Global Flooring Market to Reach Around US$ 450 Bn by 2026
The global flooring market is projected to expand at a CAGR of more than 6.0% during the forecast period, according to a new research report by Transparency Market Research (TMR) titled “Flooring Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2026.” According to the report, the global flooring market volume is expected to reach around 32,450 million square meters by 2026. Growth of the global flooring market is attributable to the increasing remodeling activities in developed countries and expansion in the construction industry in developing countries. The flooring market in Asia Pacific is expanding at a CAGR of more than 6.5% due to the large manufacturing and recycling base, favorable government regulations, growth of the construction sector, and increased focus on R&D activities.
The flooring market is equipped with a wide product portfolio. Since 2015, demand for luxury vinyl tiles has been rising at a faster pace compared to hardwoods or engineered wood products, owing to value-added attributes of these tiles such as scratch and slip resistance, waterproof nature, and eco-friendliness. Thus, there exist immense opportunities for innovation and branding and rebranding of new and upgraded flooring products. Strong growth of the construction industry and increase in 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.
The material segment of the flooring market has been sub-segmented into ceramic tiles, carpets & rugs, vinyl sheets & tiles, wood, laminates, stones, and others. Ceramic tiles is a highly attractive segment of the global flooring market. 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.
Based on product, the flooring market has been segmented into resilient, non-resilient, and soft cover flooring. LVTs, WPCs, and fiberglass are different types of resilient flooring products that are widely used in residential applications. In terms of revenue, the non-resilient segment accounted for more than 60% share of the global flooring market in 2017. Resilient flooring products in residential and non-residential applications have undergone various design changes.
Based on application, the market has been divided into residential, non-residential, and others. Among these, 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. Consumption of flooring products in the industrial sector is increasing in several developing countries such as India, Brazil, and Mexico. The non-residential segment is anticipated to expand at a sluggish pace during the forecast period due to the stagnation in construction activities of commercial buildings in developed countries.
Geographically, the global flooring market has been divided into major five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of consumption, Asia Pacific is anticipated to hold a major share of the global market in 2017, 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 is 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 in flooring products and rise in 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 the increase in demand for flooring in several large-sized construction projects.
Key market players covered in the report are 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.
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