Press release
Flooring Market Report 2019-2024 By Top Players Tarkett, Gerflor, Mohawk Industries, Interface, Marazzi Group
Flooring Market
Shifting focus on infrastructure development on residential, commercial, hospitability, sports and healthcare industries will drive the flooring market growth. Necessity for floor protection coupled with rising demand for efficient and visually appealing products has enhanced the product demand.
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Rising construction spending on residential as well as non-residential buildings particularly in emerging nations will propel the industry growth. Global construction spending is anticipated to reach USD 16 Trillion by 2024. China leads the global infrastructure development with over USD 2 Trillion by 2024.
High product penetration in industrial applications including automobile, aerospace, aviation and electronic appliances will propel the flooring market size. Rapid urbanization accompanied by changing consumer lifestyles will create new opportunities for industry demand.
Emergence of eco-friendly solutions along with rising demand for energy efficient insulation will drive the business growth. Moreover, regulatory support along with financial aids particularly for residential construction is expected to fuel the product demand. Stringent regulations for sustainable and energy efficient buildings, industrial safety particularly in developed nations will drive the flooring market.
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LVT will witness CAGR over 6% up to 2024. Improved comfort, resilience, environmental safety and ease of installation are the key properties fuelling the product penetration. Additionally, wide range product portfolio due to ease in designing will open lucrative opportunities for business growth.
Increasing refurbishment trends along with developing construction technologies has enhanced the product scope. Increasing disposal issues of floor coverings will pose a key challenge for industry growth.
Industrial segment is expected to surpass USD 20 billion by 2024. Shifting manufacturer preference towards product enduring heavy-duty operations will support the industry demand. Rising demand from chemical, automotive, food, manufacturing and transportation industries due to its benefits including abrasion and impact resistance.
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Europe flooring market was valued over USD 70 Billion in 2016. Increasing construction output along with rising demand for green buildings are the key driving factors of the industry growth. Economic development accompanied by inclination towards tourism development will drive the regional demand.
APAC flooring market was worth more than USD 110 billion in 2016. Growing population has enhanced the demand for residential constructions particularly in China and India. Increasing manufacturing facilities due to socio economic benefits will propel the product demand from industrial applications.
Global industry share mainly includes Mohawk Industries, Tarkett, Shaw Floors, Armstrong, Mannington Mills and Marazzi Group. Presence of large number of regional manufacturers keeps the global industry share fragmented. Product innovations, portfolio expansion, joint ventures and acquisitions are the major strategies adopted.
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