Flooring Market size will exceed $480 Bn by 2027
Published Date: May 31, 2021 Authors: Kiran Pulidindi, Hemant Pandey
Flooring Market size is slated to surpass USD 480 billion by 2027, according to a new research report by Global Market Insights, Inc.
Home renovation and remodeling activities will augment product demand
Home renovation and remodeling are on the rise in North America and Europe. The rising trend of DIY home improvement activity during the lockdown has pushed flooring products demand. The growing popularity of DIY is due to the shift in consumer habits that leverage fixing of a problem than going for over-consumption. The majority of consumers these days opt for DIY as it saves money and helps in personalizing their projects, thus gaining satisfaction from that. The key factors propelling the segment share include consumer willingness to utilize their time in a better way, release stress, and utilization of their skills to carry out home improvement work. Rising DIY activities have resulted in increasing DIY product offerings.
North American countries have a high demand for soft coverings such as carpets and wood & laminates. The demand for resilient flooring products, such as LVT, VCT, and vinyl sheets, is on the rise owing to the increasing adoption of resilient floorings in the commercial sector.
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Increasing per-capita disposable incomes and rising spending on construction is likely to fuel market growth. Rising infrastructure spending in developing economies will create market opportunities for product manufacturers. Rapidly developing economies will need to improve their infrastructure, thus augmenting flooring market demand.
Currently, global flooring demand is highly influenced by the growing construction sector output. The global construction industry is witnessing strong growth and has grown significantly over the years. Asian countries will account for the largest share in the global construction market. The rising population and industrial growth will drive the construction output in the growing Asian economies. High demand for residential dwellings will spur the market revenue. The industry will face challenges such as increasing waste disposable problems.
The construction industry is closely linked with the economic growth of a country or region. The COVID-19 pandemic has affected the world’s economic growth and many countries are going through economic hardship. Partial and complete lockdowns across the globe have affected the construction output. The credit crunch and loss of consumer confidence will likely affect product demand growth. However, many countries have started vaccination programs and many economies have opened their doors.
Browse key industry insights spread across 350 pages with 197 market data tables & 36 figures & charts from the report, “Flooring Market Size By Product (Soft Coverings, Resilient Flooring [LVT, VCT, Vinyl Sheet, Fiberglass, Linoleum], Non-resilient Flooring [Ceramic, Stone, Wood & Laminate], Seamless Flooring), By Application (Residential, Commercial, Industrial), COVID19 Impat Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising demand for luxury vinyl tiles will support the resilient flooring demand
Resilient flooring segment is likely to grow at 6% CAGR through 2027. Rising remodeling and maintenance activities in developed countries are fueling the LVT flooring demand. LVT has high durability and an enhanced aesthetic appearance compared to other vinyl flooring products. These attributes may act as strong drivers in the high-end construction market. Furthermore, LVT flooring is easy to install, making it a DIY-friendly product. The increasing demand for DIY products among millennials and other new generations will drive product demand growth.
Growing demand for office spaces to spur the commercial flooring sector
The commercial segment is predicted to cross USD 185 billion revenue by 2027. Commercial real estate is booming and in high demand in rising economies. Favorable socioeconomic factors and support from governments are encouraging the opening of new businesses. However, increasing demand for office spaces in cities will drive market growth.
Rising industrial growth in the APAC region
Asia Pacific flooring market revenue is slated to witness more than 7.5% CAGR from 2021 to 2027. Residential real estate is in high demand in the Asia Pacific region impelled by growing urbanization and population. Furthermore, the region is poised to foresee an increased demand for non-residential building spaces, which can be attributed to factors including rapid industrial growth.
Mergers & acquisitions are essential to increase the market share
Several well-established multinational organizations with strong production capacity are present in the market. It is very difficult to gain a monopoly or even significant market share. To increase market share on the regional or global level, many companies opt for the M&A strategy. In 2018, Shaw floors acquired Sanquhar Tile Services (STS), a Scotland-based carpet tile manufacturer. This strategy helped the company to increase its global carpet offering and gained better access to the European market.
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