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: http://www.grandviewresearch.com/industry-analysis/flooring-market-analysis
Further
Key Findings From the Study 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.
Access
Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-flooring-market-analysis
About
Grand View Research, Inc:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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