SAN FRANCISCO, March 17, 2020 /PRNewswire/ -- The global flooring market size is expected to reach USD 584.14 billion by 2027, expanding at a CAGR of 5.9%, according to a new report published by Grand View Research Inc. Increasing construction projects across the globe coupled with a rising number of building renovation activities for old residential and commercial structures are likely to support the growth.
Key suggestions from the report:
Resilient flooring is expected to ascend at the fastest CAGR 5.4% over the forecast period, on account of the wide acceptance of performance floorings including luxury vinyl tiles and vinyl floor tiles
In Asia Pacific, the revenue for non-resilient flooring stood at USD 17.02 billion in 2019 and is projected to upscale in the estimated period owing to the wide acceptance of ceramic and natural stone flooring
In North America, soft covering accounted for the largest market share of 36.4% in 2019, owing to the high thermal resistance, easy maintenance, and superior comfort offered by the product
In 2019, the commercial segment accounted for 35.7% of market share and is likely to expand at CAGR of 6.0% over the forecast period, owing to a rise in construction of commercial building structures globally
The demand for flooring in the U.S. residential construction sector is expected to grow on account of increasing single-family constructions and renovation activities
Prominent market players including Tarkett S.A. and Mohawk are targeting the acquisitions of smaller players to enhance their product portfolio and to gain greater market share on global scale
Preferences for flooring vary across the globe. For instance, non-resilient flooring is widely accepted in Asia Pacific and Middle East and Africa. Comparatively cold regions such as North America and Europe, on the other hand, prefer soft covering floors, such as carpets and resilient materials to resist the effect of temperature.
Commercial availability of flooring products coupled with introduction of new design and dimensions in flooring components has propelled the market. Technological advancements have helped the manufacturers introduce innovative products with custom colors, designs, and dimensions. This factor is likely to propel the demand in the forthcoming years.
Grand View Research has segmented the global flooring market on the basis of product, application, and region:
Flooring Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
Flooring Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
Flooring Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
Canopy Market– Increasing penetration of the product in commercial and residential sectors is anticipated to complement the growth of the canopy market over the forecast period. This can be attributed to the rising installation of canopies in residential areas and above various commercial buildings for protection from heat, wind, and precipitation. PTFE canopies are widely used on account of their superior weather-resistant characteristics, thermal stability, and high durability.
Wood Based Panel Market– Recent advancements in production technology, adhesive formulations accompanied by control techniques, and online measuring are transforming the production of wood based panels. The trends such as production of lightweight furniture and wood products and innovations in surfacing to apply the new coating materials are expected to drive the wood based panels market in the forthcoming years.
Waterproofing Membranes Market– Climate change is exerting a negative effect on the geographical distribution of rainfall patterns across the globe. Many governments are focusing on adopting and promoting various modes of water conservation and water treatment. As a result, increasing utilization of waterproofing membranes in water and waste management applications is expected to boost the demand for over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.