Global Flooring Market: Highlights
·
The flooring market is equipped with
wide range of product portfolio, which is making it, the most important for
building material markets. The global flooring market is projected to grow at a
CAGR of nearly 6.5% between 2019 and 2027. The
substantial growth of the construction industry and the increasing trend of
home renovation activities are likely to boost the market in the next few
years.
·
The
commercial renovation sector has been expanding at a steady pace and is
projected to expand slightly in the next few years, as more number of buildings
would age and require renovation, maintenance, repair, and remodeling. However,
increase in concerns about the environmental impact of flooring products among
consumers is one of the key factors expected to hamper the flooring market
during the forecast period.
·
Escalating
population and urbanization will increase the demand for housing. It will also
pave the way for extensive commercial construction activities such as hotels,
offices, and shopping plazas.
This is expected to increase the overall demand for flooring materials
during the forecast period.
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Global Flooring Market: Segmental Trends
·
Luxury
vinyl tiles (LVTs), luxury composite tiles (LCTs), and wood plastic composites
(WPCs) are anticipated to be highly lucrative sub-segments of the vinyl sheets
& tiles segment in the next decade. Demand for luxury vinyl tiles (LVTs) is
increasing rapidly, due to their ease of installation, wide range of aesthetic
designs, and low maintenance cost. Linoleum is the only natural flooring
product. Commercially, it is called a green product. It is made from materials
such as bio-waste.
·
Carpet
tiles and rugs provide a protective layer to floors. Therefore, such products
are highly preferred in regions with cold climate.
·
In terms
of revenue, the non-resilient segment accounted for more than 60% share
of the global flooring market in 2018. Resilient flooring products
in residential and non-residential applications have undergone various design
changes.
·
The
residential segment holds a major share of the flooring market, followed by the
non-residential segment. The trend is likely to continue throughout the
forecast period. The continuing recovery of the construction industry in
various countries after several years of recession is expected to boost the
demand for flooring products.
·
The
non-residential segment is anticipated to expand at a sluggish pace during the
forecast period, due to stagnation in the construction activity of commercial
buildings in developed countries.
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Global Flooring Market: Regional Highlights
·
Asia
Pacific is anticipated to hold a major share of the global market in 2018, owing
to rapid growth of the real estate industry in this region led by shifting
government focus toward infrastructure development. Favorable regulations and
rising population are making the region a highly attractive market for
flooring.
·
Europe
was the second-largest market for flooring, despite strict regulations imposed
on products such as PVC and other laminated flooring coverings that generate
VOC emissions. This is due to ongoing research on flooring products and rising
investments in remodeling activities and flooring installations in Germany,
U.K. and Italy.
·
The
flooring market in Middle East & Africa is expected to expand at a rapid
pace during the forecast period, owing to increasing demand for flooring from
several large-sized construction projects.
·
Demand
for flooring with the appearance of wood is high in North America. Hence,
manufacturers of vinyl flooring and tiles have developed products that mimic
the design and appearance of wood.
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Key Developments in Global Flooring Market
·
In March
2018, Interface Inc. introduced a new global luxury vinyl tile (LVT)
collection, Native Fabric, expanding its modular resilient flooring
offerings. Native Fabric offers a modern take on the timeless grass cloth
design in a variety of shades infused with a woven metallic threading.
·
In January
2018, Tarkett Group acquired the assets of Grassman, a leading
Australia-based synthetic turf manufacturer, through its FieldTurf subsidiary
·
In January
2017, Armstrong World Industries, Inc. Completed the Acquisition of Tectum,
Inc. Tectum, Inc is an Ohio-based manufacturer of acoustical ceilings, walls,
and structural solutions for commercial building applications.
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Global Flooring Market: Competition Landscape
·
Some of
the key players in the flooring market include Mohawk Industries Inc.
Shaw Industries Group Inc., Tarkett Group, Boral Limited, and Armstrong World
Industries, Inc. Other players include The Dixie Group, Toli Corporation,
FORBO, Interface, Inc., Congoleum Carporation, Avant Flooring, James Hallstead
Plc, Mannington Mills, Inc., J&J Flooring Group LLC, and Gerflor.
·
Companies
are focusing on efficient and well-developed planning and designing. They are
investing in developing new products that are eco-friendly and recyclable.
·
Adoption
of online and offline marketing strategies as means of raising awareness
regarding their quality products is also expected to help them strengthen their
footprint in the market.
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