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Commercial Flooring Market to Surge at a Robust Pace in Terms of Revenue Over 2022
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Higher consciousness about the environment has fostered the demand for eco-friendly products which include hardwood, bamboo, rubber, etc. The global commercial flooring market has showcased substantial growth over the past few years and is likely to expand at a substantial CAGR over the period 2016-2022.
Revival of construction industry in developed regions especially in North America and Europe is anticipated be one of the major growth drivers of the global commercial flooring market in future. However, rising consumer expenditure on house interiors, offices and hotels is anticipated to bolster the growth of global commercial flooring market from 2016 to 2022. Apart from this, it has been noticed that various automobile companies are also utilizing commercial floorings in order to enhance the vehicle’s look. Changing lifestyle along with migration of people from rural to urban areas have also contributed for the growth of global commercial flooring market. In the next few years, increasing applications in manufacturing plants, automotive industry as well as refineries is likely to fuel the growth of global commercial flooring market over the forecast period.
Geographically, the Global Commercial Flooring industry can be divided by major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa. North America contributed the highest share in the global commercial flooring market in 2015 due to recovery of construction industry in the region. Rising infrastructural developments and urbanization in countries such as India, China and Japan is expected to expand the commercial flooring market in Asia. Asian region is anticipated to observe robust demand for non-residential and residential spaces which will intensify the market of commercial flooring in future.
Some of the key vendors identified across the value chain of the global Commercial Flooring market include James Halstead, Flowcrete, Novalis, NOX Corporation, Toli flooring, China national building material co. ltd., and others. The manufacturers are focusing on development of new and innovative products and displaying of products through online catalogues. Thus, regular supply of raw materials utilized for manufacturing process is necessary for market players for overall development. Various new players are anticipated to enter into the market and to capture the share in global commercial flooring market.
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