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Industry Insights, Market Size, CAGR, High-Level Analysis: Flooring MarketThe global flooring market size was estimated at USD 369.26 billion in 2019 and is expected to expand at a CAGR of 5.9% from 2020 to 2027.The rising need for aesthetic interior materials in building structures is anticipated to fuel the product demand. The strong growth of construction sector, especially in the emerging economies is expected to further support the market growth. Availability of several types of flooring materials coupled with the provision of customizations for designs, dimensions, and colors has provided end user with a wide range of options. Moreover, a wide distribution network of the industry players has resulted in product reach to major construction projects, thus have supported the growth in the past few years. In U.S., the market for flooring is dominated by soft covering flooring products, such as carpets tiles and wall to wall carpets. However, consumer preferences for aesthetically improved designs, textures, and color and low maintenance and easy to install flooring options are anticipated to drive the demand for resilient materials over the forecast period. Technological advancements have introduced materials with an interlocking mechanism that makes easy installation. The market players have also introduced self-adhesive flooring products that are widely accepted for do-it-yourself applications. The flooring market players offer custom made designs and textures stay competitive. Growing trends of installation of decorative materials in building interiors to improve the aesthetics and to provide a natural look to the flooring, the market players have introduced natural stone and wood flooring products. In addition, the composition of materials and creative textures are the factors driving the popularity of resilient floors. Major market players are focusing on mergers and acquisitions to enhance the product portfolio and to extend their geographical presence across the globe. Moreover, they are investing in R&D to produce recyclable and eco-friendly flooring materials for residential and non-residential application.
Product Insights of Flooring MarketIn 2019, soft covering flooring accounted for the revenue of USD 47.5 billion and is anticipated to accelerate at a CAGR of 4.9% over the forecast period. Growing demand for cushioned floors and aesthetically enhanced materials for interior decoration is likely to support the demand for carpets and broadloom floors. Resilient materials are gaining traction in commercial application, such as offices, fitness centers, and hospitality buildings. Easy maintenance, high durability, low environmental impact, and high stability are the factors contributing to this rising popularity. However, these materials are less likely recyclable, which is expected to restrain the growth. Rubber flooring is primarily used in commercial spaces, attributed to their waterproof and slip resistance properties, making them suitable for harsh environments. Natural and synthetic rubber floor tiles are exclusively used in fitness centers, health clubs, dance floors, and other high-impact spaces. Ceramic and natural stone tiles are the popular choices when it comes to durability and extended life of the floor. Seamless flooring is applied in the industrial environment, wherein, a large floor area is covered with resins and concrete materials. The maintenance and installation of seamless type is less expensive as compared to its counterparts.
Application Insights of Flooring MarketCommercial application dominated the market in 2019 and is anticipated to continue leading over the forecast period. Rise in construction projects for office spaces, hospitals, healthcare facilities, educational institutes, and others across the globe is likely to support the demand in the forthcoming years. Rising demand for highly durable and cost-efficient product for use in high-traffic commercial and industrial sectors is projected to drive the growth. The development of new hassle-free installation techniques and related products is considerably driving the market for commercial flooring. Residential buildings including single-family and multi-family houses accounted for the revenue share of 54.3% in 2019 and are expected to expand at a CAGR of 5.7% during the projected period. The residential construction sector in emerging markets including India, South Africa, and Turkey, is witnessing rapid growth owing to the easy availability of home loans. The consumers in the region are always seeking affordable products, which is likely to favor the demand for non-resilient flooring. The global manufacturing industry is experiencing significant growth owing to rapid industrialization in major economies. Industrial development in Asia Pacific and North America has majorly contributed to the establishment of new facilities and renovation of the existing ones, thus is likely to aid the demand for flooring products over the forecast period.
Regional Insights of Flooring MarketAsia Pacific dominated the market in 2019 on account of high construction spending in China and India. Non-resilient tiles have been leading the regional growth, however changing customer preference demanding product variation and better designs is likely to have a positive impact on the regional market growth in the forthcoming years. China headed growth of the regional construction industry on account of major construction projects in the country. Moreover, the construction industry in India is expected to contribute significantly, owing to the government reforms for its development. The Housing for All program by the Indian government is anticipated to support the demand for flooring products. In North America, the demand for resilient flooring stood at USD 63.4 billion and is anticipated to accelerate at a CAGR of 5.6% over the forecast period. The well-established construction industry in U.S. and Canada coupled with rising demand for single-family houses is likely to provide growth opportunities for the market. Europe contributed to 17.1% of the overall product consumption in 2019 and is anticipated to expand at a CAGR of 5.4% in the forthcoming years. The presence of prominent manufacturers in the region coupled with technological advancements is likely to support the regional growth in near future.
Market Share Insights of Flooring MarketProminent players in the market include Tarkett S.A.; Mohawk Industries, Inc.; Forbo Flooring; RAK Ceramics; Shaw Industries, Inc.; and Interface. These players compete based on product quality, prices, and geographical reach. They are focusing on mergers and acquisitions to enhance their portfolio and to sustain the competitive environment. The development of advanced and eco-friendly products, aggressive pricing strategies, and marketing management are the other factors considered by the players to compete in the market. For instance, the introduction of interlocking and self-adhesive flooring materials and the provision of customizing the floors have provided a competitive edge to the players.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Flooring Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global flooring market report on the basis of product, application, and region:
Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2019 - 2030)
- Soft Coverings
- Resilient Flooring
- Non-Resilient Flooring
- Seamless Flooring
Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2019 - 2030)
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 | read more...