Flooring Market Analysis And Forecast (2017-2025): Size, Shares And Strategies Of Key Players

Global Flooring Market: Snapshot

The global flooring market is highly dynamic and versatile. Equipped with a wide-ranging portfolio of products, this market is among the most important building material markets. The substantial rise in the construction industry and the increasing trend of home improvement and renovation project activities is likely to boost this market substantially over the forthcoming years.

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The rising number of residential constructions in various emerging nations and the reconstruction activities in mature economies, especially those in North America and Europe, are also expected to accelerate the growth rate of this market in the near future. On the other hand, the market may face severe challenges from the surging concerns over the harmful effect of certain chemicals used in the manufacturing of flooring products in the years to come. In 2016, the market was valued at US$247.56 bn. Expanding at a CAGR of 6.40% between 2017 and 2025, the opportunity in this market is anticipated to rise to US$429.25 bn by the end of 2025.

Asia Pacific to Report Continued Dominance

Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America have emerged as the main regional markets for flooring components across the world. Compared to other regional markets, Asia Pacific has been reporting a higher demand for these components and accounted for more than 42% of the overall market in 2016. With a significant expansion in the construction industry in various Asian nations, thanks to the high economic growth, the Asia Pacific flooring market is anticipated to continue on the top over the next few years.

In Asia Pacific, China has surfaced as the key consumer of flooring products and is expected to remain so over the forthcoming years. Japan, South Korea, and Australia are other important consumers of flooring products in this region. India also demonstrates a significant potential for the growth in its flooring market as a considerable portion of flooring is currently constructed from non-standard materials here.

Europe is another prominent regional market for flooring components. Although the flooring market in Europe is comparatively mature, innovation and new technological developments in flooring products, such as tiles, woods, and carpets and rugs, are expected to boost this market considerably in the years to come.

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Demand for Tiles to Remain Strong

Carpets and rugs, wood, resilient, tiles, laminate, and stone are the key products available in the global flooring market. Tiles, among these, have been witnessing a greater demand than other products. With the rise in building and construction activities and increasing interest of people in interior decoration, this trend is likely to remain so over the forthcoming years. Carpets and rugs are also expected to register a healthy rise in their demand in the near future due to their extensive usage in households.

The demand for resilient flooring is likely to expand at a higher pace than other products, with luxury vinyl tile (LVT) and wood-polymer composites (WPC) exhibiting double digit growth rates. Stone flooring, such as marble and granite flooring, will witness a moderate demand due to their high costs and complex installation.

Gerflor Group, Shaw Industries group Inc., Tarkett Group, Mannington Mills Inc., Mohawk Industries Inc., Avant Holding GmbH, Armstrong World Industries Inc., and Boral Ltd. are the key players operating in the global flooring market.

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