Flooring Market Expands Worldwide With Impressive Sales Trends By 2027
Global Flooring Market: Highlights
- The flooring
market is equipped with wide range of product portfolio,
which is making it, the most important for building material markets. The
global flooring market is projected to grow at a CAGR of nearly 6.5% between 2019 and 2027. The
substantial growth of the construction industry and the increasing trend
of home renovation activities are likely to boost the market in the next
few years.
- The
commercial renovation sector has been expanding at a steady pace and is
projected to expand slightly in the next few years, as more number of
buildings would age and require renovation, maintenance, repair, and
remodeling. However, increase in concerns about the environmental impact
of flooring products among consumers is one of the key factors expected to
hamper the flooring market during the forecast period.
- Escalating
population and urbanization will increase the demand for housing. It will
also pave the way for extensive commercial construction activities such as
hotels, offices, and shopping plazas.
This is expected to increase the overall demand for
flooring materials during the forecast period.
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Global Flooring Market: Segmental
Trends
- Luxury
vinyl tiles (LVTs), luxury composite tiles (LCTs), and wood plastic
composites (WPCs) are anticipated to be highly lucrative sub-segments of
the vinyl sheets & tiles segment in the next decade. Demand for luxury
vinyl tiles (LVTs) is increasing rapidly, due to their ease of
installation, wide range of aesthetic designs, and low maintenance cost.
Linoleum is the only natural flooring product. Commercially, it is called
a green product. It is made from materials such as bio-waste.
- Carpet
tiles and rugs provide a protective layer to floors. Therefore, such
products are highly preferred in regions with cold climate.
- In
terms of revenue, the non-resilient segment accounted for more than 60% share
of the global flooring market in 2018. Resilient flooring products
in residential and non-residential applications have undergone various
design changes.
- The
residential segment holds a major share of the flooring market, followed
by the non-residential segment. The trend is likely to continue throughout
the forecast period. The continuing recovery of the construction industry
in various countries after several years of recession is expected to boost
the demand for flooring products.
- The
non-residential segment is anticipated to expand at a sluggish pace during
the forecast period, due to stagnation in the construction activity of
commercial buildings in developed countries.
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Global Flooring Market: Regional
Highlights
- Asia
Pacific is anticipated to hold a major share of the global market in 2018, owing
to rapid growth of the real estate industry in this region led by shifting
government focus toward infrastructure development. Favorable regulations
and rising population are making the region a highly attractive market for
flooring.
- Europe
was the second-largest market for flooring, despite strict regulations
imposed on products such as PVC and other laminated flooring coverings
that generate VOC emissions. This is due to ongoing research on flooring
products and rising investments in remodeling activities and flooring installations
in Germany, U.K. and Italy.
- The
flooring market in Middle East & Africa is expected to expand at a
rapid pace during the forecast period, owing to increasing demand for
flooring from several large-sized construction projects.
- Demand
for flooring with the appearance of wood is high in North America. Hence,
manufacturers of vinyl flooring and tiles have developed products that
mimic the design and appearance of wood.
Key Developments in Global
Flooring Market
- In March
2018, Interface Inc. introduced a new global luxury vinyl tile (LVT)
collection, Native Fabric, expanding its modular resilient flooring
offerings. Native Fabric offers a modern take on the timeless grass cloth
design in a variety of shades infused with a woven metallic threading.
- In January
2018, Tarkett Group acquired the assets of Grassman, a leading
Australia-based synthetic turf manufacturer, through its FieldTurf
subsidiary
- In January
2017, Armstrong World Industries, Inc. Completed the Acquisition of
Tectum, Inc. Tectum, Inc is an Ohio-based manufacturer of acoustical
ceilings, walls, and structural solutions for commercial building
applications.
Global Flooring Market:
Competition Landscape
- Some
of the key players in the flooring market include Mohawk
Industries Inc. Shaw Industries Group Inc., Tarkett Group, Boral Limited,
and Armstrong World Industries, Inc. Other players include The Dixie
Group, Toli Corporation, FORBO, Interface, Inc., Congoleum Carporation,
Avant Flooring, James Hallstead Plc, Mannington Mills, Inc., J&J Flooring
Group LLC, and Gerflor.
- Companies
are focusing on efficient and well-developed planning and designing. They
are investing in developing new products that are eco-friendly and
recyclable.
- Adoption
of online and offline marketing strategies as means of raising awareness
regarding their quality products is also expected to help them strengthen
their footprint in the market.
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