Flooring market 2019 to 2024, key industry players & growth trends

Speaking of the geographical trends, the flooring market size has, of late, witnessed a rapid escalation in the emerging economies – Asia Pacific being one of the major names in the list of growth avenues. The reason behind APAC to become the preferred investment destination for flooring market giants is quite overt- its expanding construction sector.

Flooring Market size is estimated to exceed USD 450 Billion by 2024; according to a new research report by Global Market Insights, Inc. Shifting focus on infrastructure development on residential, commercial, hospitability, sports and healthcare industries will drive the flooring market growth. Necessity for floor protection coupled with rising demand for efficient and visually appealing products has enhanced the product demand.

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Rising construction spending on residential as well as non-residential buildings particularly in emerging nations will propel the industry growth. Global construction spending is anticipated to reach USD 16 Trillion by 2024. China leads the global infrastructure development with over USD 2 Trillion by 2024.

High product penetration in industrial applications including automobile, aerospace, aviation and electronic appliances will propel the flooring market size. Rapid urbanization accompanied by changing consumer lifestyles will create new opportunities for industry demand.

Emergence of eco-friendly solutions along with rising demand for energy efficient insulation will drive the business growth. Moreover, regulatory support along with financial aids particularly for residential construction is expected to fuel the product demand. Stringent regulations for sustainable and energy efficient buildings, industrial safety particularly in developed nations will drive the flooring market.

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Global flooring market share was led by soft coverings with accounting for over 35% in 2016. Rising demand for carpet & rugs particularly in housing and offices will drive the demand. Reduced noising effect and dust binding are the key properties stimulating the product scope.

Industrial segment is expected to surpass USD 20 billion by 2024. Shifting manufacturer preference towards product enduring heavy duty operations will support the industry demand. Rising demand from chemical, automotive, food, manufacturing and transportation industries due to its benefits including abrasion and impact resistance.

Residential application will witness growth over 5.5% up to 2024. Recovery of housing sector particularly in the U.S. and Europe will fuel the product demand. Increasing renovation projects along with rising demand for decorative floor coverings are the major factors fueling the industry growth. 

Europe flooring market was valued over USD 70 Billion in 2016. Increasing construction output along with rising demand for green buildings are the key driving factors of the industry growth. Economic development accompanied by inclination towards tourism development will drive the regional demand.  

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North America flooring market is expected to witness growth over 5% up to 2024. Growth in construction industry along with increasing investment on restoration of deficient structures will drive the regional demand. 

Global industry share mainly includes Mohawk Industries, Tarkett, Shaw Floors, Armstrong, Mannington Mills and Marazzi Group. Presence of large number of regional manufacturers keeps the global industry share fragmented. Product innovations, portfolio expansion, joint ventures and acquisitions are the major strategies adopted.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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