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Flooring Market is Growing at CAGR of 5.9% During 2020-2025

Flooring Market is G

iCrowdNewswire   Feb 5, 20201:46 AM ET

Flooring Market is forecast to reach $506.8 billion by 2025, after growing at a CAGR of 5.9% during 2020-2025. Due to the rise in renovation and remodeling activities resulting from rapid industrialization and urbanization, the market is projected to witness steady growth in the upcoming years. Rising expenditure in the construction industry, increasing population and raising emphasis on interior decoration are also key factors driving the flooring industry globally.

Key Takeaways

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By Material – Segment Analysis

The non-resilient flooring segment will account for the highest market share across various segments. Non-resilient flooring is a hard surface flooring consisting of inflexible, organic and hard surface flooring materials including ceramic tile, porcelain tile and natural stone. Over the forecast period, excellent water resistance and durability offered by these products are expected to boost their demand in both commercial and residential buildings. Rising residential and commercial construction activities across the globe are expected to propel the demand for non-resilient products such as ceramic tiles and stone flooring over the projected period. Continuous development for manufacturing versatile and innovative flooring products on account of enhancements in digital printing technologies is expected to show a positive influence on overall industry growth. Product variation in terms of design and sizes offered by the manufacturers is expected to have a positive impact on the market.

By Application – Segment Analysis

In 2019, the residential segment dominated the market and this pattern is projected to continue until 2027 as a result of demand for esthetic flooring materials and a growing trend towards interior decoration. Housing rehabilitation and improvement has steadily increased in the recent past and is expected to increase further in the coming years due to people’s rising disposable income. As the residential market has seen growth in recent years, suppliers of ceramic and stone products have increased their reliance on home centers and online retail channels strategically. Developed countries like the U.S. import large volumes of ceramic tiles from China, Mexico, and Italy. The non-resilient requirements of commercial and industrial flooring, however, lagged behind in terms of demands owing to the lack of replacements and the overall decline in the construction activity in public buildings.

Geography – Segment Analysis

Due to the increasing number of construction projects in developing regions, Asia Pacific dominates the global flooring market with a market share of 39% in 2019. North America and Europe are experiencing high growth in the global market. In order to achieve rapid economic growth, the U.K, Germany , the U.S, China, India, Australia, Japan, Malaysia, Canada, Spain, Indonesia, Brazil, and Italy are investing a huge amount of money in the construction industry to develop infrastructure such as hospitals, health care and transport. In the international flooring industry, developing economies like China and India play an important role. Due to increased urbanization and strong residential usage, the rapid rate of growth in the construction industry is further anticipated to raise the global market.

Drivers – Flooring Market

Development in revolutionary flooring models and materials coupled with rapid urbanization is driving the development of the flooring industry. For instance, luxury vinyl tiles (LVT) developments have given similar aesthetics to stone, wood, and ceramic tiles. In addition, the stream in remodeling and renovation activities supported by low lending rates and the change in green building regulations fuel the business expansion from residential applications. Rising domestic migration and increasing the number of expatriates supported by that development in private construction would boost demand for the product. Growth in public spending on infrastructure project development would help the widening of the sector.

Challenges – Flooring Market

Problems arise when standards conflict with specifications and product performance, or lack of standards. There may be a paradox when over-expectation and mis-specification outweigh the capacity of material performance and the struggle to save the resources of the planet. Inspection and consulting work is required due to over-expectation of the product, low-quality workmanship and misconception of the characteristics of product performance. We have entered an exciting, yet challenging, and sometimes frustrating, time with recent technological advances. Materials are becoming stronger, more chemically resistant, more biodegradable, and more recyclable due to new technologies and sustainability. But these positive changes come with unintended consequences and conditions created by complacency with the status quo, naivety, and, unfortunately, ignorance of the subject matter.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Flooring market. In 2019, the market of Flooring has been consolidated by the top five players accounting for xx% of the share. Flooring Market top 10 companies are Amcor Limited, Rexam Plc, Ardagh Group, CPMC, Alcoa Incorporated, Crown Holdings, Silgan Holdings, Ball Corporation, Greif Incorporated and Ton Yi Industrial. The other players in the market include Karndean, Interface Global, Anderson Hardwood Floors, Fired Earth, Asian Granito, Forbo, and Milliken, among others.

Acquisitions/Technology Launches

Tarkett increased its production capacity for LVT (Luxury Vinyl Tiles) in Europe and North America in January 2018 by spending USD 85.9 million over the next 3 years to meet the growing demand for flexible vinyl flooring. The investment will further develop production that is competitive and effective. In the United States, nearly USD 60 million will be spent throughout two manufacturing facilities located in Florence, Alabama, USA, and in Europe, the expenditure will be made in Poland while Luxembourg.

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