Surging need for aesthetic flooring across residential and commercial sectors to foster flooring market size

Robust progress in the residential construction sector has been a major factor responsible for the growth of flooring market trends. In addition, rapid urbanization, smart city initiatives, and rising economic affluence have enabled a surge in the demand for efficient, aesthetic flooring, thereby impelling the industry outlook.

Reliable estimates claim that the cumulative construction output across the globe accounted for nearly USD 8.8 trillion in the year 2016 and is likely to cross a mammoth USD 15.5 trillion by 2030. This figure is undoubtedly remnant of a future scenario where residential projects are likely to be prioritized.

Request for a sample copy of this report @ https://www.gminsights.com/request-sample/detail/122

Macroeconomic policy transformations and foreign alliances have added to the growth trajectory of worldwide flooring market size in tandem with elevated investments in the real estate sector.
Proliferation of eco-friendly solutions alongside rising demand for energy efficient insulation is also expected to provide a thrust to the worldwide flooring market size perhaps owing to urgent need for sustainable living.

Driven by the surging demand for new and innovative flooring products, industry players are likely to adopt product differentiation and innovation as viable growth tactics. Estimates claim that the worldwide flooring market to aim a total valuation of USD 450 billion by 2024 in terms of revenue.

Increasing disposable incomes across various developing economies with reduced interest rates would open up new avenues for the industry players. In addition to that, a paradigm shift towards cost effective, durable, and stain resistant flooring products is likely to propel the industry share.

Browse more info @ https://www.prnewswire.com/news-releases/flooring-market-value-to-surpass-usd-450-billion-by-2024-global-market-insights-inc-300913891.html

Rising focus on the residential and commercial infrastructural development would fuel the business dynamics during 2017-2024. This can be accounted to the robust urbanization and industrialization paired with altering consumer lifestyles. Essentially, the residential application sector is foreseen to witness a CAGR of 5.5 per cent through 2024. This growth is primarily credited to the mounting renovation and construction projects along with an upsurge in the demands for aesthetic floor coverings.

Apart from residential applications, the commercial sector has come to contribute appreciably to flooring market share as well,, owing to the unprecedented growth in infrastructure with rising government expenditure in the developing nations. Significant development of commercial spaces on the grounds of robust urbanization is anticipated to allow the commercial segment hold USD 180 billion of flooring market size by the end of 2024.

Evidently, the high end use of ceramics and stones for the infrastructural development across residential and commercial sectors has prompted the non-resilient flooring industry to account for 30 per cent of the total market share by 2024.

Fragmented into ceramics and stones, non-resilient flooring segment is mainly characterized by ceramics because of its high cost effectiveness, easy installments, resistance from water and scratch, as well as reduced maintenance requirement properties.

Concurrently, LVT and soft covering product segments would also garner hefty proceeds in the near future. Increased comfort, environmental safety and easy installation would enable the LVT segment to grow at a CAGR of 6 per cent through 2024. Soft coverings segment, on the other hand, would accelerate the market growth owing to its diminished noising effects and dust binding for the residential and commercial purposes. Trusted sources proclaim that the segment held over 35 per cent of the market share in 2016 and is likely to ascend exponentially over the coming years.

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/122

Speaking of the geographical landscape, Asia Pacific, chiefly led by India and China, portrays a strong hold in the global flooring industry. In 2016, the regional market accounted for USD 110 billion of the overall market share. Explosion of population across the region has called for extravagant demands for residential constructions, propelling the business growth over 2024.

Considerable infrastructural developments, advent of smart city initiatives, and favorable FDI reforms have stimulated the industry trends. As a matter of fact, the Indian government has predicted the real estate sector of the country to amount to USD 180 billion within a span of 3 years with the construction sector booming at 6.6 per cent during 2016-2028.

Also, the escalating presence of industry giants across the region intending to offer unique flooring designs is expected to produce a positive outlook in the coming years. This will lead the regional market to record a CAGR of 6.9 per cent through 2024.

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

About Global Market Insights:
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.

This release was published on openPR.