Flooring market size is estimated to be valued at USD 418.86 billion by 2022, as per a new research report by Global Market Insights, Inc. Innovative solutions in construction coupled with escalating demand for insulation is likely to boost global demand.
Soft coverings market size was the largest revenue generator, and the segment was valued USD 90.75 billion in 2014. It is anticipated to grow at 6.2% CAGR from 2015 to 2022 due to its dust-binding characteristics, noise-reducing effect and offers comfort. Non-resilient flooring market was over 30% of the share in 2014.
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Increasing need in the construction industry has positively impacted consumption. There exist various innovative solutions that are durable and require low maintenance as compared to other conventional materials such as stone, ceramic and wood. As a result, consumers are adopting more cost effective and eco-friendly solutions.
Rise in urbanization along with evolving consumer lifestyles is expected to be a significant opportunity for industry participants. Development of hassle-free installation techniques and availability of innovative construction solutions coupled with growing demand for environmentally sustainable products are among major flooring market trends.
China flooring market size by product, 2012-2022 (USD Billion)
Presently, designers are seeking out eco-friendly materials for their clients; this has led to the development of several environmentally viable choices. Lack of awareness among consumers coupled with environmental concerns is likely to hamper demand over the next six years.
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Key insights from the report include:
- The flooring market was 193.51 billion square feet in 2014; it will grow at 6.0% CAGR to reach 314.47 billion square feet by 2022.
- Industrial flooring market size was valued at over USD 12 billion in 2014 and is expected to surpass USD 20 billion by 2022. Residential sector is expected to grow at a compound annual growth rate of 7.2% from 2015 to 2022 owing to home renovation and improvement projects.
- Asia Pacific flooring market share was more than 40% of the global demand in 2014. Surging real-estate industry and developing infrastructure facilities are driving the demand growth in this region.
- Recovery in the housing sector is expected to favorably impact the mature North America and Europe flooring market. There is a high degree of competition from Chinese players, and European manufacturers expect strong potential in high-end segments. Increasing labor and energy costs coupled with reduced export subsidies may pose a challenge to industry participants.
- Key flooring manufacturers include Mohawk Industries, Shaw Industries, Beaulieu of America and Interface. Other manufacturers include Congoleum, Interface Inc, Armstrong World Industries, Mannington Mills Inc, Pergo, and Polyfor Ltd.
- The industry is highly competitive on account of considerable initiatives undertaken by suppliers to provide enhanced solutions and drive product differentiation. Major industry participants focus on developing eco-friendly, cost effective, durable and low maintenance solutions for an array of applications.
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Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.