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Flooring Market to Observe Strong Development | 2024
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According to the TMR research report, the global flooring market was valued at US$247.56 bn in 2016. The analysts working on the report have predicted it to register a healthy CAGR of 6.40% between 2017 and 2025. The global flooring market is therefore expected to be evaluated at US$429.25 bn by the end of 2025. Currently, tiles are showing a higher demand than other product types the market.
Residential Sector Demand for Floorings Set to Rise
“With the global flooring market segmented into commercial, industrial, and residential sectors, there has been a staggering rise in the demand promoted by the residential sector, especially for tiles. Its demand is expected to remain on an incremental plane over the coming years, a factor primarily attributed to the booming construction industry, especially in terms of residential projects,” states a TMR analyst. Emerging economies such as China, Brazil, and India, are showing a high rate in construction activities, whereas countries from North America and Europe are showing an increase in re-modelling activities.
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Geographically speaking, Asia Pacific dominated the global flooring market in 2016, with a share of over 42% in the market’s value. The swiftly expanding construction industry in APAC is the primary factor driving this regional market, powered by a high economic growth rate. Asia Pacific is likely to continue playing a leading role in the global flooring market over the given forecast period. China is likely to surface as the leading domestic market for flooring components in Asia Pacific in the years to come.
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Rising Urbanization and Industrialization to Influence Demand for Flooring Products
With the growing disposable income and expenditure of consumers on better quality products as well as aesthetically appealing ones, the booming rate of urbanization has created a significant momentum for the demand for tiles and other flooring across the world. “The swift rise in urbanization as well as industrialization has created a considerable increase in the rate of construction activities, consequently increasing the scope of growth for the global flooring market,” adds the analyst. The rapid infrastructural developments in developed economies has increased the demand for flooring products remarkably, boosting the overall market.
Players Advised to Watch for Fluctuations in Raw Material Costs
In the report’s given forecast period, the expansion in the building and construction industry in emerging regions is expected to continue being a key propellant for the global flooring market. However, the players in the market, both regional and globally prominent ones, need to be careful of the volatile nature of raw material prices, as this is considered to be a key restraint acting on the market for the foreseeable future. Raw materials required for flooring are largely derived from crude oil byproducts as well as multiple other sources, each of which is getting strained in terms of demand from their immense number of end users.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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