Flooring is considered a silent but extremely important part of any building design. It, in fact, influences a number of factors that would ultimately determine whether the building space was success or not. In fact, since the floor takes up a significant portion of real estate within any space, the aesthetics of that space are greatly influenced by it. With growing disposable income levels giving consumers the luxury of choice, the construction sector, and by extension, the flooring market is expected to witness remunerative growth over the coming years. For instance, as per an Institution of Civil Engineers report, the global construction sector us expected to be a $8 trillion industry by 2030, driven by the U.S., China, and India.
According to a research report, the global flooring market is likely to surpass a valuation of $482 billion by the end of 2026.
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The global flooring market is projected to foresee tremendous business expansion over the coming years due rising disposable income levels and growing urbanization. Moreover, globally increasing construction spending and easy availability of a variety of flooring solutions is expected to further compliment market gains.
These are some of the major trends that would influence the flooring market growth:
Growing preference for resilient flooring
In terms of product, the resilient flooring segment is projected to dominate the overall industry share due the durability, low maintenance, and cost-effectiveness of resilient flooring solutions. In addition, superior liquid and heat resistance offered by resilient flooring would boost product deployment across the analysis period. Resilient flooring contains reinforced materials that increase its resistance power.
Moreover, technological advancements and ongoing efforts to further develop the product to enhance its performance is expected to further propel the market size. Based on these factors, the segment is projected to grow with an impressive CAGR of more than 9% through the forecast timeframe.
Increasing adoption across the commercial construction sector
The flooring market from the commercial segment is slated to register momentous growth through the analysis period due to expanding service and hospitality sectors, especially in developing economies. Changing environmental impacts, rapid population growth, and urbanization have fueled the adoption of flooring solutions, positively driving the segment share.
Commercial applications include education, healthcare, distribution centers, and warehouses among others. Moreover, the rapidly expanding retail industry, which includes departmental stores, banks, and supermarket are likely to bolster market outlook over the coming years. Considering these factors, the commercial application segment is projected to surpass more than $135 billion by the end of the forecast timeframe over the forthcoming timeframe.
Rising product demand throughout Asia Pacific
Asia Pacific flooring industry is likely to observe immense product demand led by countries like India, Japan, and China. Tremendous infrastructural growth across the industrial and commercial sector in China is pushing the regional market outlook. In addition, an upsurge in the residential building projects across developing nations is augmenting industry demand.
Moreover, increasing government investments in green and advanced infrastructure are likely to offer significant growth opportunities for market growth in the coming years. Through these determinants, the regional market is expected to experience growth at a rate of 8% from 2020 to 2026.
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Major industry players are using several strategies like product launches, acquisitions, and investments to remain competitive in a crowded industry landscape. Taking November 2019 for instance, Mannington Mills, a renowned US-based flooring manufacturer, reportedly announced the acquisition of Phenix Flooring and Pharr Fibers & Yarns to foray into the residential carpet industry.
The competitive landscape of the global flooring market is inclusive of players such as Pergo, Polyfor Ltd, Mohawk Industries, IVC Group, Interface Inc., Gerflor, Forbo Flooring, Congoleum, Armstrong Floor, and Amtico among others.