The global flooring market size is projected to reach USD 515.71 billion by 2026, exhibiting a CAGR of 4.8% during the forecast period. Rising global focus on affordable housing will be a major growth factor for this market, shares Fortune Business Insights™ in its new report, titled “Flooring Market Size, Share & Industry Analysis, By Type (Non-Resilient {Ceramic, Wood, Laminate, and Others}, Resilient {Vinyl, and Others}, Carpets & Rugs, {Tufted, Woven, and Others}), By End-Use (Residential and Non-residential), and Regional Forecast, 2019-2026”. According to UN HABITAT, approximately 13% of the world’s urban areas have affordable housing. This indicates that an extremely low number of people in cities across nations have are living in regulated housing societies. As a result, governments around the world, especially in developing countries, are ramping up their investment in the housing sector to ensure that every person in the country has a proper home. This is emerging as one of the leading flooring market trends as government-backed building activities will create a huge demand for flooring solutions and thus accelerate the growth of this market in the forthcoming years.
Market Driver: Flooring Market
Growing Preference for Vinyl Flooring to Fuel the Flooring Market
Vinyl flooring solutions are becoming increasingly among homeowners as well as commercial occupants, which is fueling this market growth. This rising preference is attributable to host of benefits that vinyl tiles and other flooring options offer. For example, in commercial spaces, vinyl tiling provides a durable and reliable flooring solution as these spaces have heavy foot traffic throughout the day.
In case of households, vinyl floors are the ideal solution, since homes have high moisture content and these floors are water- and stain-resistant, giving them a long shelf-life compared to ordinary floorings. Another reason why homeowners prefer vinyl tiles is their affordability. For instance, vinyl tiles mimic the appearance of a ceramic floor, but are more pocket-friendly compared to actual ceramic tiles. Lastly, and most importantly, these floorings are easy to install and maintain, which is the central factor boosting their adoption in both residential and commercial settings.
Competitive Landscape: Flooring Industry
Launch of Sustainable Products to Excite Market Competition
The flooring market forecast suggests that the market is slated to enter a period of widespread excitement as many of the leading players are frequently introducing environment-friendly flooring solutions for customers. Through these launches, companies are solidifying their position in the market and diversifying their offerings.
Browse Summary of This Research Report with Detailed Table of Content: https://www.fortunebusinessinsights.com/flooring-market-102740
List of Key Companies Covered in Flooring Market Report are:
- Engineered Floors
- Kajaria Ceramics
- Invista
- LG Hausys
- Balta Industries
- Victoria PLC
- James Halstead
- Congoleum
- Toli Corporation
- Interface
- Forbo
- TARKETT
- Mohawk Industries
- Nora Systems
- Boa-Franc
- Parador
- Swiss Krono
- Mannington Mills
- The Dixie Group
- Flowcrete
- Milliken & Company
- Beaulieu International
- Armstrong Flooring
- Shaw Industries Group, Inc.
Regional Insights: Flooring Market
Asia-Pacific to Hold Commanding Market Position; Europe to Present Lucrative Opportunities
With a market size of USD 185.4 billion in 2018, Asia-Pacific is well-poised to dominate the flooring market share during the forecast period. The primary reason for the region’s dominance is the aggressive investments made by governments in the region, mainly India and China, in infrastructure development.
Moreover, availability of home and personal loans in the region is also generating demand for expensive flooring solutions, thus driving the growth of the market.
In Europe, there is surging demand for vinyl floorings in non-residential buildings, which is fueling the market growth, while in Middle East and Africa initiation of large-scale construction projects is brightening market prospects.
