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The global demand for flooring stood nearly US$ 274 Bn in 2018 and is projected to reach over US$ 473 Bn by 2027. Economic gains in developing regions such as Asia Pacific, Latin America, and the Middle East have driven the need for urbanization. Increase in population and growth in urbanization are expected to boost the demand for housing. This is anticipated to pave the way for extensive commercial construction activities such as hotels, offices, and shopping plazas. This is one of the key drivers of the flooring industry.
Floor covering refers to any layer of a finished product which is applied over a floor structure to provide permanent coating. Some of the common floor covering materials are laminates, carpets & rugs, ceramic tiles, rubber, vinyl sheet & tiles, and wood.
Vinyl tiles have been experiencing an increase in demand as compared to engineered wood products because these products have features such as eco-friendliness, scratch and slip resistance, and are waterproof.
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In several parts of North America and Europe, carpets and rugs are a distinguished form of flooring. They are easily available, come in various design patterns, and can be easily installed. Despite their high costs, wood flooring offers characteristics such as environmental stability, wide aesthetic appeal, and durability.
In 2018, ceramic tiles accounted for in excess of 40% of the global flooring market. Countries such as India, China, and Brazil consume this type of tiles the most, since they offer stain resistance, flexibility, durability, and water resistance.
In the same year, the residential segment accounted for a major share in the flooring market worldwide. With the construction sector continuously recovering in several countries following a phase of recession, the demand for flooring products is likely to grow further, thereby enhancing the overall flooring market.
The demand for flooring products has been impacted positively because of features such as high-temperature resistance. Non-resilient flooring is expected to grow at a steady rate because of constant growth in LVT and its sub-categories.
Asia Pacific Expanding Rapidly in the Overall Flooring Market
In 2018, Asia Pacific dominated the flooring market worldwide, with more than 45% of the market share, in terms of volume. With governments in countries in this region focusing on infrastructure development, the real estate industry in Asia Pacific is expanding at a swift rate. Rising population and favorable regulations have also helped boost the flooring market in Asia Pacific.
The flooring market in Middle East & Africa is projected to grow rapidly in the forecast period, because of rising demand for flooring products from various big-sized construction projects. Europe is expected to provide lucrative growth opportunities for the flooring market in future, despite the adoption of stringent rules and regulations on PVC products and other laminated flooring covering that could cause VOC emissions.
Vinyl flooring and tiles manufacturers have produced products that resemble the appearance and design of wood and as a result, the flooring market in North America is experiencing a high demand for these products.
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Companies Focusing on Manufacturing Products That Are Eco-Friendly, Recyclable
One of the challenges faced by the companies in the flooring products industry is that these products use chemicals that are toxic in nature. The vinyl flooring products consist of volatile leftovers, which could cause health disorders. A rise in concern about the environmental impact of flooring products among customers is one of the important factors expected to impact the flooring market during the forecast period of 2019-2027.
Some of the important players in the flooring market include the Tarkett Group. Boral Limited, Shaw Industries, Armstrong World Industries, and Mohawk Industries Inc. Companies are making investments to produce products that can be recycled and are eco-friendly.
The implementation of online and offline marketing strategies to spread awareness over quality products is anticipated to help strengthen their presence in the flooring market. The rapid economic growth in developing economies in regions such as Asia Pacific has pushed for the need for urbanization.
A rising population and growth in urbanization are estimated to enhance the demand for housing. The growth in construction activities is one of the important factors, driving the flooring industry. The worldwide demand for flooring products is projected to rise to US$ 473 Bn by 2027. The flooring market is set to grow at a compound annual growth rate (CAGR) of approximately 6.5% during the forecast period 2019-2027.
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The global flooring market can be segmented as follows:
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