Global Flooring Market: Highlights
· The flooring market is equipped with wide rangeof product portfolio, which is making it, the most important for buildingmaterial markets. The global flooring market is projected to grow at a CAGR ofnearly 6.5% between 2019 and 2027. Thesubstantial growth of the construction industry and the increasing trend ofhome renovation activities are likely to boost the market in the next fewyears.
· Thecommercial renovation sector has been expanding at a steady pace and isprojected to expand slightly in the next few years, as more number of buildingswould age and require renovation, maintenance, repair, and remodeling. However,increase in concerns about the environmental impact of flooring products amongconsumers is one of the key factors expected to hamper the flooring marketduring the forecast period.
· Escalatingpopulation and urbanization will increase the demand for housing. It will alsopave the way for extensive commercial construction activities such as hotels,offices, and shopping plazas.
This is expected to increase the overall demand for flooring materialsduring the forecast period.
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Global Flooring Market: Segmental Trends
· Luxuryvinyl tiles (LVTs), luxury composite tiles (LCTs), and wood plastic composites(WPCs) are anticipated to be highly lucrative sub-segments of the vinyl sheets& tiles segment in the next decade. Demand for luxury vinyl tiles (LVTs) isincreasing rapidly, due to their ease of installation, wide range of aestheticdesigns, and low maintenance cost. Linoleum is the only natural flooringproduct. Commercially, it is called a green product. It is made from materialssuch as bio-waste.
· Carpettiles and rugs provide a protective layer to floors. Therefore, such productsare highly preferred in regions with cold climate.
· In termsof revenue, the non-resilient segment accounted for more than 60% shareof the global flooring market in 2018. Resilient flooring productsin residential and non-residential applications have undergone various designchanges.
· Theresidential segment holds a major share of the flooring market, followed by thenon-residential segment. The trend is likely to continue throughout theforecast period. The continuing recovery of the construction industry invarious countries after several years of recession is expected to boost thedemand for flooring products.
· Thenon-residential segment is anticipated to expand at a sluggish pace during theforecast period, due to stagnation in the construction activity of commercialbuildings in developed countries.
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Global Flooring Market: Regional Highlights
· AsiaPacific is anticipated to hold a major share of the global market in 2018, owingto rapid growth of the real estate industry in this region led by shiftinggovernment focus toward infrastructure development. Favorable regulations andrising population are making the region a highly attractive market forflooring.
· Europewas the second-largest market for flooring, despite strict regulations imposedon products such as PVC and other laminated flooring coverings that generateVOC emissions. This is due to ongoing research on flooring products and risinginvestments in remodeling activities and flooring installations in Germany,U.K. and Italy.
· Theflooring market in Middle East & Africa is expected to expand at a rapidpace during the forecast period, owing to increasing demand for flooring fromseveral large-sized construction projects.
· Demandfor flooring with the appearance of wood is high in North America. Hence,manufacturers of vinyl flooring and tiles have developed products that mimicthe design and appearance of wood.
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Key Developments in Global Flooring Market
· In March2018, Interface Inc. introduced a new global luxury vinyl tile (LVT) collection, NativeFabric, expanding its modular resilient flooring offerings. Native Fabricoffers a modern take on the timeless grass cloth design in a variety of shadesinfused with a woven metallic threading.
· In January2018, Tarkett Group acquired the assets of Grassman, a leadingAustralia-based synthetic turf manufacturer, through its FieldTurf subsidiary
· In January2017, Armstrong World Industries, Inc. Completed the Acquisition of Tectum,Inc. Tectum, Inc is an Ohio-based manufacturer of acoustical ceilings, walls,and structural solutions for commercial building applications.
Global Flooring Market: Competition Landscape
· Some ofthe key players in the flooring market include Mohawk Industries Inc.Shaw Industries Group Inc., Tarkett Group, Boral Limited, and Armstrong WorldIndustries, Inc. Other players include The Dixie Group, Toli Corporation,FORBO, Interface, Inc., Congoleum Carporation, Avant Flooring, James HallsteadPlc, Mannington Mills, Inc., J&J Flooring Group LLC, and Gerflor.
· Companiesare focusing on efficient and well-developed planning and designing. They areinvesting in developing new products that are eco-friendly and recyclable.
· Adoptionof online and offline marketing strategies as means of raising awareness regardingtheir quality products is also expected to help them strengthen their footprintin the market.
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