Impact Assessment of COVID-19 Outbreak on Flooring Market
The flooring market is equipped with wide range of product portfolio, which is making it, the most important for building material markets. The global flooring market is projected to grow at a CAGR of nearly 6.5% between 2019 and 2027. The substantial growth of the construction industry and the increasing trend of home renovation activities are likely to boost the market in the next few years.
The commercial renovation sector has been expanding at a steady pace and is projected to expand slightly in the next few years, as more number of buildings would age and require renovation, maintenance, repair, and remodeling. However, increase in concerns about the environmental impact of flooring products among consumers is one of the key factors expected to hamper the flooring market during the forecast period.
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Global Flooring Market: Segmental Trends
Luxury vinyl 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) is increasing rapidly, due to their ease of installation, wide range of aesthetic designs, and low maintenance cost. Linoleum is the only natural flooring product. Commercially, it is called a green product. It is made from materials such as bio-waste.
Carpet tiles and rugs provide a protective layer to floors. Therefore, such products are highly preferred in regions with cold climate.
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Global Flooring Market: Regional Highlights
Asia Pacific is anticipated to hold a major share of the global market in 2018, owing to rapid growth of the real estate industry in this region led by shifting government focus toward infrastructure development. Favorable regulations and rising population are making the region a highly attractive market for flooring.
Europe was the second-largest market for flooring, despite strict regulations imposed on products such as PVC and other laminated flooring coverings that generate VOC emissions. This is due to ongoing research on flooring products and rising investments in remodeling activities and flooring installations in Germany, U.K. and Italy.
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Global Flooring Market: Competition Landscape
Some of the key players in the flooring market include Mohawk Industries Inc. Shaw Industries Group Inc., Tarkett Group, Boral Limited, and Armstrong World Industries, Inc. Other players include The Dixie Group, Toli Corporation, FORBO, Interface, Inc., Congoleum Carporation, Avant Flooring, James Hallstead Plc, Mannington Mills, Inc., J&J Flooring Group LLC, and Gerflor.
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