Flooring Market size to surpass $482 Bn by 2026
Published Date: June 30, 2020 Authors: Kiran Pulidindi, Hemant Pandey
Flooring Market size is estimated to cross USD 482 billion by 2026, according to a new research report by Global Market Insights, Inc.
Flooring industry is expected to witness significant growth owing to increasing construction spending for residential, industrial and commercial applications. Overall economic growth over past few years has observed upsurge in infrastructural development and construction projects. Availability of finance provided from banks particularly in emerging economies will witness accelerated market growth during forecast timeframe.
Growing building & construction spending due to rapid infrastructure development in Asia Pacific and Central & South America (CSA) coupled with rise in per-capita disposable income will drive flooring market demand. Growth in CSA will be led by an increase in infrastructure spending, closely followed by spending on non-residential structures. The key areas of construction growth in emerging economies is transport, social, defense infrastructure and government accommodation. These projects result in development in emerging economies.
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Renovation & remodeling will provide opportunity for market expansion
Rising renovation & remodeling activities in European and North American countries has provided lucrative opportunity for market expansion. Large number of old residential building and retrofitting activities carried out by these building to enhance energy efficiency of buildings are driving product demand. According to CORDIS EU research results, nearly half of residential buildings in European region are constructed before 1970. The regional governments are testing several projects to enhance energy efficiency of these building. For instance, under URBAN LEARNING project, 8 European cities are working together to enhance their government structure along with integrate energy aspects into their planning processes.
Browse key industry insights spread across 165 pages with 201 market data tables & 29 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], Seamless Flooring), By Application (Residential, Commercial, Industrial), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Innovation and digital printing for ceramic tiles are growing its popularity
Non-resilient flooring market expected to generate around USD 110 billion revenue by 2026. The growth is led by the ceramic tiles. Innovative technologies of digital printing for ceramic tiles along with enhancement in manufacturing procedures of ceramic tiles drive the product demand. This has considerably widened the scope of non-resilient flooring in residential, industrial and commercial sectors. Increasing demand for non-resilient flooring materials across these sectors will further drive industry growth. Enlarged industrialization has led to increased demand for non-resilient materials in the construction sector.
Industrial application is expected to grow by over 6.5% CAGR till 2026. Enhancement across various industry verticals will positively influence the consumption of industrial flooring. These products offer durability and high resiliency appropriate for several industrial plants and environment. They are highly beneficial to industries as they provide abrasion resistance, impact resistance, resistance to heavy load and ease of maintenance. However, cost of advanced industrial flooring is higher as compared to conventional flooring, thereby required to innovate materials and offer economic and high impact resistance flooring products.
Latin America expected to generate over USD 40 billion revenue by 2026. Considerable growth of the commercial construction sector, development of the hospitality sector, and upcoming infrastructure projects are some of the key growth drivers that are likely to drive the regional product consumption. Further rising residential infrastructure projects in Brazil are generating higher requirement for flooring solutions over the study timeframe.
Some of the key participants involved in flooring market share include, Tarkett, Mohawk Industries, Amtico, Armstrong Floor, Forbo, Gerflor. Pergo, Shaw Floors, among others. Product development and mergers & acquisitions are among key strategies adopted by players to enhance their competitiveness in the flooring industry.
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