According to a new report by Expert Market Research titled, ‘Global Flooring Market Report and Forecast 2019-2024’, the global flooring market reached a value of almost USD 262 billion in 2018 and flooring market is projected to see further growth in the period 2019-2024 with a CAGR of 6%, attaining a value of USD 372 billion in 2024.
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Flooring is the material used to cover the basic structure of the floor, thus, providing a level surface for walking. Good flooring materials should be durable, even, and must also ideally be waterproof. Vinyl, rubber flooring and laminates are the leading flooring types in the global market, with vinyl flooring, especially, being preferred due to its low cost and easy installation. Vinyl is emerging as major flooring type in the residential and commercial sectors as they are durable, and versatile along with being impervious to harmful elements like moisture, mould, and mildew. Luxury Vinyl Tiles (LVT) are particularly popular in the market currently, combining the aesthetic appeal and texture of tiles with the durability and cost efficiency of vinyl. They are finding use in the corporate, hospitality and healthcare sectors due to their low maintenance and other durable qualities.
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With growing awareness about environmental repercussions of certain materials, there has been a rising demand for sustainable flooring among both the consumers and the manufacturers. Wood flooring, especially reclaimed wood, is a growing trend in the industry. Hardwood floors are seeing rising demand in the North American market due to their lower emissions, and with various manufacturers vowing to replenish and replace the trees cut. Bamboo and cork flooring are also emerging as popular choices although they require more maintenance and care than the other options. Sustainable flooring also helps buildings in attaining higher Leadership in Energy and Environmental Design (LEED) points signifying the superior quality of a building as a green building.
Asia Pacific, and Middle East and Africa (MEA) are two of the significant markets for the global flooring market, with Asia Pacific leading the market in 2017 owing to the rising commercial and industrial sectors. Deputy Crown Prince Mohammad bin Salman Al Saud’s Vision 2030 plan for Saudi Arabia has given an added impetus to the flooring market in the region due to the growth in the construction and infrastructure industry in the country. In North America, the rising remodelling and renovation activities have added to the growth of the flooring market with people willing to spend more on home improvements.
Market Analysis by Types:
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- Resilient
- Vinyl
- Linoleum
- Rubber
- Others
- Non-Resilient
- Ceramic
- Wood & Laminate
- Carpet
- Others
- Resilient
The flooring market is broadly divided into resilient, and non-resilient flooring with resilient flooring further divided into vinyl, linoleum, and rubber, among others, and non-resilient flooring divided into ceramic, wood and laminate, and carpet among others.
Market Analysis by Applications:
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- Residential
- Commercial
- Others
The major application sectors for floor are residential, commercial and other related sectors.
Market Analysis by Regions:
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- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
The global waterproofing market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Key Findings of the Report:
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- Rise in construction activities due to rapid urbanisation and population has aided the global flooring market.
- Vinyl and rubber flooring are proving to be popular in the market due to their high durability and cost efficiency.
- The flooring market is also propelled by the growing renovation activities in the residential and commercial activities taking place in Europe, encouraged by the National Energy Efficiency Action Plans (NEEAPs).
- The home repair and renovation sector in the US are driving the flooring market, especially the sustainable flooring sector.
- Availability of cheap labour and a growing construction sector in Asia is adding impetus to the flooring market growth.
Key Offerings of the Report:
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- The report by EMR gives the installation cost of flooring by its types.
- The report provides a detailed historical (2014-2018) and forecasted (2019-2024) market analysis by the type and applications of flooring.
- It also provides an in-depth region-wise analysis of the market for the periods 2014-2018 and 2019-2024.
- The EMR report analyses the trade data of the major exporting and importing countries for the year 2018 by their value and volume.
Competitive Landscape & Supplier Analysis:
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- Mohawk Industries, Inc. (NYSE: MHK)
- Shaw Industries Group, Inc.
- Tarkett S.A. (EPA: TKTT)
- Armstrong Flooring, Inc.
- Forbo Flooring, Inc.
- Gerflor SAS
- Interface, Inc.
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Mohawk Industries, Inc., Shaw Industries Group, Inc., Tarkett S.A., Armstrong Flooring, Inc., Forbo Flooring, Inc., Gerflor SAS, and Interface, Inc. are the key players in the global flooring market that have been analyzed by EMR. The EMR report provides a detailed insight into the latest developments in the competitive landscape of the global flooring market including plant turnarounds, expansions of capacity, and mergers and acquisitions.
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