Trusted Business Insights presents the Updated and Latest Study on Flooring Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Flooring Market
Industry / Sector Trends
Global Flooring Market size was worth over USD 270 billion in 2016 and will surpass 340 billion sq. feet by 2024.
Market Segmentation, Outlook & Regional Insights: Flooring Market
Flooring Market, By Product, 2012-2024, (USD Billion)
Potential outlook in residential, healthcare, sports, hospitability and transportation applications will drive the flooring market growth. Increasing construction spending particularly in industrial and commercial sector will propel the industry growth. Global construction spending is expected to reach USD 15.88 trillion by 2024.
Growth in construction industry particularly in APAC has enhanced the product penetration. APAC is anticipated to account for 46% of the global construction industry by 2020. Chinas National Urbanization Plan 2014-2020 has provided significant number of housing facilities for migrants in urban areas. The programme is estimated to settle over 100 million urban inhabitants by 2020, which will raise urbanization rate to 60%.
Necessity for floor protection particularly in industrial and commercial buildings will support the industry growth. Improved comfort, water resistance, durability of floors and ease of cleaning are the key factors driving the product demand. Increasing demand for renovation & repair of deficient buildings will positively influence product demand. U.S. renovative construction expenditure was over USD 320 billion in 2015.
Improved standard of living along with shifting preference for designed floors are the key driving factors of the industry demand. Economic development in emerging countries coupled with recovery from global fiscal crises has enhanced the infrastructural development and construction projects. Inclination towards holistic solution, with durable, cost effective and visually appealing products will drive the demand.
Regulatory compliance and financial support particularly in emerging nations will fuel the industry demand. Government subsidies on residential constructions, to provide affordable housing scheme will further stimulate the business growth. For instance, in June 2015, Pradhan Mantri Awas Yojana (PMAY) was launched in India to provide affordable housing for rural population.
Increasing public private partnership (PPP) in developing countries are expected to create new opportunities for product demand. G20 summit announced over 1000 PPP projects, worth around USD 350 billion during 2016-2018.
Rising insulation demands from residential and commercial buildings to enhance temperature resistance and improve energy efficiency will propel the flooring market size. Technological advancements and product innovations to enhance the performance will drive the industry growth. However, rising concerns on VOCs along with ecological waste problems may hamper the industry growth.
Flooring Market, By Product
Soft coverings were valued over USD 110 billion in 2016. Rising demand for visually attractive carpets and rugs in offices and homes will drive the product scope. Increased product usage, owing to availability of unique carpet designs will drive this segments growth.
Resilient demand is estimated to register over 90 billion sq. feet by 2024. Superior heat and liquid resistance properties, due to presence of reinforced materials will promote the product. However, rising concerns about the environmental impact of vinyl may restrict industry expansion.
Non-resilient floor covering market will witness gains at 5.3% up to 2024. Increasing technological innovation in ceramic tiles including digital printing will propel the product penetration. Necessity for slip resistance tiles in both commercial and industrial buildings will encourage the product scope.
Seamless will worth over USD 15 billion by 2024. Durable and protective coating with scratch and dirt resistance properties will provide lucrative opportunities for the industry demand. Enhancing glossy, skid resistant, reflective and spotless appearance on the floors are the fueling factors of the product demand. Renovation of existing structures is the key end user for these coverings, owing to benefits on old surface.
Flooring Market, By Application
Commercial application will witness gains at over 4.5% up to 2024. High product adoption in commercial buildings coupled with growth in hospitality industry will propel the industry demand. Rapid urbanization, growing population along with changing environmental impacts have resulted in successful product adoption.
Industrial application will value over USD 20 billion by 2024. Rising demand for tough & durable floor covering in numerous industries including metallurgical & mining and oil & gas will drive the industry growth. Resistance to high temperature and hazardous chemicals are the key factors positively influencing product demand.
Flooring Market, By Region
APAC flooring market was valued over USD 110 billion in 2016. Shifting government focus on infrastructure development along with expanding real estate industry will drive the regional demand. APAC accounted for over 32.9% of the global construction industry in 2016 and is anticipated to be the fastest growing region. Favourable regulations coupled with growing population will propel the industry growth.
Europe flooring market accounted for more than 25% of the overall industry share in 2016. Rising number of green building constructions is projected to increase lightweight & eco-friendly floor coverings demand. Strict regulatory codes for sustainable housing, agricultural construction, plumbing, industrial fire safety and workshops will stimulate the construction industry. However, restrictions on products causing VOC emissions including, PVC and laminated floor covering may hamper the regional growth.
North America flooring market will witness gains over 5% up to 2024. Growing construction spending on schools and hospitals is the key factor driving US construction industry. Regulatory compliance on safety and protection of buildings will support the industry demand. Besides, positive demographic trends have increased demand for new school buildings.
Latin America flooring market will worth over USD 40 billion by 2024. Rising construction output accompanied by growth in manufacturing facilities will support the flooring demand in the region. Increased housing deficit particularly in Mexico along with inferior construction performance is expected to encourage new building constructions.
Key Players, Recent Developments & Sector Viewpoints: Flooring Market
Global industry share is fragmented due to presence of large number of local and regional manufacturers. Industry rivalry is expected to be high to gain competitive advantage and improve market foothold. Mohawk Industries, Shaw Floors, Tarkett, Armstrong, Beaulieu, Marazzi Group, Mannington Mills are the major industry players.
Manufacturers are shifting focusing towards the development of innovative products along with improving advertisement including online catalogue. Mergers & acquisitions, joint venture and production capacity expansion along with product portfolio expansion are the major strategies adopted by companies. Other players include Forbo, Interface, Balta, IVC Group, Polyflor, Pergo, Gerflor, Parador and Flowcrete.
Flooring is used for the permanent floor covering with any finish material applied on it for providing a walking surface. Emergence of new materials in industry will boost product growth making it more profitable in coming years. The product is beneficial in protecting surface from chemicals and limits the environmental impact.
Expansion in the supply chain dynamics along with advanced technology for product manufacturing is expected to positively impact industry demand. Cost of the floor covering materials have gone down considerably, with advent of new production methods
Key Insights Covered: Exhaustive Flooring Market
1. Market size (sales, revenue and growth rate) of Flooring industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Flooring industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Flooring industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Flooring industry.
Research Methodology: Flooring Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Flooring Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
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