Industry Trend Analysis
The Flooring market was valued around USD 250.12 billion in 2016 and is expected to reach roughly USD 435.67 billion by the end of 2025 while registering itself at a compound annual growth rate (CAGR) of 6.36% during the forecast period, owing to the new trends and innovations in construction solutions and floor designs. The flooring market is extremely competitive with several players presenting a range of flooring solutions around commercial, residential, industrial and other segments. The floor coating industry is being flooded by new styling trends and technological advancements. Lately, end users have been diverting from conventional flooring solutions to eco-friendly and more cost efficient flooring materials like linoleum, cork, bamboo, Polyester (P.E.T) Berber, glass, reclaimed hardwood and rubber. Moreover, rising demand in the construction business along with altering customer lifestyles and increasing demand for insulating materials are likely to drive the global flooring market. Accessibility of ground-breaking construction solutions that are long-lasting and need low maintenance is predicted to strike the market positively. However, a key determining factor for the achievement of flooring solutions is customer awareness and keenness of using the invention. Also, alleged complexity with respect to installation of flooring, they are considered as luxurious and expensive, which could present a challenge to the global market. Rising concern over ecological impact is projected to considerably affect the textile flooring market worldwide. For example, carpets are processed with toxic chemicals for mothproofing and to keep away soil and moisture, which might cause numerous health issues.
Product Outlook and Trend Analysis
The product section is largely categorized into 4 types involving resilient flooring, seamless flooring, non-resilient flooring and soft coverings. Soft coverings are also referred as fabric coverings, and primarily comprise carpets and rugs. This segment conquered the market and described for around 50% of the total market share in 2013. These coverings render numerous benefits such as dust-binding characteristics, noise-reducing effect and also are referred to be excellent insulators furnishing pleasing, comfort as well as warm aesthetics. Resilient flooring is a combination of fillers, color, and binders. Resilient flooring types include wood, cork, rubber, linoleum, asphalt, and vinyl; these are cost effective, durable and need low maintenance. Non-resilient flooring embraces clay tile, ceramic tile, concrete tile, brick, and terrazzo stone. These floors usually withstand several conditions and need only dusting and mopping.
Application Outlook and Trend Analysis
Flooring solutions are employed in commercial, industrial, and residential applications. Due to increasing demand from the construction market and amplified home renovation and improvement projects, the flooring products market for residential applications is anticipated to experience growth over the forecast years. Additionally, increase in demand for flooring solutions all over the residential section could be assigned with changing customer lifestyle and amplified disposable earnings. Commercial applications involve hospitality and leisure, healthcare, corporate, retail, education, sports and other. Growing demand in the construction business is projected to be the major driving factor for the global market over the next few years. Industrial applications comprise manufacturing plants, automotive industry, refineries, aviation hangars, etc.
Regional Outlook and Trend Analysis
Asia Pacific region is anticipated to witness considerable market growth owing to developing infrastructure amenities and rising real-estate industry. Furthermore, the region is projected to witness amplified demand for non-residential and residential building places, which can be credited to the urbanization and population growth. The region described for around 40% of the total market share in 2013. Europe region is also anticipated to witness extensive augment in market demand during the forecast period. This can be credited to the availability of easy installation techniques and ground-breaking construction solutions.
Competitive Outlook and Trend Analysis
Raw material providers, producers, and distributors are major participants in the market value chain. Key companies in the global flooring market include Mohawk, Mannington Mills Inc., Gerflor, Shaw Floors, and Armstrong. The global market is considerably consolidated with extreme competition; technological advancement is expected to be a crucial point for market growth over the forecast years.
The flooring market is segmented as follows –
Carpets & Rugs
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2016 and forecast from 2017 to 2025?
What will be the industry market growth from 2017 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?