The global flooring market is expected to reach USD 326.38
billion by 2020, according to a new study by Grand View Research, Inc. Growing
focus on innovative flooring that is durable in nature is expected to drive
market growth through the forecast period. Increased insulation demand is also
expected to give impetus to the market over the next six years.
The market is characterized by
changing customer preferences, with considerable rise in home improvement and
renovation projects. Development of hassle-free installation techniques and
coupled with growing demand for environmentally sustainable products is also
expected to contribute to industry growth. Environmental and health-related
concerns regarding various flooring solutions may pose a challenge to industry
participants.
Global flooring market, by
product, (Billion Square Feet), 2012 – 2020
Browse full research report on
Flooring
Market
Further key findings from
the report suggest:
- Global
flooring market demand was estimated at 161.19 billion square feet in
2013, and is expected to reach 240.10 billion square feet by 2020, growing
at a CAGR of 5.9% from 2014 to 2020.
- Soft
coverings dominated flooring demand and accounted for over 35% of the
overall market volume in 2013. Resilient flooring market is expected to
witness substantial growth over the next six years, since it offers
benefits such as cost effectiveness, easy installation and low
maintenance. Increased demand for antimicrobial and antibacterial flooring
is expected to favorably impact resilient flooring demand.
- Residential
segment was the largest application area in 2013 and accounted for over
50% of the market volume. Owing to growing demand across the construction
industry and increased home improvement and renovation projects, the
market for flooring products in residential applications is expected to
witness growth over the forecast period.
- Asia Pacific
accounted for over 45% of the global demand in 2013, and is expected to
continue dominating the market over the next six years. This can be
attributed to increased demand for residential and non-residential
building spaces due to population growth and urbanization.
- Key industry
participants include Shaw Industries, Mohawk Industries, Interface, Inc.,
Mannington Mills, Armstrong, etc. Developing a vertically integrated
infrastructure is expected to be a critical success factor for gaining
market share. As a result, mergers and acquisitions, coupled with meeting
consumer preferences through product differentiation have been among the
key strategies adopted.
For
more information: http://www.grandviewresearch.com
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