Flooring Market Analysis by Recent Trends, Development and Growth by Regions till 2024

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.

As per reliable sources, APAC is projected to account for over 40% of the global construction market by 2020. Besides, extensive developments in manufacturing sector along with growing population have further propelled flooring industry proliferation in this belt. Experts claim, China and India to be the two protruding regions that would showcase tremendous growth.

The growth of flooring market size is forecast to be substantially high in the ensuing years, augmented by the expanding construction ecosystem. Robust increase in construction spending across industrial, commercial, and residential sectors has significantly upscaled flooring market trends, especially across emerging nations.

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As per reliable estimates, global construction spending is expected to surpass USD 15 trillion by the end of 2024, which clearly portrays the lucrative opportunities for the global flooring market in the coming years. ‘Smart flooring’ has already become the latest buzzword among the infrastructural players, with workplace décor and stylish homes claimed to be the ultimate reflection of high standards of living.

In response to the growing demand for flooring materials with blend of style, economic, as well as efficiency quotients, flooring market giants are coming up with variety of options that not only reflects aesthetics in design, but also stands as the test of time. 

The increasing demand for rugs and carpets in offices and housing complexes has phenomenally swayed the product penetration across major economies. Endorsed with a unique dust binding property and reduced noise effect, soft flooring will continue to gain traction through 2024.

Speaking of the product terrain, non-resilient floorings are also gaining momentum lately. Non-resilient flooring types include stone, laminates, ceramics, and wood. Ceramic tiles are one of the most highly preferred tile options on account of their cost effectiveness, high durability, scratch & scratch resistance, lower maintenance requirements, and ease in installations. Stone floorings on the other hand, made out of travertine, sandstone, marble, and granite also offer lucrative design options.

In terms of commercialization, Global Market Insights, Inc., estimates flooring industry size to exceed a valuation of USD 450 billion by 2024.

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Worldwide, flooring industry is highly fragmented with the presence of a large number of regional and local manufacturers. Some of the leading names include Tarkett, Shaw Floors, Mannington Mills, Beaulieu, Armstrong, Marazzi Group, and Mohawk Industries. Driven by the sustainability trends that have created an increasing demand for ecofriendly floor coverings, these giants are heavily investing in innovative solutions that are not only stylish in décor but also are environmentally viable.

The Polyester (P.E.T) Berber carpet is one such sustainable flooring solution that has gained a global attention of late. Reportedly, these carpets are produced from 100% recycled tires and bottle caps. With established giants leading the way toward innovative products and solutions, it is certain that flooring market is certain to undergo a positive transformation in the coming years.

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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