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Commercial Flooring Market Thrives on Urbanization and Construction Growth: Anticipated to Reach $84.34 Billion by 2028, Fueled by Rapid Urbanization and Innovations
Urbanization's Impact: A Catalyst for Market Growth
Rapid Urbanization: The surge in rapid urbanization emerges as a key driver propelling the commercial flooring market. The shift of the global population from rural to urban areas creates a heightened demand for construction, fostering opportunities for commercial flooring. Reports from Addis Ababa University and the United Nations Human Settlement Programme project significant urban population growth by 2050, reaching 6.3 billion globally.
Construction Industry's Role: A Driving Force for Market Expansion
Growing Construction Industry: The ascending construction industry plays a pivotal role in propelling the commercial flooring market. This industry, encompassing planning, design, development, and maintenance of structures, relies on commercial flooring for functional, safety, and aesthetic needs. Recent data from the United States Census Bureau highlights an 8% increase in the overall value of residential and non-residential construction in the US from 2020 to 2021. Global construction output is projected to reach $15.2 trillion by 2030, marking a substantial growth of approximately 42%.
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Key Players Shaping the Landscape
Major contributors to the commercial flooring market include Mannington Mills Inc., Mohawk Industries Inc., Interface Inc., and Tarkett S.A. These industry pioneers actively participate in market evolution through product innovations and advanced technologies.
Innovations Driving Market Dynamics: Catering to Evolving Needs
Anti-Viral Flooring Solutions: Companies like Welspun Flooring are introducing anti-viral flooring solutions with a special coating of silver ion and titanium oxide. This innovation inhibits virus growth by 99.68%, including the COVID-19 virus. The flooring also possesses anti-bacterial, anti-fungal, and anti-microbial qualities, offering a comprehensive shield against various microorganisms.
Luxury Vinyl Tile (LVT) Revolution: Gerflor Group, a France-based vinyl flooring manufacturer, leads the way in innovation with a new luxury vinyl tile (LVT) range. This range, catering to architects and specifiers, provides diverse design options, including wood, stone, marble, and mineral effects. The LVT products are durable, easy to maintain, acoustic, and sustainable, meeting the demands of various commercial applications.
Regional Dominance and Market Segmentation
Regional Landscape: North America claimed the largest market share in 2023, while Asia-Pacific is anticipated to be the fastest-growing region.
Market Segmentation:
The commercial flooring market covered in this report is segmented -
1) By Product: Soft Covering Flooring, Resilient Flooring, Non-Resilient Flooring, Seamless Flooring, Wood and Laminate
2) By Distribution Channel: Retail, Wholesale and Distributor Business Trend
3) By Application: Healthcare, Education, Hospitality, Retail, Public Buildings, Other Applications
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Commercial Flooring Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Commercial Flooring Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on commercial flooring market size, commercial flooring market drivers and trends, commercial flooring market major players, commercial flooring market competitors' revenues, commercial flooring market positioning, and commercial flooring market growth across geographies. The commercial flooring market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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