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Industry Insights, Market Size, CAGR, High-Level Analysis: Asia Pacific Flooring Market The Asia Pacific flooring market size was estimated at USD 177.8 billion in 2018 and is anticipated to exhibit a CAGR of 4.5% from 2019 to 2024. Rising demand for residential and commercial building constructions and renovation activities on account of increasing population in the region are anticipated to drive the demand for various flooring materials. Increasing investments in Asia Pacific for the development of the construction sector including development of buildings structures such as offices, apartments, retail spaces, educational facilities, healthcare units, and hospitality are likely to support the market growth. The region is witnessing a high demand for aesthetically appealing interiors. Higher demand from the residential segment is projected to fuel the growth of flooring market in Asia Pacific. The China market in Asia Pacific is witnessing rising trend of premium and high-quality flooring materials in residential and commercial structures. This has led to a surge in the demand for wood and vinyl flooring materials. Moreover, rising disposable incomes and improvements in living standards in the country are expected to boost the product demand in Asia Pacific market over the forecast period. Increasing demand for durable, rigid, and affordable flooring materials to enhance the life of building structures is projected to stimulate the growth of Asia Pacific flooring market over the estimated period. Furthermore, changing consumer lifestyle and preferences for houses are expected to propel the demand for premium products in the regional market. New technologies and continuous product development in Asia Pacific have led to the introduction of advanced flooring materials for building structures. Moreover, the utilization of green products to match current industry trends and government norms are likely to trigger the demand for specialty flooring materials in over the forecast period. Increasing investments for the development of the construction industry across Asia Pacific are expected to increase construction activities, which, in turn, is anticipated to trigger the demand for flooring products. Rising commercial constructions on account of industrial and economic development of countries in Asia Pacific are expected to support the market growth. Product Insights of Asia Pacific Flooring Market In 2018, ceramic tiles was the most widely used product in Asia Pacific market and the segment is expected to continue its dominance over the forecast period. Abundant availability of raw materials and presence of established industry players dealing in ceramic flooring products are the factors triggering the growth of this segment in the regional market. Wood flooring products are used for enhancements in interiors with natural feel and premium looks. These products are widely utilized in Australia and New Zealand owing to abundant availability of wood species including oak wood, walnut, and cherry. However, regular and costly maintenance of these materials is restricting their penetration into Asia Pacific market. Natural stones, such as marble and granite, consume a significant share of the market in Asia Pacific on account of their demand in residential and commercial sectors. The region experiences hot climate in majority parts owing to which natural stone floorings are installed to lower the temperature of building structures. Customized designed carpets and broadlooms with premium quality materials are gaining traction in hospitality and office spaces across countries in Asia Pacific. Application Insights of Asia Pacific Flooring Market Multi-family residential constructions was the largest consumer of flooring materials in 2018 and the segment is anticipated to grow at a CAGR of 4.8% over the forecast period. Increasing consumer preferences for rental apartments in megacities are likely to boost multi-family constructions, thereby driving the market for flooring in Asia Pacific. The demand for flooring products in hospitality application was valued at USD 32.6 billion in 2018. Hospitality industry in Asia Pacific has significantly contributed to the region’s economic development owing to developed tourism sector in countries such as Thailand, Malaysia, and Indonesia. Industrial development in the region, especially in China and India, has attracted multinational players to establish their presence in Asia Pacific; this has created a scope for them to expand their presence in construction activities of office spaces. Moreover, growth of medical tourism is likely to support the construction of new healthcare facilities in the region. These factors are anticipated to favor the market for flooring. The retail industry in the region has experienced a boost in the past few years on account of high demand from end users. Increase in per capita income, rising living standards, and acceptance of modern culture in the region are the factors contributing to the growth of retail industry in Asia Pacific, which is further likely to support market growth over the projected period. Regional Insights of Asia Pacific Flooring Market China accounted for 37.8% of the Asia Pacific market revenue share in 2018 and is expected to continue its dominance over the forecast period. Well-established construction industry, increasing investments, and increasing demand from growing population in the country are anticipated to drive the demand for flooring products for their use in construction applications. The market in India is expected to register a CAGR of 5.7%, in terms of revenue, over the forecast period on account of increasing construction of residential and commercial structures. Make in India initiative by the Indian government and development of the tourism industry have supported the construction of industrial spaces, offices, and lodging facilities in the country, which, in turn, is likely to ascend the market growth in Asia Pacific. The flooring market in the Philippines is projected to register significant growth over the forecast period owing to increasing constructions backed by rising investments from foreign multinationals under Build Build Build program. Furthermore, the development of hospitality, tourism, and healthcare industries in the country is likely to support the growth of the construction industry, consequently propelling the product demand. The construction industry in Australia is expected to witness the highest growth rate over the projected period owing to rising demand for construction from education, retail, and hospitality industries. Moreover, growing office construction activities in Sydney, Melbourne, and New South Wales are anticipated to propel the demand for flooring materials in the estimated timeframe. Market Share Insights of Asia Pacific Flooring Market The market in Asia Pacific is highly competitive owing to the presence of a large number of manufacturers, suppliers, and other channel partners. RAK Ceramics; Kajaria Ceramics Ltd.; Interface, Inc.; and Mohawk Industries are the prominent players in the industry. Players compete on the basis of product innovation, wide product range, and well-established distribution network. Tarkett and Shaw are among the other notable companies in the regional market. Market entry strategies adopted by the prominent players include mergers & acquisitions, joint ventures, and agreements & contracts. For instance, in November 2017, Mohawk Industries, Inc. acquired Australian flooring manufacturer, Godfrey Hirst Group to penetrate the Asia Pacific market. Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Asia Pacific Flooring Market Research Report This report forecasts revenue growth at a regional & country level and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2024. For the purpose of this study, this market research report has segmented the Asia Pacific flooring market report on the basis of application by product and country: Application By Product Outlook (Volume, Thousand Sq. Meters; Revenue, USD Million, 2014 - 2024) Offices Broadloom Carpet Tile Wood Laminate LVT Other Resilient Ceramic Tile Rubber Other Hard Flooring Education Broadloom Carpet Tile Wood Laminate LVT Other Resilient Ceramic Tile Rubber Other Hard Flooring Retail Broadloom Carpet Tile Wood Laminate LVT Other Resilient Ceramic Tile Rubber Other Hard Flooring Government Broadloom Carpet Tile Wood Laminate LVT Other Resilient Ceramic Tile Rubber Other Hard Flooring Hospitality Broadloom Carpet Tile Wood Laminate LVT Other Resilient Ceramic Tile Rubber Other Hard Flooring Healthcare Broadloom Carpet Tile Wood Laminate LVT Other Resilient Ceramic Tile Rubber Other Hard Flooring Multi-Family Residential Broadloom Carpet Tile Wood Laminate LVT Other Resilient Ceramic Tile Rubber Other Hard Flooring Industrial Broadloom Carpet Tile Wood Laminate LVT Other Resilient Ceramic Tile Rubber Other Hard Flooring Transportation Broadloom Carpet Tile Wood Laminate LVT Other Resilient Ceramic Tile Rubber Other Hard Flooring Others Broadloom Carpet Tile Wood Laminate LVT Other Resilient Ceramic Tile Rubber Other Hard Flooring
Table of Contents Chapter 1. Methodology and Scope 1.1. Research Methodology 1.2. Research Scope & Assumption 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. GVR’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization 1.6. Data Validation & | read more...