Global Flooring Market size to exceed $450bn by 2024

Flooring Market size is estimated to surpass USD 450 billion by 2024; according to a new research report by Global Market Insights, Inc.
 

Increasing popularity of durable and advanced flooring products among builders & contractors to meet energy-saving goals and energy conservation norms in residential and nonresidential construction will drive flooring market growth. Global construction output accounted for USD 8.8 trillion in 2016 and is expected to reach USD 15.5 trillion by 2030. Macroeconomic policy changes, and foreign partnership has also resulted in increased investments in real estate, thus supporting product demand.


 

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Rising residential construction supported by rapid urbanization, smart cities projects, changing demographic trends, and population growth is augmenting the product demand. Surging consumer disposable income across India, China, Brazil and Mexico along with low interest rates by the banks on housing loans will propel the product application scope. Shifting inclination of consumers towards products which is cost-effective, durable, and stain & spill-resistant will stimulate the residential flooring market growth.
 

North America Flooring Market, By Product, 2016 & 2024 (USD Million)
Flooring Market

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Manufacturers are adopting image printing technology on developing LVT that replicates the appearances of surfaces such as natural wood as well as tiles that mimic textiles, cement, and natural stone. Further, the industry observes increasing demand for porcelain tiles that imitate the texture of various stones. The new trend for 3D flooring for several spaces in a commercial and residential application will escalate the market growth. Also, advancement in fiber technology has facilitated the development of stain resistant carpets, thereby augmenting the product penetration.
 

Increasing necessity for enhanced flooring options with high durability, easy maintenance, and high resistance against chemicals across industrial spaces will positively impact the overall market growth. Market players are focusing on increasing product adoption with growing promotions and providing customized solution to several industrial applications. Industry participants are expected to launch new and innovative products for the industrial segment to enhance their sales revenue and gain competitive edge in the market.
 

Browse key industry insights spread across 410 pages with 404 market data tables & 25 figures & charts from the report, “Global Flooring Market Size By Product (Soft Coverings, Resilient Flooring [LVT, VCT, Vinyl Sheet, Fiberglass, Linoleum], Non-Resilient Flooring [Ceramic, Stone], Seamless Flooring), By Application (Residential, Commercial, Industrial) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, Spain, Netherlands, Sweden, Poland, Belgium, Austria, China, India, Japan, Australia, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/flooring-market-size
 

Non-resilient flooring is expected to witness over 30% share up to 2024. Non-resilient flooring is further segmented into ceramics, stone, wood and laminates. Ceramic tiles are highly preferred owing to cost effectiveness, ease in installations, high durability, water & scratch resistance, and lower maintenance requirements. Stone floorings from marble, travertine, granite, and sandstone offer versatile design options to the customer. Further, product innovations in engineered wooden flooring offering premium look and improved durability is likely to escalate the business expansion.
 

Commercial application is expected to generate over USD 180 billion in 2024. Rapid growth in infrastructure owing to increasing government expenditure in emerging economies will drive the product demand in the forecasted time period. The development of commercial spaces including schools, hospitals, corporate offices and other institutions owing to rapid urbanization is expected to propel flooring market in the forecasted time period.
 

Asia Pacific is expected to witness the fastest growth over 6.9% CAGR up to 2024. Large production capacity, highly competitive industry, accompanied by robust growth in construction spending will drive the regional share over the forecast timeframe. Rapid infrastructural developments, smart city initiatives, favorable FDI norms, and increased budget allocations to the infrastructural sector in countries such as China, India, Japan, and Indonesia will drive the business expansion. The Government of India has projected country’s real estate sector at USD 180 billion by 2020, and the construction sector to grow at 6.6% from 2019 to 2028. Moreover, growing presence of major flooring manufacturers offering unique designs supported by increased household spending will create long-term positive impact.
 

The global flooring industry is highly fragmented due to the presence of several large, regional manufacturers. Key industry participants in the flooring market include Amtico, Armstrong Floor, Mohawk Industries, Tarkett, Congoleum, Forbo, Gerflor, IVC Group, and Pergo. Companies are adopting various strategies including production capacity expansion, product innovations, geographic expansion, mergers & acquisitions. For instance, in April 2017, Amtico launched a new collection of textured wood and stone Luxury Vinyl Tile (LVT) designs that have the look and feel of natural materials to expand its consumer base.
 

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Flooring market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in billion sq. feet & revenue in USD billion from 2013 to 2024, for the following segments:

By Product

  • Soft coverings
  • Resilient flooring
    • LVT (Luxury Vinyl Flooring)
    • VCT (Vinyl Companies Tiles)
    • Vinyl sheet
    • Fiberglass
    • Linoleum
    • Others (Cork, asphalt flooring)
  • Non-resilient flooring
    • Ceramic flooring
    • Stone flooring
    • Others (Wood, laminates)

By Application

  • Residential
  • Commercial
  • Industrial

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Russia
    • Spain
    • Netherlands
    • Sweden
    • Poland
    • Belgium
    • Austria
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • Latin America (LATAM)
    • Brazil
    • Mexico
    • Argentina
  • Middle East
    • Saudi Arabia
    • UAE
    • South Africa

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