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Flooring Market Business Growth 2019-2024| Gerflor, Tarkett, Interface, Mohawk Industries, Marazzi Group.
Flooring Market
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Flooring Market is estimated to surpass USD 450 billion by 2024; according to a new research report. Proliferating residential and commercial construction operations in the emerging countries along with rising urbanization and industrialization across the globe are major drivers for flooring market growth. Increasing renovation & remodeling activities coupled with the shifting consumer inclination towards new interiors and floor designs will propel product share over the projected timeframe.
Flooring Market by Product: -
o Soft coverings
o Resilient flooring
1. LVT (Luxury Vinyl Flooring)
2. VCT (Vinyl Composite Tile)
3. Vinyl sheet
4. Fiberglass
5. Linoleum
o Others (Cork, asphalt flooring)
1. Non-resilient flooring
2. Ceramic flooring
3. Stone flooring
4. Others (Wood, laminate)
o Seamless flooring
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High investments by industry players in construction sector to cope up with the consumer requirement will positively influence the industry expansion. Rising customer focus towards home decor along with improving lifestyles will escalate the product size. Government supportive norms and finance policies for new house construction and renovations will accentuate the volume growth over the forecast timeframe.
Industry players are undergoing strategic agreements to strengthen their distribution channels to enhance their customer base and revenue generation. For instance, in July 2018, DriTac Flooring Products, LLC announced contractual partnership with Introducing Interiors Ltd. The agreement will increase their supply network for eco-friendly adhesives, engineered floorings and ceramic tiles.
Regulatory authorities including the U.S. Consumer Product Safety Commission (CPSC), Environmental Working Group and the US environmental protection agency (EPA) enact laws and regulations regarding the manufacture of floors. The U.S. Consumer Product Safety Commission (CPSC) conduct multiple tests and procedure to examine the short and long-term effects of harmful emission released from floor manufacturing. EPA also provides guidelines for product use to improve the consumer safety.
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Residential segment is projected to witness substantial growth owing to the increasing constructions across the globe. Manufacturers focus on introductions of new product designs to engage customers in house remodeling. Rising consumer preferences for innovative and attractive flooring solutions will escalate the segment growth. Government authorities involve in strategic investments for residential constructions projects that will further support the product growth over the study timeframe.
Key players in the flooring market include Mohawk Industries, Shaw Industries Group, Inc, Armstrong Flooring, Marazzi Group, Beaulieu, Mannington Mills and Tarkett. Other notable players include IVC Group, Gerflor, Polyfor, Interface Inc, Delconca and Flowcrete. Industry players are involved in strategic acquisition for increasing their business operations with new product portfolios and manufacturing facilities. For instance, May 2016, Shaw Industries Group, Inc. announced the acquisition of US Floors, Inc to enhance their positioning in resilient luxury vinyl tile and hard surface products.
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