The Commercial Flooring Market is forecast to reach $110 billion by 2025, growing at a CAGR of 3.55% during 2020-2025. Although the industry was hit hard in the North American and European regions, by the economic downturn of the last decade, the flooring industry remains a vital part of the economy and is projected to continue a healthy growth trend throughout the remainder of the second decade of the 21st century.
- The Asia-Pacific region will contribute most of the growth in global demand for floor coverings including both hard surface flooring and carpets and rugs through 2020.
- While non-resilient flooring products represented the major share of global commercial flooring covering demand in 2018, flooring preferences vary significantly among individual regions and countries.
- Increasing demand for green buildings and the increasing emission regulations going forward in the European countries will create huge opportunities for the commercial flooring market.
By Application- Segment Analysis
The Construction sector is expected to grow strong in economies such as India and Indonesia when comes to Asia-pacific region and in Europe UK is a stand out growth market for construction, where as in the Latin American region developing countries as such Brazil, Mexico and Argentina are expected to witness good construction growth. The rising demand for green buildings in the construction sector is driving the consumption of Commercial flooring.
The commercial construction sector is directly related to the construction spending by the governments of individual countries. Most of the construction projects in this sector are sanctioned by the global governments up to a certain extent due to the high risks and costs involved. Governments around the world pay for commercial construction projects by using the money generated by income taxes. Therefore, the GDP per capita plays an important role in the commercial construction business, though it is not directly related to the process itself.
Countries like Singapore, Qatar, UAE, Canada, and Malaysia have scored high ranks in the annual Global Infrastructure Investment Index for 2018. This essentially means that these countries are the most attractive from an investment point of view for construction practices.
Geography- Segment Analysis
APAC dominated the commercial flooring market with a share of more than 38%,followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Globally, the commercial construction sector is expected to stand out amongst the most dynamic industrial sectors in the following fifteen years and is completely essential to the advancement of prosperous societies around the world.
The commercial flooring market is a $20 billion industry in North America that defines the livelihood of nearly 6,300 commercial flooring contractors, and almost 73,000 manufacturing employees who produce flooring products, as well as the distributors that carry these products. Major factors contributing in the growth of the market are rapid urbanization, resurgence of construction industry, rising infrastructure spending in both developed and developing nations, rising per capita income of the population in emerging economies, rising demand for aesthetically appealing products and technological advancements
Drivers –Commercial Flooring Market
- Growing demand for Green Buildings
A current survey shows that global green building activity continued its ascent, with significant increases expected in 19 countries over the next three years. Almost half of the total respondents say they expect to build more than 60 percent of their projects as green buildings by 2021. Building owners, especially, were excited about the growth in green building, with 57 percent planning to make the majority of their projects green by 2021.
Challenges – Commercial Flooring Market
Vinyl flooring is referred to as ‘resilient’ because it characteristically bounces back from the weight of objects compressing its surface.Commercial vinyl flooring is manufactured in either 305-mm or 230-mm (12-in. or 9-in.) square tiles, or continuous sheets 2-m or 4-m (6-ft or 12-ft) wide. Floor tile is sold as either solid vinyl or vinyl composition tile (VCT). Sheet flooring can be homogeneous, inlaid, or layered composite. The rising concern of vinyl flooring is expected to hamper
Technology launches,acquisitions and R&D activities are key strategies adopted by players in the Commercial Flooring market. In 2018, the top five players accounted for xx% of the share. Major players in the Commercial Flooring Market Amtico, Changzhou Liberty Diseno New Material Co , Ltd, Congoleum, Flowcrete, Forbo International Sa, Gerflor, Hanwha, Interface Inc, Ivc Group, James Halstead Plc, Lg Hausys, Mannington Mill Inc, Milliken, Mohawk Industry,among others.
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Mr. Venkat Reddy