Global Flooring Market Report Key Insights:
- Types: Resilient and Non-Resilient
- Global Flooring Market Overview
- Market Performance & Price Trends 2018
- Market Analysis & Outlook 2019-2024
- Demand by Application & Region
- Capacity Addition & Plant Turnarounds
The global flooring market stood at nearly USD 262 billion in 2018 driven by growing demand for construction activities in Asia Pacific, and Middle East and Africa. It is expected to grow at a CAGR of 6% during the forecasted period of 2019-2024 and is projected to reach a value of about USD 372 billion in 2024.
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Increased construction activities, rapid urbanization, rising urban population and growing disposable incomes have aided the market growth. Asia Pacific led the global market in 2017 due to the growth of flooring applications in the commercial and industrial sectors. Vinyl and rubber flooring along with laminates are significant types of flooring that will see increasing demand in the coming years.
Properties and Applications
Flooring is a permanent floor covering or any material used to cover the basic floor structure. Flooring is installed to provide a levelled walking surface which is ideally durable, even and waterproof. They are broadly categorized into these categories:
- Wood & Laminate
Vinyl is a fast-growing option for residential and commercial applications due to its ease of installation and cost efficiency. Vinyl is also durable and versatile, being impervious to moisture, mildew and mould. Luxury vinyl tiles (LVT) are finding increased usage in the commercial sectors like corporate, healthcare and hospitality due to their cost efficiency, high durability and low maintenance.
Growing urbanization and expanding urban population combined with an increase in industrialization and consumer’s disposable incomes have led to healthy growth of the global flooring market. The National Energy Efficiency Action Plans (NEEAPs) in Europe are encouraging the renovation of the pre-existing residential and commercial buildings. The home repair and renovation sector in the US have also seen a steady growth in 2018. This focus on renovation has provided further impetus to the flooring market, especially sustainable flooring.
Sustainable flooring like reclaimed wood is a growing trend with retailers shifting their focus to biodegradable and eco-friendly products. Installing sustainable flooring also helps in increasing the building’s Leadership in Energy and Environmental Design (LEED) points. In North America, hardwood floors are increasingly being preferred due to their lower emission production during their manufacturing process and various manufacturers pledging to replenish and replace the trees cut. The flooring market is also seeing a steady growth in Asia due to the availability of cheap labour.
Non-resilient flooring will prove to be particularly popular in the coming years. Vinyl and rubber flooring have been seeing a growing demand due to their low cost and high durability and is still projected to increase in the forecast period. The growth of the global flooring market has also been aided due to an increased usage in the automobile and shipping industries.
The report presents a detailed analysis of the following key players covering their capacities, market share and latest turn of events such as capacity expansions, plant turnarounds, and mergers and acquisitions in the global flooring market:
- Mohawk Industries, Inc.
- Shaw Industries Group, Inc.
- Tarkett S.A.
- Armstrong Flooring, Inc.
- Forbo Flooring, Inc.
- Gerflor SAS
- Interface, Inc.
EMR’s comprehensive report provides an in-depth look into the market through SWOT analysis as well as an analysis of the Porter’s five forces.