Flooring Market Is Projected To Be Around $435.67 Billion By 2025
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A research study titled, “Flooring Market by Product and Application - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the flooring market is projected to be around $435.67 billion by 2025.
The global flooring market was worth USD 250.12 billion in the year of 2016 and is anticipated to reach approximately USD 435.67 billion by 2025 while registering itself at a compound annual growth rate (CAGR) of 6.36% over the forecast period. Flooring is the universal term used for a permanent coating of a floor, or for the function of putting in such a floor coating. Floor coating is a term that broadly describes any coating material applied across a floor to offer a walking surface. Both terms are utilized in an interchangeable manner but floor coating concerns more to the loosely laid materials. Flooring Materials are broadly classified as laminate, carpet, stones, vinyl, and tile. These are used for industrial, residential and commercial building applications. The flooring products are accessible in an extensive range of design options and price rates.
The global flooring market is predicted to witness considerable growth over the forecast period due to rising construction activities in building and construction sector. Globally increasing demand for aesthetically appealing and efficient products is boosting the global flooring market over the forecast period. In many of the emerging and developing countries in Latin America and Asia-Pacific, the demand for such products is rising owing to the speedy urbanization. However, the efficient discarding of flooring desecrate is likely to create challenges to the growth of the global market over the forecast period. Flooring waste is produced by both replacement procedures and new installations. Rising disposable earnings and spending of customers on aesthetically appealing products as well as superior quality ones, the smashing urbanization rate has generated a large thrust for the flooring demand across the globe. Furthermore, the rapid infrastructural growths in urban countries have remarkably amplified the flooring product’s demand, while fueling the global market.
The key market manufacturers for the global flooring market are Mohawk Industries, Mannington Mills, Inc., GERFLOR SAS, Shaw Industries Group, Inc., Interface, Inc., and Armstrong World Industries, Inc. By application, the market industry is classified as; Residential, Industrial and Commercial. According to product types, the global market is split into; Wood, Carpets & Rugs, Tiles, Resilient and Others (Stone, Laminate etc.) Geographically, the global flooring market is segmented in regions which are; Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), Europe (Germany, Spain, Italy, France, UK and Rest of Europe), North America (the United States, Mexico and Canada)and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the flooring market
- The global flooring market was worth approximately USD 250.12 billion in 2016 and is estimated to reach around USD 435.67 billion by 2025 with a compound annual growth rate (CAGR) of 6.36% during the forecast years.
- In 2013, soft coverings ruled the demand of flooring and reported for around 35% of the total market share. Resilient flooring industry is anticipated to witness extensive growth during the next few years, as it presents benefits like easy installation, low maintenance, and cost effectiveness. Amplified demand for antibacterial and antimicrobial flooring is likely to impact the demand for resilient flooring favorably.
- In 2013, residential application segment was the major application part and reported for around 50% of the total market share. Due to rising demand all over the construction business and amplified home renovation and improvement projects, the global market in residential applications for flooring products is anticipated to experience growth during the forecast years.
- Asia Pacific region reported for around 45% of the global market demand in the year 2013 and is projected to persist dominating the global market during the next few years. This can be assigned to enlarged demand for non-residential and residential construction spaces owing to urbanization and growth of the population.
- Major market participants are Mohawk Industries, Shaw Industries, Mannington Mills, Interface, Inc., Armstrong World Industries, Inc. Developing a perpendicularly incorporated infrastructure is anticipated to be a serious success factor for attaining market share. Consequently, mergers and acquisitions, together with fulfilling customer preferences via product separation have been amongst the major strategies implemented.