative impact of the pandemic, several projects are either on hold or expected to be delayed. However, as governments scramble to construct makeshift COVID-19 centers and permanent healthcare facilities, market players could potentially tap into these opportunities to generate revenues during the pandemic. While the market growth across the first two quarters of 2020 is expected to remain sluggish, the sports flooring market is expected to show signs of recovery toward the end of 2020 and the first quarter of 2021.

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Analysts’ Viewpoint

The global sports flooring market is expected to expand at a moderate CAGR of ~6%, in terms of value, during the forecast period. The market growth can be primarily attributed to factors such as increasing investments in the development of sports and fitness facilities, entry of new materials, use of sustainable and environment-friendly materials, surge in health-conscious population, and focus on improving the aesthetics and safety quotient of indoor and outdoor amenities. While government initiatives and growth in private investments are expected to play a critical role in the development of the sports flooring market, new technologies and growing awareness regarding the benefits of different materials will also boost market growth.